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Management
Getting Back on Track
Managing a cooperative or condominium apartment building in New York would be a
piece of cake… if weren’t for all those people.
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What's New for Co-ops and Condos
As managers, residents, and board members of the city's residential buildings
gear up for 2011, sweeping up the tinsel and cookie crumbs leftover from holiday parties isn't the
only job at hand. From bedbug disclosure rules to a proposed federal ban on
flip taxes, there is also an array of new legislation that promises to have an
impact on managers, boards, and the co-op and condo communities they represent
and serve. Read More
Federal Stimulus Helps Housing
In early 2009, at the urging of President Barack Obama, Congress passed the
American Recovery and Reinvestment Act (ARRA) with a view toward easing the
blow dealt to the economy by what some are calling the Great Recession. The
ARRA had a tall order to fill: create new jobs while saving existing ones,
cultivate economic activity in both the short- and long-term—and in the words of the official Recovery.gov website, do it all with “unprecedented levels of accountability and transparency in government spending.”
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Fraud Detection for Co-ops and Condos
Criminals like Bernard Madoff and other so-called “white collar” lawbreakers have made headlines recently with their financial double-dealings,
but unfortunately, fiscal mismanagement and fraud also happen in co-op and
condo communities. The scale is much different obviously, but an apartment is a
major investment, and residents of a building trust their board members and
managing agents to uphold their fiduciary responsibilities and be good
custodians of that investment.
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Pet Peeves
Time was, if you said that a co-op or condo building was 'going to the dogs,' it
was a bad thing. These days however, that's not always the case. According to
the American Pet Products Association, 39 percent of all U.S. households own at
least one dog, and 33 percent own at least one cat. This is why many co-ops and
condos in New York have started to change their rules regarding pets and it’s a much more welcoming atmosphere for animals.
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The Tipping Point
According to some sources, the word “tips” is actually an acronym—it's short for “To Insure Prompt Service,” and the list of people who are commonly tipped—at least in the United States—includes everyone from hair and nail salon workers to bellhops, cab drivers,
newspaper delivery people, porters, valets, bartenders, and, of course,
restaurant wait staff.
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Trash Talk
Most people don’t think much about their garbage after they toss it down the chute or into a
container for pickup, but the fact is, removing a multifamily community's trash
and recyclables can be a big job, especially in a private development not
served by municipal or city-run sanitation services. Who picks up the refuse? How frequently it is collected? What gets recycled?
These are all concerns that many multifamily residents should consider as
factors in both their bottom line and in their community's core services.
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Dealing with Delinquent Owners
By and large, a board and management company can expect payment from residents
for monthly fees to be received on time and in full. These all-important funds
keep day-to-day operations moving forward without delay. There are situations,
however, that arise which can offset the balance sheet. Circumstances run the
gamut but in the end, monies that can’t be collected end up costing a whole lot more than the losses they represent.
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Papers, Please!
Whether it is redesigning light fixtures in a common space or replacing a roof,
repair jobs and capital improvement projects are like death and taxes, they are
inevitable. Whereas a building administrator or a managing agent most often
handles the hiring of contractors and oversees the execution of the job,
problems and issues often arise which makes it important for board members to
understand licensing, documentation and accepted protocols.
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Keepin it Clean
There comes a time in every New Yorker’s life when they are faced with a situation so grave, so urgent and so daunting,
it can make even the toughest East Coaster crumble and cave: Laundry Day.
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Combining Apartments
I often go up to Washington Heights, an area where I lived many years ago, just
to walk around. On one recent trip, I decided to take a look into the lobby of
my old apartment building on Cabrini Boulevard to see if there had been any
changes.
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Pet Problems
Just take a walk around the streets and parks of the city, and it’s easy to see that New Yorkers love their pets. But not everyone loves animals,
of course—and this can be problematic when it comes to a board deciding if pets should be
permitted in their building.
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The Least Popular Decision
The boards of some co-op and condo buildings pride themselves on not raising
their monthly maintenance fees for years at a time. At first glance, this might
seem like a good thing—after all, low fees are appreciated by residents and can be attractive to
potential buyers.
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The Value of Continuing Education for Managers
The phrase “jack of all trades” could have been coined simply to describe the profession of residential property manager. To succeed in this fast-paced business, a property manager has to master a wealth of information and skills. More importantly, they continuously have to cultivate those skill sets and pools of knowledge, keeping up with new legislation, new accounting rules, new technologies, software and much, much more. Which is why continuing education is such a must for today’s property managers. Luckily, there are a host of educational opportunities from which they can choose. Read More
When a Project Goes Wrong
Living in a community sometimes requires a bit of flexibility, and that’s especially true when a large construction project is happening. Usually, whether it’s a facade restoration, lobby redesign, or a heating/ventilation upgrade, most building construction projects go pretty smoothly. However, problems with noise, dust, or disruptions in building services are commonplace and to be expected with some construction projects. And if residents have been informed of the possible inconveniences ahead of time, a nasty resident backlash usually can be avoided. Read More
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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Kew Gardens, Queens
Kew Gardens in Queens seems to be just another urban neighborhood when you
emerge from the Union Turnpike subway station. For instance, there is the long stretch of Queens Boulevard that is always busy
with traffic. Lining the boulevard are Queens Borough Hall, where the office of
the borough president is located, and the Queens Criminal Court building. Near
the subway station, home of the E and F lines, are shops and large buildings.
