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Energy Audit Legislation Aimed at Co-ops & Condos
Proposed legislation by the New York City Council to require energy audits, while a nice idea, is extremely cost-prohibitive especially in today’s economy. The bottom line is that the spending proposed in this bill (Intro 967) will be taken straight out of the operating budgets of co-ops and condos and not the city coffers. Read More
New Rules for Co-ops and Condos
In the last two years, Fannie Mae has amended it’s guidelines for selling and serving mortgages on condominiums, cooperatives,
and planned unit developments three times. Why should service providers,
cooperative corporations and community association managers care about what the
mortgage giant does?
Read More
Keeping Design Projects Under Control
A good redesign of an outdated, obsolete, or run-down common area in your co-op or condo building can be a thing of beauty. Spiffing up a lobby, hallway or elevator can not only inspire residents to take more pride in where they live, but can help maximize property values as well. Read More
Financial Demographics Affect Buildings
In any business—whether it's a flower shop or a gas station—there are those who have more dollars to work with, and those who have fewer. It's the same for co-ops and condos. New York is home to a seemingly endless variety of residential buildings, from four-unit boutique co-ops with apartments selling for eight figures to more modest buildings with 40 units going for six figures apiece. Some buildings receive government subsidies, some are involved in federal funding programs. Still others have former U.S. presidents—or Hilton sisters—living in their penthouses. Up and down, from the highest financial peaks to the valleys below, charting the financial differences between the thousands of co-ops and condos in the five boroughs can be dizzying enough to require a few doses of Dramamine. Read More
Take Advantage of 1031 Exchanges
The “Green Movement” has quickly gone from fad to trend to global initiative. In the U.S., corporations as well as commercial and residential property owners are being challenged to find ways to embrace ‘Green Initiatives’ in response to demands for greater sustainability, social accountability and profitability. Read More
Planning for the Future
It’s difficult to plan a budget for your building—and, more importantly, to stick to it—if problems arise that your board/management team haven’t anticipated. Maintenance issues and structural crises aren’t just inconvenient surprises; if you haven’t planned adequately, they can decimate your community’s bank account. Read More
The Cooperator's Latest Roundtable Forum
Carrying on The Cooperator's popular series of "roundtable" discussions for professionals in various disciplines of the city's residential real estate industry, a group of representatives from the worlds of co-op and condo law, finance and management met at The Cooperator's offices in July for breakfast and conversation about co-op financials. Topics ranged from co-ops' financing rules for applicants to the increasing popularity and availability of reverse mortgages. Read More
Planning for the Unknown
One of the fundamental truths about condominium life is that, eventually, your building will need extra money. A leaky roof, an inefficient boiler, busted pipes, elevators that don't elevate—the list is endless. Read More
