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HABITAT

LEGAL/FINANCIAL

HOW LEGAL/FINANCIAL PROBLEMS ARE SOLVED BY NYC CO-OPS AND CONDOS

The Habitat Management Survey: A Case of Good Financial Administration

Lori Buchbinder. The latest in a series of exclusive Habitat Management Survey responses. in Legal/Financial on September 8, 2014

Chelsea, Manhattan

Lori Buchbinder, Buchbinder & Warren
Sept. 8, 2014

The board's first project was Local Law 11 work, for which it hired a new architect. Contractors' bids came in $125,000 less than they had with the prior architect, yet the scope of work was essentially the same. Assessments were levied to repay the credit line as well as to finance a needed upgrade of elevator equipment.

The board instituted a capital reserve in its operating budget, which financed a recreational garden in its courtyard, a new intercom system and key-fob security system, an exercise room with an income-producing stationary bike, and storage rooms. The stone façade around the entry area is being replaced this summer, and a roof terrace is now being considered.

Concurrent with implementing building upgrades, the condo now has a $250,000 reserve fund and a healthy operating account. Demand from buyers is especially high as this Chelsea building shines as the jewel it was always meant to be.  — Lori Buchbinder, President, Buchbinder & Warren

 

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