For most New Yorkers, the search for housing is perhaps the least favorite part of the New York experience. If the size is right, the price is wrong; if the price is right, the neighborhood’s wrong. And then there’s that hideous wallpap…
When co-op and condo owners plan their will, or a prenuptial agreement, their condo or co-op unit naturally comes into play as an important asset. Often, it’s no problem—the owner leaves the apartment to his or her spouse. It’s especiall…
Organizing and keeping a co-op or condo’s books and other records is, on the surface, not that different than keeping a budget for one’s home. But there are many important differences—filing deadlines, tax requirements, reports…
Q I am an owner in a building that went condo 10 years ago. In 2008, our taxes were reduced by a firm that does this procedure for the building. However, my individual real estate taxes are way out of line compared to other apartmen…
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…
Mayor Michael R. Bloomberg has unveiled a $59.4 billion budget plan for Fiscal Year 2010 that reduces the city’s workforce by about 13,000 jobs and counts on givebacks by organized labor to reduce a projected $4.8 billion budget gap. …
Tax time is coming soon, and a time no one really enjoys will likely be even less fun thanks to the current recession. In the case of condo and co-op buildings however, accountants and attorneys may be able to help the communities they…
Q I’d like to ask about the transfer tax in co-ops. I have been living in a co-op unit with my brother for 11 years. It is currently under both of our names, but now I want to change it to my name only. How does the transfer tax figure…
For decades, co-op boards and managers have had to walk a delicate line between generating revenue and obeying the law when it came to renting out space in their buildings to commercial tenants. As of December 20, 2007, that has cha…
What is a conservation easement? What are the tax advantages to a conservation easement? Can a condo or co-op vote to place a conservation easement? —Curious in New York “An easement is a transfer of usage rights. Simply…