Category: Finance

Finance
Financing Investor-Held Condominium Units

Like single family homes, condominium units tend to be owner-occupied. Financing for these units therefore tends to follow traditional guidelines and requirements centered on owner occupancy. But what happens when a condo unit is held as …

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Finance
Don't Cut Cost Corners

Small co-ops and condos face a special set of challenges relative to controlling expenses. The building has to be heated, the real estate taxes paid, and the halls cleaned. Unlike in larger buildings, the cost isn’t shared by dozens or pe…

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Finance
2016 September New York City Co-op and Condo Tax Distribution

As Oliver Wendell Holmes, Jr., once said, taxes are the price we pay for civilization. While that may be true, its truth doesn't make a hefty tax bill any easier to swallow, especially when it comes to city and state property taxes.  There…

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Finance
2016 September The Importance of Reserves

When it comes to multi-family communities with shared accommodations, failing to plan for a rainy day could mean that when the rains do eventually come—and they will—bailing out will be much harder, and more costly, than it might have been …

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Finance
2016 September Creating a Greener New York City

When the Bloomberg mayoral administration launched PlaNYC in 2007, New York City took notice. The program focused on the environment, and included everything from planting street trees to reducing carbon emissions, upgrading building codes …

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Finance
Reversing the Trend

There has been a recent push by federal, state and local legislators to get reverse mortgages or Home Equity Conversion Mortgages (HECM) approved for New York cooperatives. The federal Department of Housing and Urban Development (…

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Finance
2016 July New York City Inks $82.1 Billion Budget Plan

Mayor Bill de Blasio, Council Speaker Melissa Mark-Viverito and members of the City Council reached an historic agreement for an on-time and balanced New York City budget for Fiscal Year 2017, marking completion of the earliest budget deal …

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Finance
2016 July Spotting Financial Irregularities

While it's pretty much impossible for a co-op or condo board or employee to commit fraud on the scale of a Bernie Madoff or any one of the herd of shysters who have tromped through the news in recent years, building boards and managers cert…

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Finance
2016 July Collecting Arrears

The majority of co-op and condo residents pay their monthly maintenance fees on time and in full with no problem. The recent recession, however, changed the picture drastically for residents who found themselves laid off, under-employed, or…

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