2012 April
2012 April Vol. 32, No. 4
Focus on...Real Estate Market/Expo
The Cooperator's 25th Annual Co-op & Condo Expo
It’s that time of year again—trees are budding, flowers are blooming, and on Tuesday, April 17 from 9 a.m. to
5 p.m. The Cooperator’s Co-op & Condo Expo will set up shop at the Hilton New York at 53rd Street and Avenue of
the Americas. As Cooperator readers already know, the Expo is the must-attend
event for anyone and everyone involved in the tri-state area's co-op and condo
industry, including property managers, board members, real estate brokers,
shareholders and unit owners.
Read More
Better Days Ahead
Two seemingly opposite dynamics are both influencing today’s real estate market—and its impact on co-ops and condos. On one hand, people all over the United
States, including the greater New York area, are becoming more frugal, and
learning how to do more with less. On the other hand, thousands upon thousands
of wealthy people are streaming into Manhattan and parts of the outer boroughs,
pursuing careers in finance, real estate, advertising, fashion, entertainment,
corporate law and other high-profile professions.
Read More
To Rent or Buy?
To buy or not to buy? That is the question.” Taking a cue from Hamlet, this question is on the minds of many contemplating
moving to New York City these days.
Read More
Slicing the Apple
New York City began as a city of immigrants and has maintained a long and
laudable history of welcoming foreign travelers and residents. In recent years,
residential real estate sales have glowed even brighter for buyers from
overseas. Some see it as fulfilling their dream to take a bite of the Big
Apple; others buy here to add to their property portfolio; while still others
purchase apartments for their (lucky) college-age children. Whatever the buying
motive may be, the trend has turned Manhattan into a recession-proof real
estate island.
Read More
It's a Heckuva Town...
Anybody who has lived and worked in New York City for an extended period of time
usually develops a sort of love-hate relationship with the city, rattling off a
dozen reasons why Gotham is the only place they'd ever consider calling home as
well the place that drives them crazy at least once a day.
Read More
The Total Package
In the best of circumstances, qualifying an applicant for a co-op or condominium
purchase can be a challenging process. Market conditions play a part in a
board's consideration of applicants, and recent fluctuations have changed the
way both buyers and lenders are looking at real estate acquisitions.
Read More
Equal Access Under the Law
For some New Yorkers planning their daily errands and activities can be as
logistically difficult as mountain climbing. These New Yorkers are, of course,
those with disabilities, the elderly or anyone whose mobility has been
compromised by illness or injury—even temporarily—getting into or out of their own buildings can feel like a monumental
task...like climbing a mountain.
Read More
Catering to Man's Best Friend
It’s no secret that New Yorkers love their dogs. In 2011, there were more than 1.4
million dogs in New York City, according to www.nycoffleash.com. With a pack
like that, it’s no wonder businesses and city dwellings are jumping on the dog-service
bandwagon.
Read More
Alteration Agreements
No one likes it when a neighbor has an ongoing renovation project that lasts for
months on end, especially when the renovations may cause damage to your own
apartment. Luckily, most buildings have a mechanism in place to fix this: the
alteration agreement.
Read More
Green Day
When someone says 'landscaping,' the first thought that comes to mind probably
isn't the front entrance of a New York City co-op or condo building, but
greenery and other design elements definitely add to a building's 'curb appeal'
and in a down economy, attracting buyers and increasing value for residents is
a priority for any co-op or condo community.
Read More
Minding the Store
Congratulations, you’ve been elected to serve on your building’s board. You managed to convince the rest of the building that you know enough
about building systems or law or economics or even people-pleasing to make them
vote for you and give you a position of power.
Read More
Examining Your Energy Costs
As the winter months fade into spring, it’s easy to try and forget about heating and all the costs it incurs. For
managers, board members and others with an eye on a co-op or condo building’s budgetary bottom line, now may be the perfect time to start planning ahead and
taking advantage of the best options available from the city’s fuel providers. Because most companies provide some sort of flexible billing
or payment option, it never hurts to shop around and see what can be done to
tailor a payment program to a building’s very specific needs.
Read More
Home Ownership and Mortgage Woes
The leading factor responsible for the Great Recession—fraudulent mortgage lending—remains a thorn in the side of the nation’s fledgling economy. It started with the false promise of home ownership to many
susceptible, under-financed people many of whom were wrongly awarded mortgages
by lenders promising a shot at the American Dream. Interest rates increased
along with employment rates, monthly bills mounted across the nation leading to
default, and then the bottom fell out.
