Written by Bendix Anderson on May 29, 2019
Having the right manager can make capital projects happen.
Written by Tom Soter on October 02, 2012
Boards borrow money. They have to, what with Local Law 11 requirements, aging buildings and rising costs. But where do they find the money? Creative boards look in creative places. When faced with needed repairs, for instance, a Howard Beach condo in Queens first tried an assessment and then, realizing the costs were too heavy for many unit-owners, found a way to refinance an existing loan (never an easy task for a condo). A Nassau County co-op board is seeking a combination of measures: a grant from the New York State Energy and Research Authority (NYSERDA), possible assessments, and some money from the local government. In part one of this two-part guide to refinancing creatively, we told you about three co-op boards who worked out great mortgages. Now we'll clue you in on three co-op and condo boards who worked out great loans.
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Co-op and condo board business broken down into bite-sized bits - 2 stories each week. Read now on all digital devices.