In today’s economic climate, many of the city’s co-ops and condos have begun to feel the pinch as they struggle to pay their bills. Often, buildings are forced to raise maintenance fees to make ends meet. And while maintenance fees or special assessments might be the most common methods of increasing available funds, they are certainly not the only ways to do it. And when the most common options are not doable, some boards are getting creative.
Making Use of Extra Space
If your building has extra space—say, in the basement or elsewhere—you might consider renting it out.
“There are a few key areas where a building can make soft-income that does not come from the maintenance or common charges of the residents. Amenities of a building, which can include laundry rooms, storage areas and health clubs, can all be vital in improving the financial landscape of a building. All of these services can be leased out to reputable companies who will provide your building with this particular service while paying the building in either rent of usage fees,” says Mark B. Levine, RAM, vice president of business development for Excel Bradshaw Management Group in Carle Place, N.Y.
Take a look around your building to see if there’s any available unused space that might be profitable to your co-op or condo.
“There might be space in the basements of buildings that can be cleaned out. Older buildings sometimes have more space than new buildings. Go down and look for space that you might be able to rent out to people in the building as storage space. We’ve also had spaces where the onsite laundry company needed space to leave old machines, and they were able to store things in basement,” says Jeff Bookman, principal of Somerset Financial Group in Great Neck.