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Estate Planning
Planning for what happens to your estate upon your death is never a pleasant
chore, but if you own property of any kind, that planning is an vital
responsibility. While there are many aspects and legal mechanisms that can be
considered during your estate planning process, the issue discussed in this
column is that of trusts. There are two basic types of trusts which can be used
to achieve your own estate planning objectives.
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Managing Diverse Communities
New York is one of the most diverse cities on the face of the earth. Its huddled masses yearning to breathe free include immigrants from places
completely unlike the Big Apple: Kazakhstan, Zimbabwe, Uruguay—even North Dakota. There are more Greeks in New York than in any other city except for Athens. There are more Jews in New York than there are in Israel. There are neighborhoods that are predominantly Russian, Korean, Arabic, Syrian,
Albanian. Jackson Heights in Queens, for example, is home to residents hailing
from more than 70 countries. It’s appropriate that the United Nations is headquartered here.
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From the Court to the Board
Over the past few months there have been several interesting and insightful
court decisions. Here are a few legal cases that provide some helpful lessons.
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Renter vs. Shareholder Mentality
When a long-time renter purchases a co-op or a condo apartment, the move is perceived as a step up. No longer are you just shelling out rent every month—you're building equity, investing in your own security. Regardless of whether your new home is a co-op or a condo, you have a stake in maintaining your building—and by implication, your neighborhood. Read More
New York City's Community Boards
New York City is a metropolis of 8.2 million residents, so it’s not surprising that it takes an awful lot of people in a lot of departments
and organizations to keep the town’s government running smoothly. Some of those people (the mayor, for instance)
are household names while others are perhaps less well known. The members of
the city’s community boards fall into the second category but the work they do for the
city and its residents is no less important than that of the mayor or the city
council. Read More
Benchmarking and Auditing Your Building's Energy Usage
Little by little, the world seems to be getting greener. As part of Mayor
Michael R. Bloomberg’s Greener, Greater Buildings Plan, new legislation has been passed that among
many other measures, requires all of the city’s private buildings of over 50,000 square feet to obtain benchmarking and energy
audits by a certain deadline. That includes most co-op and condo buildings.
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Compassionate Management
Home may be where the heart is, but these days, it’s also the source of enormous anxiety and concern for a great many co-op and
condo owners. With the economy mired in recession and unemployment still
hovering near the 10 percent mark, more homeowners than ever are falling behind
on mortgage payments, maintenance fees and common charges. In turn, those
situations are forcing many boards and managers into difficult decisions over
how and whom to help within their co-op or condo communities.
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Emergency Planning for Managers
There's no question that the operational and administrative complexity of
multifamily buildings requires effective management to create and maintain a
safe, secure environment for residents and staff alike.
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When Disaster Strikes
When a townhouse exploded on Manhattan's Upper East Side last summer, New Yorkers ran terror-stricken into the streets. As smoke billowed from the wreckage, no one knew what had caused the explosion, or how many people had been hurt. Just three months later, on October 11th, panicked residents were again evacuated when a small plane crashed into the 40th floor of the Belaire Condominium on 72nd Street. Smoke and flames consumed the brick wall where the plane lay lodged in one apartment owner's living room. A severed gas line caused a raging fire and sent a cascade of brick, mortar, glass and airplane parts crashing to the sidewalk below. Read More
Q&A: Homeowner Repairs Allowed?
If there is damage to my roof and it leaks into my condominium unit and I reported it to the board three times with no repairs made, can I repair it myself and deduct the cost from my common charges? Read More
Q&A: Distribution of Shareholder Benefits?
Is it legal for the board to take the shareholders’ tax benefit credit every year without their consent, as a special assessment and a second assessment as well, within six months apart? I received the letter about this, contacted the board to complain and requested an explanation. Their answer was: fuel costs and other expenses but there is no improvement in the building. What should I do about this ? Read More
Traits of Effective Property Managers
It's easy enough to find a property manager —just flip open the Yellow Pages and you'll see dozens. That doesn't mean it's easy to choose one, however. Your managing agent is a fundamental member of your association's operating team, and needs to be someone you can count on to oversee your staff and maintenance program, submit bids for contract work, oversee billing and accounts payable and act as a liaison between residents and board members. Read More
Ways to Achieve Resident Retention
Providing creative ways to show your residents that you appreciate their loyalty will prove to be a wise investment that will help increase resident retention and pay dividends in both public and owner relations. 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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