Many co-ops and condos are starting to think about their upcoming annual meeting, but there's a group of buildings out in Queens who are probably dreading the event – and that's because they are mired in a hunt for missing funds. And actively suing each other for the return of them! It's a bizarre story about a management company who moved money from one building to the next, and probably siphoned off some of it along the way.
New laws are in effect: elevator safety concerns mean that your building will have to update controls, and a tougher focus on indoor allergens means annual inspections are required. Plus, most co-ops pay for expensive projects by refinancing their underlying mortgages, but condos don't. This month we report on the CIRA loan, a niche product that condos will want to keep in their financing arsenal.
Check out these stories and more in our February issue!