Page 3 - New York Cooperator February 2020

COOPERATOR.COM THE COOPERATOR — FEBRUARY 2020 F A S T AT YOUR PROPERTY www.veritasmanagement.com 1995 Broadway, NY, NY 10023 Tel: 212.799.2365 At Veritas, we’re always just a hop, skip or subway ride away, making responsive service a priority. In a digital age, we’re on top of technology. But we also handle things the old-fashioned way; we’re at your property in person, when you need us. Co-op, Condo and Rental Management • Online Services Project Management • Sales and Leasing • Compliance and Filings • Emergency Services • Staff Supervision Connect your property to Veritas Call us to learn more TABLE OF CONTENTS Yale Robbins Publisher Henry Robbins Executive Vice President Joanna DiPaola Associate Publisher Hannah Fons Senior Editor Darcey Gerstein Associate Editor Pat Gale Associate Editor Shirly Korchak Art Director Anne Anastasi Production Manager Victor Marcos Traffic Coordinator Alan J. Sidransky Staff Writer Rick Levin Director of Sales The Cooperator is published monthly by Yale Robbins Publications, LLC, 205 Lexington Ave., New York, NY 10016, (212) 683-5700. President: Yale Robbins, Executive Vice President: Henry Robbins. Subscriptions are available free by request to co-op and condo board members and homeowner associations. POSTMASTER: Send address changes to The Cooperator, 205 Lexington Ave., New York, NY 10016. ©Yale Robbins Publications, LLC 2020. All rights reserved. Application to mail Periodicals postage rates is pending at New York NY. FREE Subscriptions for Board Members, Property Managers and Real Estate Decision Makers. To Subscribe, please visit us at: cooperator.com/subscribe B idding asics B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Co-op, condo, and HOA boards across the country are made up of volunteers who are committed to the governance of their community. Among their most important duties is selecting vendors to provide goods or services—everything from lawn care to roof repair; surveillance to extermination. M anaging onflict c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 One of the unique aspects of life in a co-op or condo is that a building or HOA is in many ways a microcosm of the larger world outside. It can suffer from the same factionalism and partisan bickering as any political entity, only on a much smaller, more intimate—and therefore potentially more damaging—scale. Conflict and divisions in co-op and condo communities can and often do bleed into the community’s administration: the manager and board of directors. nYc l uxurY M arket akes a ip t d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 After nearly a decade of expansion, New York’s luxury co-op and condominium market has taken an undeniable downturn—and it’s not a gentle slope either. According to several prominent industry play- ers, prices at the high end of the market have experienced a drop of approximately 25% from their peak in 2015. Of course, this begs the question: what’s behind this double-digit decline? Overbuilding? Tax policy? Economic confidence? Other factors? Perhaps it’s a combination of all those and more. i ndustrY ulse p . . . . . . . . . . . . . . . . . . . . 4 Q uestions & a nswers . . . . . . . . . . . . . . . . 5 s ervice irectorY d . . . . . . . . . . . . . . . . . . . . . 10