New York's Cooperative and Condominium Community

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Loans to co-ops or condos are usually fairly easy to place — if the association's financials are in order. One of the areas that lenders examine is the state of the association's arrears. "If you have more than 10 percent arrears, and in some cases more than 5 percent, you've got a problem," says mortgage broker Pat Niland, president of First Funding of New York.

That was the case at Lido Beach Towers, a 184-unit oceanfront condominium in Lido Beach, on Long Island. This luxury property had suffered severe flood damage from superstorm Sandy, and it needed millions of dollars for repairs. It was not the first time the board had needed funds for such work, however.

Lido Beach Towers, the historic, 184-unit complex in Nassau County, Long Island, is appealing a decision by the Federal Emergency Management Agency (FEMA) that resulted in the condominium receiving only $8 million in flood-insurance coverage despite suffering what FEMA acknowledged as $32 million damages from superstorm Sandy.

The reason for the $24 million difference? According to the condo board's attorney, just a $20,000 missed premium that the board wasn't even aware of due to simple lack of communication.

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Learn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments

Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise

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