180 East End Avenue

Jan. 10, 2012 — Can your co-op or condo board afford to take the long view when it comes to planning? Better question: Can you afford not to? That's what 180 East End Avenue had to find out. Here's what happened — and what they went through that you can learn from, saving not only money but, possibly, your building's entire infrastructure.

This story began to unfold a decade ago, when a scary realization hit the nine-member board at this postwar building with 138 units in twin brick towers, near Gracie Mansion and the East River. For years, the board had been drawing on the reserve fund to keep maintenance steady, even as operating costs went up. One day the board realized that the reserve fund had shrunk perilously low — leaving shareholders prey to a financial shock if unexpected expenditures arose. Read More »