The world of insurance, although not necessarily simple, is usually cut and dry, not the stuff of excitement. While condos and co-ops have insurance for the common areas like roofs, stairways, lobbies and often the apartments as well, th…
Simply put, insurance equals protection. Insurance will help protect your investment if your building is damaged or destroyed by fire or other causes. Public liability coverage will protect you if someone is hurt in the building and sues yo…
Having a well-lit, well-maintained laundry room in one's building is a definite plus. Residents don't have to traipse out to the overcrowded Laundromat in the dead of winter or in the pouring rain to spend hours waiting for machines when…
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 n…
In any business—whether it's a flower shop or a gas station—there are those who have more dollars to work with, and those who have fewer. It's the same for co-ops and condos. New York is home to a seemingly endless variety of residential…
Most people would rather not talk about divorce or death. Unpleasant as they are however, they're both facts of life—facts that any apartment owner must face up to and plan for. In the case a co-op or condo apartment, a thorough, legal…
Most co-op buildings carry an underlying mortgage—the cost of which is paid for each month by shareholders as part of their maintenance fees. Quite often, a co-op corporation will seek to finance a major project or building improvement b…
Consider the story of Dave. He was the treasurer for his co-op, and served the board for just over four years. Dave felt that he'd done a tremendous job—not that anyone ever noticed, much less bothered to thank him. As far as Dave w…
In the early 1990s, thousands of New Yorkers purchased apartments in newly converted co-op buildings; in the early 1990s, thousands of New Yorkers also watched their investments collapse. The co-op market was tanking, equity was at risk …
Cons and hustles are as old as civilization itself. For as long as there have been goods and currency to collect and divide, there have been unscrupulous individuals who are ready to relieve the unwary consumer of their holdings. Banking…