NEW YORK CITY

UPDATED Aug. 24, 2014 — Terra Holdings' Halstead Property, a residential brokerage with 1,000 brokers throughout the tristate area and a residential management company for more than 180 buildings, has purchased Gerard J. Picaso Inc., one of New York City's earliest co-op and condo property-management firms. Namesake founder Gerard J. Picaso will now lead the Halstead division that bears his name. The change becomes effective Sept. 1.

Anthony DeGrotta and Larry Friedman, co-founders with Neil Binder of what is now the Coldwell Banker Bellmarc Group real-estate conglomerate, filed a lawsuit in New York County Supreme Court on Aug. 26, alleging Binder "embezzled many hundreds of thousands of dollars” and made such unusual demands of employees as hiring a man only under the condition "that the man shall commence taking Adderall," a common medication to combat attention-deficit disorder, even though the man was not diagnosed with that condition. The New York Daily News said the partners claim Binder illegally withdrew company funds for private use, including from an escrow account used to fund employees’ health-insurance premiums, and gave his wife a no-show job. They seek $2 million in damages, and a court order barring Binder from the firm. Binder did not respond to the newspaper's requests for comment.

On the one hand, they accept your UPS packages, classy up the joint and serve as a de facto crime-watch. On the other, you need to have the budget to afford them and the temperament for small-talk social graces. But don't take it from us — take it from these six New Yorkers living in a range of Manhattan neighborhoods from the East Village to Hamilton Heights, who spoke with BrickUnderground.com to give their thoughts on those intrepid men (and women) who serve as the Heimdall of our hallways (which is better than the Loki of our lobbies. Everyone here's seen the Thor movies, right?).

Gather 'round, boys and girls ... we're going to tell you a scaaaaary story. One day, a young couple searching for a co-op found an apartment. They settled on a price, were assured of obtaining a mortgage and turned in sound financials to the co-op board. But then they rounded and corner and found themselves ... having to come up with reference letters!!! (Lighting flashes, thunder booms) Whoa, whoa, settle down. It's only a story. In real life, a young couple could just turn to "14 Successful Real-Life Reference Letters," courtesy of BrickUnderground.com. Everyone good? Fine. Let's have another story. This time it's ... The Newly Built Condo with Shabby Construction! Bwaa-ha-ha-haaa!!

A READER ASKS: My board wants to replace the flooring in our lobby, and possibly in the hallways. With all the focus on going green and being environmentally friendly, are there green floor options? 

HABITAT ANSWERS: Some flooring options are environmentally friendly because they come from so-called rapidly renewable resources, such as cork and rubber, where trees don't have to be chopped down to harvest materials. Others, such as natural wool, are biodegradable and are also naturally flame-retardant, So additional chemicals are not needed.

Where should a New York City co-op or condo buyer set one's sights — or set one's "sites," hah! — before the neighborhood gets too pricey? NY.Curbed.com distills some data from Crain's New York Business to determine the five hottest up-and-coming areas, price-wise. Two are in Manhattan, three are in Brooklyn. The nabe that saw the biggest rise in sales prices? Bushwick, baby! Bet you thought we were gonna say Gowanus. Because, really, who doesn't like to say "Gowanus"?

Whether you're an ordinary apartment-buyer or a mogul looking to invest in a $50 million co-op or condo, New York City real estate is unlike real estate anywhere else in the world. And given the nature of New York — where a bike messenger and a millionaire can be standing in the same line for coffee — it's not surprising that the same rules for buying real-estate apply to both kinds. BusinessInsider.com recently listed five pretty good rules for apartment-hunters in this rare city with more co-ops than condominiums. As it notes under #3 ("Research the Building and Developer"), "Knowing whether the co-op rules might change to no longer allow pets or if there are plans to completely redo the lobby (requiring you to pay a large monthly assessment) could sway your desire to live in the building." Yeah, but not about living in the City. (Illustration by Jane Sanders)

Without adequate preparation, keeping your building in shape can become an expensive headache. But if a building is properly pointed, with solid coping, good flashing and a reasonably flawless roof, waterproofing compounds and sealants are unnecessary. The best method to keep your property in shape is regular examination. Here's a general overview of what to do.

A READER ASKS: I live in a prewar co-op with an old electrical system. Fuses blow regularly, even when running light appliances such as a toaster or an iron. How does the board determine if the building as a whole needs to upgrade its electrical system or if the problem lies within the individual apartments? And who is responsible for the cost of the upgrade?

A READER ASKS: At the last annual shareholders meeting, the board president announced that the market value of our building has gone up, and now everyone's shares are worth ten percent more. Hooray! Except that, after the meeting, I and a couple of neighbors realized we have no idea what that means for is. Is it just a point of pride, or something that we as shareholders can use?