2012 July 
2012 July Vol. 32, No. 7
Focus on...Budget & Finance
Cash-Strapped?
Money is a topic some people are skittish about discussing. When you’re a board member or the managing agent of a residential co-op or condo building
however, there’s no benefit to skirting financial realities just because they may be difficult
or contentious—on the contrary, not talking openly and candidly about a building’s financial picture, or the need for a special assessment or fee increase can
have serious consequences for the entire community.
Read More
Understanding Your Finances
For a crystal-clear picture of how a co-op board or condo association is doing,
there are few better lenses than the community's budgets and financial reports.
From an investment perspective, they show the association board, property
managers, the unit owners/shareholders and tenants whether the property is
solvent or not. If the numbers add up and monies coming in and out balance, you
can safely assume everyone is doing their job, and upholding their financial
and fiduciary duty to the community. If the property is in the red, it’s important to determine why that is, and what needs to be done differently to
turn the situation around and restore solvency.
Read More
Dealing with Commercial Tenants
In the typical suburban condo development, one must go to another location to
shop— maybe to the mini-mall, or the big box store down the road. But in New York
City co-ops and condos, stores are often found on the ground floor—supermarkets, restaurants, drugstores, clothing stores and more. Sometimes you’ll also find doctor’s or dentist’s offices.
Read More
Amazing Amenities
New York City is known for having some of the very best urban opportunities in
the world—among the best colleges and schools, museums and libraries, as well as some of
the finest parks, the most interesting architecture, the most intriguing mix of
diverse people, and among the very best collection of historic sites in the
nation.
Read More
Mortgage Refinancing
With interest rates at historic lows, never rising too far above 4% these days,
boards are looking at refinancing their co-op's underlying mortgage to build up
their reserves as a viable alternative to raising maintenance fees or levying
assessments on shareholders.
Read More
Caulk it Up!
Next to fire, perhaps nothing is more damaging to residential buildings and
their occupants' property then leaks. Whether it’s a torrential deluge from the upstairs neighbor’s overflowing bathtub or a slow, seeping leak around the window frames, water
causes huge amounts of physical damage, and can contribute to the proliferation
of mold—and all the potential health hazards that represents. Read More
Mayor's 2013 Budget Plan Unveiled
Mayor Michael R. Bloomberg recently released the New York City Executive Budget
for the 2013 fiscal year. While the mayor lauded the $68.7 billion plan as a “balanced budget with no tax increases,” the City Council believes the preliminary budget still contains substantial and
unacceptable cuts to services for families and communities.
Read More
Valley Stream, New York
Valley Stream is known for being a big village with a small town feel. With a population of nearly 38,000, Valley Stream is one of the largest villages
in the state of New York. The incorporated village is located inside the
southwest part of the town of Hempstead, along the border of Queens
Read More
Co-op Board Members Not Held Liable
Individual cooperative board members scored a major victory recently in the case of Weinreb v. 37 Apartments Corp., et al, an appellate court decision that relieved them of certain responsibilities when it comes to shareholders' proposed alterations. Read More
Structural Vs. Non-Structural Repairs
A leaking pool, a wall in need of repair, a faulty exhaust system, chimney and furnace repairs… Who’s responsible for fixing them? Generally, most leases provide that “structural” repairs are the landlord’s responsibility and that “nonstructural” repairs are the tenant’s. However, what constitutes “structural” versus “non-structural” repairs or alterations are frequently disputed issues with potentially far-reaching financial ramifications for cooperative corporations and commercial tenants. Read More
Q&A: Transfer of Shares
My wife and I own the shares for our co-op apartment jointly. We wish to establish a revocable living trust for our assets and the apartment. Our co-op board is unwilling to make the transfer to the trust. How can we convince the board to do so? And if we are unable to do so, what can we do? A friend of mine in his co-op was permitted to do so without any difficulty. Read More
