HOW TO RUN YOUR BUILDING!

It's coming: the convergence of multiple critical compliance deadlines that could devastate your building's finances. Hear how one 63-unit co-op is tackling the triple threat of Local Law 11, garage inspections, and Local Law 97 carbon emissions requirements — and how your building can learn from their mistakes. Peter Lehr, director of property management at Kaled, offers practical insights on bundling projects, working with the right consultants, and making the right decisions for your building, based on your potential fines. With 80% of NYC buildings expected to miss Local Law 97 compliance by 2030, knowing how to "buy time" with a realistic compliance schedule could save your building significant money and headaches. Habitat's Carol Ott conducts the interview.

Who will show up for your co-op or condo’s annual meeting and will you have enough shareholders or unit-owners to conduct the necessary business at hand? That’s the pressing question as thousands of New York’s co-op and condo boards begin the annual meeting season this spring. Greg Finger, vice president and director of property management at Finger Management, recounts the tale of one condo his firm manages that didn’t achieve a quorum — the first time —  and in this episode he explains the simple strategy that worked the second time. Whether you're  dealing with apathetic residents or critical financial decisions, you'll learn exactly how to craft notices that motivate attendance and protect your building's financial future. Habitat's Carol Ott conducts the interview.

Labor law insurance claims continue to threaten insurance coverage for buildings, but there are some actionable items co-op and condo boards can take to reduce this exposure. Sean Kent, senior vice president at FirstService Insurance Brokers, explains what they are, and how a 250-unit Bronx co-op overcame an insurance crisis when labor law claims threatened their coverage. Habitat’s Emily Myers conducts the interview, and in it Kent explains the difference between admitted and excess/surplus carriers (with premium differences of 100-300%), why timing is everything during insurance renewals, and what the “new normal” costs are for insurance and umbrella liability coverage.

Budget shortfalls are a nightmare. But manipulating the numbers to create artificially low assessments or maintenance increases can have even worse consequences in the long run. Kyle Gregory, managing member and operating partner of New Way Management, explains how boards can successfully manage their building finances without falling into common traps. Gaming operating costs might be tempting, but ultimately it can damage potential sales and create distrust among buyers. Gregory offers sophisticated approaches to addressing budget deficits, and addresses the long-term consequences of short-term financial maneuvers. Habitat's Emily Myers conducts the interview.

Struggling to get quorum for your board meetings? Even after the pandemic, virtual meetings are transforming co-op and condo board operations. Buildings across New York have embraced digital meetings, resulting in better attendance, more flexible scheduling options, and significant time savings for everyone involved. In this episode, Mark Hoffman, principal at Hoffman Management, offers practical strategies for running smooth virtual meetings and how this shift is attracting previously untapped talent to board positions. Whether your building has residents scattered across different locations or board members with demanding schedules, virtual meetings offer a solution that maintains community while improving efficiency. Habitat’s Emily Myers conducts the interview.

Discover how proper management of maintenance payments and common charges directly impacts your building's financial stability. Payments are typically considered late after the 10th of each month, with  property management companies using software platforms like AppFolio to track payment patterns and identify potential issues.

For board members navigating the tension between neighborly relationships and financial responsibility, remember that timely payments are fundamental to operational success. Trust your managing agent's recommendations on collections, as they ensure utilities stay on and vendors get paid promptly—ultimately benefiting all residents through better building services and financial health.

Carol Ott of Habitat Magazine conducts the interview with Adam Reisman, President of Client Operations at MD Squared Property Group.

Carol Ott of Habitat Magazine interviews Carl Borenstein, president of Veritas Management, about managing rising costs in co-op and condo buildings. Borenstein shares strategies for handling double-digit maintenance increases, particularly focusing on creative uses of co-op abatement programs to generate additional income. He discusses the dramatic rise in insurance costs, especially umbrella policies, and advises boards on choosing appropriate coverage levels. Borenstein recommends implementing small annual maintenance increases to avoid larger hikes later, noting that 80% of building budgets are fixed costs.

In conversation with Habitat's Paula Chin, Robert Ferrara, president of the Ferrara Management Group, shares invaluable insights from managing a devastating fire emergency at a Peekskill condominium that displaced 16 unit owners for over two years. Through his firsthand account of the crisis and recovery process, board directors will learn crucial strategies for emergency response, insurance coordination, and resident communication during catastrophic building events.

In this conversation with Melissa Cafiero, director of management at Halstead Management, board directors get a behind-the-scenes look at how management companies approach new client relationships and handle transitions. Cafiero shares valuable perspectives on the evolving nature of property management, comparing it to a marriage that requires careful matchmaking and ongoing nurturing. Habitat's Carol Ott conducts the interview.

Insurance premiums for co-ops and condos are surging with double-digit increases year after year, and boards must pay these hefty fees upfront. But there's a financial tool that can help ease this burden. Michael Feldman, CEO of Choice New York, talks to Habitat's Paula Chin and breaks down how insurance premium financing allows boards to spread their annual insurance costs over several months, rather than being forced to make a single lump-sum payment.
Key takeaways:
* Insurance premium financing allows boards to spread their annual insurance costs over 9-10 months instead of paying the full amount upfront, typically requiring only a 2-3 month down payment with the remainder financed through monthly installments.
* While interest rates for these microfinancing arrangements are in the low double digits, the actual cost per unit is often minimal — potentially just a few dollars per month for each resident.
* For well-capitalized buildings, premium financing may not be necessary, but it can be particularly valuable for buildings needing to manage cash flow, or those caught off guard by last-minute premium increases from insurance companies
Boards considering this option should weigh the interest costs against the benefits of improved cash flow management and the ability to maintain proper insurance coverage without depleting their reserves. While national lenders offer this service, some property management companies now provide similar financing options at competitive rates.