New York's Cooperative and Condominium Community

Habitat Magazine Business of Management 2021

HABITAT

NEW YORK CITY

On April 22, Earth Day marks its 45th anniversary. This year, Earth Day Network, the folks behind the green initiative, are encouraging everyone to be more environmentally friendly. So, what can your co-op or condo board do to make a difference? 

Every time Earth Day draws near, terms such as "sustainability" get bandied about on green-friendly sites and across social media platforms. Perhaps it's thanks to the likes of celebrity homeowners like Leonardo DiCaprio who have been so gung-ho about green condo living in the city, but it looks as if sustainability might be gaining momentum in the high-end residential market. CORE, a real estate brokerage firm in Manhattan, hosted a broker roundtable during which nine real estate experts discussed sustainable design and its impact on the luxury market.

For co-ops and condos eager to switch from oil to gas but stymied by the cost, Con Edison has just announced 16 new Area Growth Zones for 2016 with a sweet incentive — a no-cost connection opportunity from the street to your building. It's a continuation of the company's present program, and the time to sign up is now. In case you don't know, there are two main costs in a conversion project. One is the price of all work within your property line, such as gas piping, equipment, and chimney-liners, which are the building's responsibility. The cost for this work is typically referred to as the "internal conversion costs." 

“Inane” policy ignores science of disease transmission – and the law.

Co-op and Condo Boards Girding for Election Day Unrest

Written by Bill Morris on November 03, 2020

New York City

Memories of summertime looting linger as bitter campaign comes to an end.

Co-op boards have the power to raise fees to keep budgets balanced.

Change will affect some co-ops with rent-regulated apartments.

When a Transfer of Shares Is Not a Transfer of Shares

Written by Andrew P. Brucker on October 27, 2020

New York City

Co-op boards need to protect their right to approve transfers and collect flip taxes. 

Low Interest Rates Come With New Snags for Refi Shoppers

Written by Lisa Prevost on October 26, 2020

New York City

Want to refinance your co-op's mortgage? Get your ducks in a row.

According to a report released early this week by CityRealty, the average price of new development units in buildings such as One57 is expected to reach a record $5.9 million this year. Those "slumming it" in a regular old existing Manhattan condo can expect to pay closer to $2.7 million this year. That said, far fewer units are being built now than were build during the development boom of the mid-2000s; therefore, the number of closed sales is expected to increase more modestly than their prices.

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