- Home
- Finance
Finance
Raising Revenue in Co-ops and Condos
Could your building use a facelift? Have you contemplated better-fitting windows, new carpet or an updated elevator, but the board's answer was always "There's not enough cash." From renovation and moving fees to renting out roof or basement space, resourceful co-ops and condos are finding ways to increase revenue. Adding revenue-producing amenities—like an on-site gym or roomy storage bins—can also improve residents' quality of life and increase the marketability of the building. Read More
Co-op to Condo Conversion:
Last summer, a financially beleaguered 47-unit cooperative at 30 West 90th Street in Manhattan made news when it converted to condominium status. That was not the first time a co-op converted to condo. A Teaneck, New Jersey co-op underwent the process two decades ago, and others—although not many—have done likewise over the years. But, it was the first time ever for such a metamorphosis in New York State. Read More
Making Ends Meet
This is the time of year when many boards are engaged in the budget and planning process. Unfortunately, this Read More
What Will 2007 Bring?
Mortgage financiers are gearing up for a different
lending landscape in 2007. To succeed in the coming year, lenders will need
to pay attention, look around and get in front of trends. Here are a
few trends we can already foresee:
Read More
Controlling for Fraud
A little over four years ago, the Sarbanes-Oxley Act (SOX) was signed into law. The most significant provision was Section 404, which requires corporations to conduct an annual assessment and report on the effectiveness of their internal financial controls. Read More
A Necessary Convenience
Some of the world’s most valuable real estate exists in New York City, and the wealth doesn’t end with residential buildings and office space. In a city with so many people and so little space, a place to park your car can be priceless. Just ask anyone who’s spent half an hour driving around Brooklyn or Queens at night looking for a parking space like it’s the Holy Grail. Because of the subway system and other underground infrastructure, office buildings are rarely allowed to put much parking underneath their property, unlike other big cities where the city insists that buildings accommodate the vehicles of all the people working inside. Read More
Share and Share Alike
They’re the smallest pieces of the co-op puzzle. The one item without which the whole endeavor could not function. Just like in a Fortune 500 corporation, the shares in a co-op reflect value, and can be highly sought-after prizes—depending, of course, on the exclusivity of the address. But for all the talk of shareholders and shares, what do these items really represent, and how do they function? Even co-op owners themselves are sometimes unsure about exactly what it means to own shares, and how those shares are allocated. Read More
Prewar Finances
With all the luxury condos going up in New York City today, many people still maintain a soft spot for the city’s prewar apartment buildings. You’ll see them all around town—on Central Park West and Fort Washington Avenue in Manhattan; on Pelham Parkway and the Grand Concourse in the Bronx; and on Eastern Parkway and Ocean Parkway in Brooklyn. Read More
Maintenance Increase Strategies
The dreaded phrase “maintenance increase” is two words that most co-op owners may not want to hear, but sometimes it is necessary for a building’s board to make the unpopular decision of raising fees. With rising operating costs, fuel and insurance rates climbing, and the need for periodic emergency repairs, raising maintenance fees often is not only a necessity but may even be advisable. Read More
Capital Budgeting and Planning
Like most companies, co-ops and condos have two important, yet distinct budgets which allow boards and owners to manage the day-to-day and long-term financial requirements of their buildings. The operating budget includes recurring expenses such as salaries, taxes, utilities, insurance and maintenance items. The previous year’s expenses are generally a good indicator for the next year’s budget. Read More
