January 09, 2014
Baby, it's cold outside, and your boiler and heating system are going full-blast. That's a big energy cost for your cooperative or condominium. Fortunately, you have options. With supplies of natural gas high and prices low (though higher than last year), it may make sense to switch from oil to gas — or perhaps to to a dual-fuel burner capable of operating with either. In our latest Teachable Moments column, two veteran property managers relate some real-world experiences of how they helped their co-ops and condos pull the trigger on pulling the switch. Did it work? Well, one place is saving $50,000 a year and others are saving six figures. Might be worth the energy to consider.
Written by Ronda Kaysen on July 17, 2012
The savings can be significant. Last fall, Cooper Square Realty, which manages 600 properties, pooled 250 of them to buy electricity from an electricity service company. So, instead of buying 500 kwh of electricity for a single building, the company shopped for 130 million kwh. Individual properties saved between 9 and 20 percent on electricity costs.
"You get a better pricing structure because of the volume," says Cooper Square president Dan Wurtzel. His firm hopes to eventually bring all its managed properties into the new plan.
Buying in bulk also works for capital improvements. Five years ago, Fairfield Properties offered six of its properties the opportunity to convert to natural gas. By bundling the projects together, the company reduced the upgrade costs. The five properties that agreed to the offer are each saving about $100,000 a year on heating costs, says Alvin Wasserman, director of Fairfield.
June 06, 2012
Underneath the Stewart Franklin Condominium, a 48-unit cond-op on Long Island, big changes are brewing. The board there has undertaken a complete overhaul of the boiler room, tearing out its two old boilers and installing a modern heating and hot water system. It's a project that's slated to last all summer and wrap up just in time for the cold to set in.
Thinking of buying a co-op or condo? Already bought, and not sure how co-op/condo life and rules work? Learn all about purchasing a place and living in your new community. It's not like renting, and its not like owning a house. What's it like?