2013 April
2013 April Vol. 33, No. 4
Focus on...Real Estate Market/Expo
The Cooperator's 26th Annual Co-op & condo Expo
All you need to know you to efficiently manage and maintain co-op and condo
properties in the Greater New York area, you will find at The Cooperator’s annual Co-op & Condo Expo, which is now in its 26th year as the premier event for education,
networking and learning.
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2013 Market Review and Forecast
According to many observers, the worst of the recession is over. We’re now several years out from the collapses and near-collapses of Lehman
Brothers, Washington Mutual, Countrywide, Bear Stearns, AIG and other big-name
financial firms.
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The Life of Super Luxury
Despite what people mutter about real estate being in a down cycle in other
parts of the region, in New York City, people are spending tens of millions on
jaw-dropping properties throughout the city, with record-breaking sales being
logged in 2012 and even more likely in 2013 as the economy continues to
recover.
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Benchmarking and Energy Audits
Little by little, the world seems to be getting greener, and the Bloomberg
administration has made greening the city one of its priorities in helping to
reduce New York City’s carbon footprint. As part of Mayor Michael R. Bloomberg’s Greener, Greater Buildings Plan, all of the city’s private buildings—including most co-ops and condos—of over 50,000 square feet are required to obtain benchmarking and energy audits
by a certain deadline.
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FHA/HUD Requirements Update
The words “housing crisis” still have the power to send shivers down the spines of homeowners who are
still feeling the effects of the collapse of the market in 2008. That collapse
was itself triggered for the most part by the writing of “bad” mortgages to homeowners who couldn’t afford to pay. While homeowners in New York City escaped much better than most
of the rest of the country, the long-term repercussions can still be felt here,
especially among condo and co-op owners.
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Keeping the Grass Greener
New York City is not exactly known for year round sunshine and palm trees. At
first glance greenery, lawns and lawn care, may seem a non–issue for many New Yorkers, but like most Americans, New Yorkers have a
long-running love affair with lush green turf.
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Invasive Species
New York City is not generally known for its biodiversity. Surprising pockets of
nature like the Jamaica Wildlife Refuge give a glimpse of the incredible
ecology that once existed in the area, but the development of a massive
metropolitan area of 30 million people has take its toll on Mother Nature.
Read More
The Grand Design
Whether you live in a towering mid-block high-rise or a sprawling suburban
development, landscaping not only helps a co-op, condo or HOA increase and
retain property values, but has a positive impact on residents themselves—beautiful, functional green spaces and plantings increase pride of ownership,
influence morale, and just generally make a place more pleasant to be in for
owners and visitors alike. And unless there happens to be a master gardener or
landscape architect on a building board or grounds committee, chances are that
the community's administrators will have to call upon a professional landscape
specialist to help make the most of their building's potential.
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The Artful Dodger
The signs “Post No Bills,” “Active Driveway” and “Alternate Side Parking” are all fairly common and relatively self-explanatory in urban settings. Other equally common signs we see in suburban communities throughout the U.S.
related to pets are: “Curb Your Dog,” “Please Clean Up After Your Dog,” or “All Pets Must Be on a Leash.”
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Splish Splash
Whether indoors or out, few design elements are as dramatic and arresting as a
waterfall or fountain. According to the blog The Bowery Boys, the very first
decorative fountain in New York City was the City Hall fountain, unveiled on
October 14, 1842 during opening ceremonies for the Croton Aqueduct. The
fountain propelled water 50 feet into the air, and was a huge hit.
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Heating Oil Transition Offers Savings
On July 1st, about 10,000 New York City buildings must start phasing out their
use of high-polluting fuel oil. Under the city's “Clean Heat” mandate (a part of Mayor Michael R. Bloomberg’s Greener, Greater Buildings Plan New York initiative), permits are being phased out for No. 4 and
No. 6 grade heating oils. Permits required for using No. 6 oil—the worst polluter of the three main types of heating oil—were discontinued in 2012 and permits for No. 4 will be denied beginning this
summer, as boilers and burners are replaced to comply with the new law. Read More
Knowledge is Power
While essential to the successful operation of all cooperatives or condominiums,
the contents of governing documents are often only glossed over by otherwise
well-intentioned boards members and managing agents leading to potential
pitfalls. As a result, co-op and condo attorneys often suggest that boards at
least revisit—and in some cases memorize—the various components of this all-important and varied document.
