Category: Finance

Finance
1997 Jul/Aug Back From the Brink of Disaster:

Co-op and condo boards, together with their professional managers, are responsible for their properties' financial well-being. Every financially-challenged property faces the same perils: an inability to meet ongoing expenses, the consequen…

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Finance
1997 Mar Relocation & the Board

Even at the most stately Park Avenue address, relocation is a frequent activity as apartments are bought and sold and sublet tenants or roommates move in and out. More than 100,000 people hire movers every year in New York City. But while…

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Finance
1997 Feb New Ruling on IRS 277

Cooperative housing corporations are not exempt from income taxation. Like any other taxpayer, a housing cooperative must pay tax on its taxable income, i.e., its gross income less allowable deductions. Not all amounts that would seem to …

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Finance
1997 Feb Tax Abatements Are Good News,

The City of New York, in its infinite wisdom, has classified properties into various categories. Class one properties consist of one-, two- and three-family homes and class two properties are multi-family residential properties including …

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Finance
1997 Dec/Jan Amending Your By-laws

The certificate of incorporation, the proprietary lease (in some cases called occupancy agreements) and the by-laws are the three underlying documents that form the engine running your cooperative. The by-laws are considered by the courts…

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Finance
1997 Dec/Jan Capital Improvements

If you've ever served on the board of a co-op or condo, the phrases capital improvements, emergency repair, asbestos remov- al and (these days, especially) lead paint abatement probably elicit particularly unpleasant associations. With ex…

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Finance
1997 Dec/Jan Dial "˜M' for Mortgage

With interest rates heading lower once again, now may be the ideal time to start hunting for a new underlying mortgage. But don't go off half-cocked. Board members who prepare well before entering the mortgage jungle always bag the bes…

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Finance
1997 Dec/Jan Making Money

Money. We all need it and want more of it. And just like any business your building needs to cover its expenses with its income. There are ways your building can make money without having to raise maintenance fees. Installing basement sto…

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Finance
1996 Nov Recovering Legal Fees

Earlier this year, a survey of co-ops and condos indicated a surge of litigation between boards and building residents. Such lawsuits can be very costly for both the resident and the building. One important deterrant to frivolous or unnec…

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Finance
1996 Oct Rooftop Decks, Exercise Rooms and Play Areas

Co-op and condo owners whose boards are in favor of adding a rooftop deck, exercise room or play area should think twice before shooting down the idea for fear it will be too expensive. Imagine the time you'd gain in your busy schedule if y…

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