Board members have a number of responsibilities and face many different challenges - and managing the building's finances is chief among them. But since most board members aren't trained financial professionals, what is the best way to m…
Most borrowers opt for fixed rate loans in today's low-interest market, but for those willing to embrace change and play the field a bit, still-cheaper rates are available. There are state-sponsored loans for making your building more e…
Imagine this: It's a rainy gray Monday morning. You're snug in bed, dreaming away, when the alarm rings. Six thirty. You have just enough time to hit the gym before work, but the very idea of suiting up and traipsing out into the cold w…
As residential properties in the metropolitan area begin to show the wear and tear that comes with age, properties in need of façade repairs and other exterior renovations to comply with Local Law 11 are scrambling to find financing for the…
In recognition of their service to their country, veterans of the United States Armed Forces are entitled to an extensive system of benefits. Unfortunately, many veterans are not aware of the full extent of these benefits and don’t take ful…
Every year, co-ops and condos spend serious time and energy compiling their operating budgets. The process can start as early as September, with an evaluation of the first eight months of expenses for the past year–the primary purpose of wh…
Since 9/11, terrorism has become a palpable new threat against the lives and property of American citizens. Not only has our peace of mind been compromised, but the attack on the WTC has affected lives in other, less obvious ways. Cons…
By their nature, co-ops and condos are about ownership, common interests and camaraderie. They are also predicated upon the sharing of costs–both of the day-to-day maintenance of the property, as well as periodic capital expenditures. As wi…
The prevailing economic climate has given rise to concerns for us all, especially co-op and condo boards currently in the process of budget preparation. The natural course of action would seem to be to review past budget-related decisions a…
As the future of the economy remains questionable, the matter of your building’s finances begs the question: Should your co-op or condo board reexamine how you invest your reserve fund? No doubt, this has already crossed your mind, but even…