Read More
How to Get In
Purchasing a co-op in New York City can be a real odyssey. Even with thousands
of options on the market, securing a place that fits your lifestyle and budget
can leave you with only a handful of viable choices. Factor in each building’s financial requirements and you may be down to just two or three co-ops that
you qualify for. And then there’s the interview with the board, a nerve-wracking process even for the most well
qualified applicant. But even after the stress and paperwork, many applicants
don't make it past the finish line. For a successful admission process for both
boards and applicants, there are several legal and practical matters that both
parties should keep in mind. Read More
Your Building Counsel
Abraham Lincoln once said, “Discourage litigation. Persuade your neighbors to compromise whenever you can.
As a peacemaker, the lawyer has superior opportunity of being a good man. There
will still be business enough.”
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The ABC's of City Resources and Municipal Agencies
You may live in the most well-run and self-sufficient building in the city, but
no building is an island, not even in developments from the sprawling
Stuyvesant Town-Peter Cooper Village in Manhattan to Co-op City in the Bronx to
the small six-story condo building in the Lower East Side needs to utilize a
plethora of municipal services and interact with the various city agencies that
run them.
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Laundry Room Basics
Most co-op and condo buildings in the city have a laundry room for residents to
use that is more than just an amenity; it’s practically a necessity. Nearly all of these co-op/condo laundry rooms are
maintained by laundry contractors who service the machines and collect money
from them. And when outside vendors are involved in providing a service for a
building, it behooves all residents to understand just what type of service is
being provided and the agreement under which that work is being done.
Read More
Getting Good Help
Who wouldn’t want to be on the board of directors of their co-op or condo, watching over
their most precious possession and probably their most significant investment—their home?
Read More
Fron Truck to Transfer Station
Twice a week whether it is on Tuesday and Thursday or Monday and Friday, in
every neighborhood throughout the city, you can hear it. Usually before first
light you are roused from a sound sleep by the rumbling, beeping and crushing
sounds of the garbage truck sent to retrieve your block’s mountains of sorted trash.
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A Look Back to the Future
Thirty years ago, Cats won the Tony Award for best musical, setting it off to
secure its place as the second longest running Broadway musical in history. New
York City streets were filled with women in torn sweatshirts and leg warmers
inspired by everyone’s favorite steel-welding, break dancing ballerina portrayed by Jennifer Beals in
Flashdance.
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Issues of Accessibility
New Yorkers are a resourceful bunch—we pride ourselves on being able to snag a cab during rush hour, get from the
Upper West Side to Greenpoint in less than three subway transfers, and show no
fear as we battle the crowd at a hot designer sample sale. For city residents
with compromised mobility however, the ability to do tasks that many of us take
for granted is profoundly impacted. For those with long-term disabilities, the
elderly, or those recovering from an illness or injury, even getting into or
out of their own building can feel like a monumental task.
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Balancing the Bottom Line
Not everybody on a co-op or condo's board is an accountant (or can even balance
their own checkbook, for that matter.) No doubt, handling large amounts of money for an entire building is a huge
responsibility. Residents, therefore, rely upon their board to make good
financial decisions on behalf of the entire community in an effort to protect
its individual and collective assets.
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Storing Your Life
It’s the age-old question for apartment dwellers living in cramped spaces: where do
you store all of your possessions? If you live in a New York City co-op or
condo, most buildings have a solution: sizeable storage units at the ready that
you can rent out.
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Brighton Beach Memoirs
You’ll find knishes, borscht, blinis, loads of shops, bakeries, fruits and
vegetables, black market caviar and of course, vodka, along Brighton Beach
Avenue, the neighborhood’s main artery that caters to a thriving Russian community. Day trippers from the
five boroughs also make the trek (especially during the summer months) to this
Brooklyn neighborhood along the Atlantic Ocean and nearby Coney Island’s amusement park.
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Q&A: Transferring Shares to a Trust
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
Q&A: Not In Arrears
I own a co-op in Mount Vernon, New York. I was unable to sell the co-op so the board approved a sub-lease. The maintenance was in arrears by one month plus the current month. I was sent a letter by an attorney to pay the arrears plus the attorney fee. I questioned the attorney's fee. I received an email from the management company indicating that if someone is more than two months in arrears the account is referred to an attorney. I was not over two months in arrears. Are there laws governing this type of arbitrary behavior? Read More