Read More
The Insurance Puzzle
Insurance is a relatively simple concept that any homeowner can understand. You purchase a policy paying a premium to an insurer, and when a claim gets
filed, the insurer pays. So in theory, insuring your co-op or condo building
should be virtually the same principle—only on a larger scale, right?
Multi-Cultural Williamsburg
Williamsburg suffers from multiple personality disorder. Just one subway stop
away from Manhattan in the Brooklyn neighborhood, you’ll find a large Hasidic Jewish community, a glut of ethnic enclaves, including
Polish, Puerto-Rican, Dominican and Italian, a working-class neighborhood, and
a hipster theme park (hipster: by definition, is one who possesses tastes,
social attitudes, and opinions deemed cool, by cool people).
Read More
A New Life for Midtown West
When you speak of Hell’s Kitchen and the far west side of Manhattan, the stories that come to mind are
of longshoremen, the notorious Westies and dark deserted urban streets, but
now, thanks to a the 7 Subway Line extension, a massive project undertaken by
the MTA, the docks are about to become a high-end residential neighborhood.
With Chelsea, New York City’s hottest neighborhood bordering the south, and the theater district directly
east, Hudson Yards is poised to become the newest “en vogue” neighborhood in Manhattan.
Read More
Living with a Difficult Neighbor
It’s not necessarily to the degree of the Hatfields vs. the McCoys, the famous
mountain clan involved in a decades-long blood feud, but living side-by-side in
a co-op or a condo can, needless to say, get pretty heated on occasion.
Read More
Keeping Cool Under Fire
The good news is, after a fallow period in the depths of the recession, the construction industry in New York City is starting to come back. However, with that activity comes the potential for disputes and property damage, especially with neighboring properties. Lately some of the projects stalled in the economic downturn have come alive, and co-ops and condominiums next door to these projects have been calling me for advice on what to do to gear up. Read More
The War Against Bed Bugs
For years, the hospitality industry has been fighting a chemical war against bed bugs. Now, with the growing menace of pesticide-resistant bed bugs and increasing documentation of human injury from harsh chemicals, the question to consider is, “Are we using the right tactics?” Is a chemical war really the best choice when it is proving increasingly less effective and when non-chemical, heat-based treatments—like structural pasteurization—as recommended by the Centers for Disease Control and Prevention (CDC) are available to mitigate these concerns? Read More
Q&A: Problems with DOB Permit
A board member had dormers installed in his apartment which required a permit by the New York City Department of Buildings (DOB). As the project was ending, he told the architect he did not want to do what was necessary to have the DOB sign off on the permit because of “money issues.” He quickly sold the apartment in 2008 and moved out of state. The purchaser was later notified there was a violation. He contacted the seller and was told it was not necessary to have the DOB sign off on the permit because the work took place prior to the requirement of a sign-off. The purchaser then spoke with the managing agent who repeated what the seller said. Now there is an outstanding violation, fine, and work needed to be done to get the required sign-off which the co-op is now dealing with. Who should be held responsible for the expense of the work, attorney, and the fine? The seller, the manager, the board of directors (at that time), or the purchaser? Read More
Q&A: Payment of Legal Fees
I am a shareholder in a newly formed co-op in Harlem. About six or eight months ago, the super was fired and a new one was hired. The fired super still lives in his apartment (provided by the co-op) and has filed a discrimination lawsuit against the shareholders based on age, race, and illness (not sure what it is). A letter from the management revealed that they have offered him several severance packages, which he has denied, and in the process has cost us $28,000 in legal fees and $12,000 in rental fees for the new super. I would have thought that the board would consult a lawyer before making decisions. What concerns me the most is that the letter hints to an increase in maintenance due to these expenses. Am I obligated to pay this increase? I feel like someone dropped the ball here, and the shareholders should not be held responsible. What happens is they increase the maintenance and I refuse to pay it? Read More
Q&A: Who Pays for Water Leak?
I own a cooperative apartment in Brooklyn and I’m hoping you could offer an opinion on a plumbing issue. In my bathroom I have two water valves protruding from the wall that control the hot and cold water flow to the sink and the tub. The problem is when I close the hot water value it doesn’t close the water flow completely. I need to repair my faucet and can’t do it without stopping the water flow completely. I reviewed my proprietary lease and it says “fixture maintenance is the responsibility of the lessee” but doesn’t elaborate on what is considered a fixture. It’s going to be a good amount of work to change the valve because the plumber has to shut down the building’s water, remove my vanity and break into the wall to change the valve. Do you think replacing the valve would be the responsibility of the cooperative or would it be my responsibility and therefore at my cost? Read More
