What Management Knows That You Might Not
Governing a New York City co-op or condo is not for the faint of heart. In this interview series, New York’s leading property management executives focus on a wide range of topics that confront co-op & condo board directors every day.
Lead is a substance no one wants to find in his or her apartment, or the common area of building either. But it exists, and there are laws regulating who has to find it, who has to get rid of it, who's legally responsible, and who has to file lead notices with the city. The law specifically targets rental apartments, and this includes co-op or condo owners who sublet their apartments. Josh Koppel, President of H.S.C Management, shares the story of a client who had a lead problem in one of its apartments.
Sometimes board directors are understandably reluctant to raise monthly fees, or even to take care of building areas that don't affect them personally. But, says Daniel Wollman, CEO of Gumley Haft, it's management's job to guide boards into being better business thinkers sometimes take more progressive stances.
A co-op's reserve fund reveals a lot about how well it operates. It sends a message about board planning, available resources and budgeting capabilities. Ignoring it is dangerous, and replenishing it takes planning and stick-to-itiveness. Mitch Unger, Controller and Principal of The Lovett Group, explains how one of their clients opted for replenishment and the way it accomplished it.
Complying with New York City's Climate Mobilization Act is not an easy task. You need a report from an energy professional and you need time to digest the information and find funding. Michael Wolfe, President of Property Management and Principal of FirstService Residential, shares some insights on what is needed, what boards can require of owners to prepare for the future and why ignoring the CMA is not a route he would recommend.
Nobody wants a monthly maintenance increase, but today that is practically unavoidable. Stuart Halper, Vice President and Co-Owner of Impact Real Estate Management, says the most important thing a board can do is to keep shareholders and unit owners informed. Sounds simple, but is often overlooked.
New York City's Local Law 97 is presenting many co-op and condo boards with a vexing conundrum: invest now to avoid fines, or pay fines to avoid large investments. Gary Andriotis, Vice President of All Area Realty Services, points to funding sources that can help, and advises boards to budget now and share findings with your community.
What action should co-op & condo boards take in light of today's hard insurance market? Anes Radoncic, Managing Partner of Venture NY Property Management, offers some practical advice.
Property taxes are a perennial thorn in the side of a building's budget. But they have to be budgeted for, and in many cases, protested. The process is fairly simple, but there are steps every building should follow to figure out the upcoming budget figure and the plan to protest the tax. In this episode, Armin Radonic, Principal at Venture NY Property Management, explains.
Co-op and condo board business broken down into bite-sized bits - 2 stories each week. Read now on all digital devices.