2008 Oct
2008 October Vol. 28, No. 10
Focus on...Board Operations
The Key to Board Efficiency
Until recently, Claudia Tracey worked full time in a position that required an
extensive amount of travel. At the same time she was, and still is, board
president at Hampton Vistas Condominiums in Manorville, New York, which just
went through an $860,000 assessment for major renovation work spread out among
48 owners. Their typical monthly board meetings turned into weekly meetings until the
assessment was complete.
Read More
Avoiding Sticky Situations
Most co-op and condo boards that hire managing agents, rather than manage themselves with in-house staff, are reasonably satisfied with them. After all, the managers are presumably trained and experienced professionals. Read More
Seeing Through it All
Any relationship depends upon effective communication to function properly. In a co-op or condo, the relationship between the board and managing agent, or between the board and the shareholders, all have boundaries regarding what is acceptable for discussion, and what information is available to inquisitive eyes. Documents that a board member could be privy to might be sealed to nearly all others, while legally speaking, some community records should be available for the asking to every resident of a building. Read More
Developing an Online Presence
Nowadays people are using their computers to connect to the Internet for just
about every facet of their lives. Whether it’s buying cheap airline tickets, making reservations at their favorite restaurant
or connecting with old friends on Facebook, most people are parked in front of
their computer screens or connect remotely with their BlackBerry or iPhone at
all hours of the day or night.
Read More
Sharing Difficult Decisions with Residents
Like telling kids the awful truth about Santa Claus or deciding to spend the
holiday bonus on treasury bonds instead of a trip to the Bahamas, sometimes we
all have to say or do unpleasant or unpopular things. The same is true for
co-op and condo board members, most of whom will one day face the dreary
prospect of raising maintenance fees, instituting assessments or levying flip
taxes. Those tasks may come with the territory but that doesn’t make it any easier for the men and women who have to step forth and break the
news to friends and neighbors alike. Read More
Design Solutions for Small Spaces
Real estate in the Big Apple like any large metropolis is expensive, and that
often means making due with a small apartment. Small spaces present many
functional and aesthetic problems—lack of storage, oppressive walls, etc. Fortunately, with a few design tricks
from the experts, tenants can make their apartments cozy instead of cramped and
even create the illusion that a space is larger that it really is. Read More
Increasing Revenue Without Increasing Maintenance Fees
In today’s economic climate, many of the city’s co-ops and condos have begun to feel the pinch as they struggle to pay their
bills. Often, buildings are forced to raise maintenance fees to make ends meet.
And while maintenance fees or special assessments might be the most common
methods of increasing available funds, they are certainly not the only ways to
do it. And when the most common options are not doable, some boards are getting
creative.
Read More
Recent Legal Case Addresses ADA Issues
Co-op boards are often faced with difficult judgment calls; on the one hand, it’s the duty of board members to safeguard their fellow shareholders’ investments and overall quality of life. On the other hand, they must carry out
that duty on the right side of the law, or risk serious legal penalties for
themselves and their cooperative corporation at large. The issues of
disability, disclosure versus privacy, and reasonable accommodation are tightly
interwoven in the context of a co-op building’s admissions process. Navigating these issues requires great care on the part of
admissions committees to insure that the building’s board makes sound decisions without infringing on the rights of a prospective
buyer. Read More
In Your Place, In Their Place?
Though many co-op buildings forbid subletting for an array of reasons, some
co-op (and many more condo) buildings have populations of rental tenants
residing in them. The arrangement is mostly peaceful and drama-free, but
friction does occasionally arise between rental tenants and fully vested
shareholders, often over issues with house rules or conflicts between
neighbors. Read More
Picking a Few Good Apples
These days, there’s no shortage of articles in magazines, newspapers, and online about how
time-crunched most people feel. Between work, family obligations, long
commutes, and a vast array of other factors vying for attention and precious
minutes, getting anybody to devote still more time (without compensation, no
less) to their building’s administration can be a very tough sell. Read More
Play Spaces and Children's Programming
Gone are the days when you could give your kids some coloring books or Legos and
expect them to amuse themselves for hours. Nowadays, play spaces and children’s amenities have become crucial aspects in the marketing and sales of New York
City’s residential buildings. As new condo construction has boomed in the city, the
importance of amenities to sway buyers has taken striking prevalence, for
parents and kids alike. If you thought the sauna was fun, get ready for
Nintendo Wii.
Read More
IREM Celebrates its Anniversary
This year, the Institute of Real Estate Management (IREM) is celebrating its
75th anniversary. For three-quarters of a century now, IREM has provided
education, resources, information and membership to real estate management
professionals all across the country. With 80 chapters in the United States and
eight more abroad serving more than 18,000 individual and some 500 corporate
members, IREM is the only professional real estate management association
offering guidance and advocacy to both the residential and commercial real
estate sectors. Read More
Good Interactions Between Co-op Boards and Shareholders
Although it is frequently assumed that cooperative boards of directors are totally responsible for all building decisions, typically they are assisted by a large group of professional consultants who not only guide them but also sometimes make the day-to-day decisions on their behalf. When a shareholder has an issue or a proposal, it’s wise to try to determine the best course of communication before contacting the board. Read More
It's Worth the Effort
We’ve all heard that “first impressions are important” when meeting people; so too with buildings. A potential buyer’s or visitor’s first impression often determines their opinion of the building and its
apartments and has a dramatic impact on their decision to buy or rent. At
Cooper Square Realty, we call it “curb appeal.” Read More
Inside the New York City Loft Board
Ever since New York City was New Amsterdam, landlords have made extra money by
converting unused space in their buildings into residential lofts. While many
apartment-seekers gravitated toward these conversions, artists, bohemians, and
other creative types were the quintessential tenants—the large, open-plan loft spaces made ideal live/work studios, and they were
often to be found in emerging neighborhoods where rents were relatively cheap,
even if amenities were rustic. Read More
Paying Attention Now Can Save Headaches Later
We are all taught to “Look at the Big Picture.” That was a common phrase back in the 1980s when managers focused on how their actions resonated with the mission statement and goals of the corporation; whether that corporation was IBM, the U.S. Army, or your condo or co-op building on Park Avenue. Read More
A Tree-Lined Oasis
It’s a pretty name for a pretty neighborhood. Located in the southern end of
Brooklyn, Carroll Gardens has long been a destination for those in search of a
little greenery to go with their city living. With its park, its tree-lined
streets and the glorious gardens that fill the front yards of its brownstones,
the neighborhood can be seen as an oasis of sorts. In recent years, it has
grown in popularity and is a residential area of choice for families looking to
settle down and commuters looking for a respite from the big city. Read More
Q&A: Where's the Heat?
The co-op my mother lives in, in Queens, has a unique way of saving on heating expenses. First, from October to May, maintenance fees are raised for the fuel used during those months. Secondly, the heat is shut off completely at night. The heat goes on at 6:00 a.m., to warm the apartments, and then at 10:00 a.m. completely shuts off until 5:00 p.m. It then stays on until 10:00 p.m. and after that shuts off all night until 6:00 a.m. the following morning. Read More
Q&A: Guest Parking Violations
The co-op I live in has its own parking. Even stockholders must purchase a parking pass if they wish to use the lot. In order to make it convenient for my son to visit me, I bought him an annual pass to the parking lot. My son is an adult, not a resident, and not a stockholder. He received several parking tickets and now the co-op wants me to pay them. Can the co-op hold me responsible for the actions of my son? Read More
