HOW TO RUN YOUR BUILDING!

Transitioning from a developer to a condo board can bring unwelcome surprises and stark choices. That was the case at a Brooklyn condo, when new management took over and discovered owners were paying only half the amount needed to cover basic operating expenses. The artificially low monthly charges—which had attracted many first-time buyers—were temporarily masked by reserve funds that were rapidly depleting.  Anes Radoncic, managing partner at VNYPM, tells the tale to Habitat’s Paula Chin, from discovering the shortfall to the board’s bold move towards financial stability.

While the dazzle of the latest energy reduction solutions is out of bounds for many co-ops and condos, the tried and true can often achieve just as much. That’s the case at the Imperial Sanford co-op in Queens, where substantial incentives boosted a fuel switch and window replacement program that is expected to reduce energy consumption by 65-70% or more. Evangelos Fantakos, CEO of Highrise Property Management, shares what the upgrades were, how much they cost and who they partnered with to achieve this success. Habitat’s Emily Myers conducts the interview.

A primary responsibility of the board of directors is protecting the building’s financial health. To do that, transparency is paramount. In this episode Michell Abubo, managing partner at Highrise Property Management, shares a case study of a Queens co-op where a lack of transparency was deadly, ultimately leading to a change in management. Habitat’s Paula Chin conducts the interview.

Board inertia is a corporate disease that many members grapple with. Decisions get put off, problems grow and ultimately the health of the housing association suffers. In this episode, Andy Marks, Executive Vice President at Maxwell-Kates, explores what causes inertia and offers some guidance on how to break through it. Habitat’s Paula Chin conducts the interview.

A cautionary tale of facade repairs at an Upper East Side condo, where initial estimates of $550,000 ballooned to $1.2 million after engineers discovered insufficient brick ties during Local Law 11 inspections. Maxwell-Kates SVP Josh Holzer shares how the board navigated this crisis through refinancing, staff reductions, and a contractor payment plan. Habitat's Emily Myers conducts the interview.

If a co-op or condo building operates at a deficit, there are only two outcomes – payables are late and cash erodes. That’s what Daniel Wollman, CEO of Gumley Haft, found when he was re-hired at a condominium his firm had managed over a decade ago. How its financial condition eroded and the steps it took to regain financial health are shared in this interview, conducted by Habitat’s Carol Ott.

One of the most reliable sources of fuel for New York’s apartment buildings is gas, but the lines that it flows through — from heating to cooking — have become a critical concern because leaks often lead to complete gas shutdowns. AJ Rexhepi, CEO of Century Management, recounts how one board at a pre-war West Side co-op looked at their fuel options, considered their finances and decided to stick with gas — but not wait for the inevitable.  Habitat’s Carol Ott interviews Rexhepi to find out what they did.

There are many strategies – and price points – that will reduce energy consumption in a building, and Stuart Halper, vice president of Impact Management, emphasizes an economically sensible approach. For many, there is a mismatch between New York City’s regulations and a building’s financial capabilities. In this interview conducted by Habitat’s Emily Myers, Halper reviews the steps that the majority of his clients are taking.

There are two sides to every problem - and sometimes even more. When one crops up in a co-op or condo, someone has to step back, take a breath, maybe eat some crow, and get the issue resolved. In this episode, Josh Koppel, president of HSC Management, shares how an aggrieved shareholder was soothed and what it took to make that happen. This story has important takeaways for board directors and property managers. Habitat’s Emily Myers conducts the interview.

Technology has made managing co-op and condo buildings more efficient and has certainly changed the property management business. But how has it impacted co-op and condo board directors, where has it created vulnerabilities and how does it come into play when a property changes management companies? Alvin Wasserman, Senior Director of Asset Management at Fairfield Properties, explores these issues in an interview conducted by Habitat’s Carol Ott.