New York's Cooperative and Condominium Community

Habitat Magazine Insider Guide

HABITAT

NEW YORK CITY

High-end co-ops and condos likely to be big losers if property tax reform comes.

A ruling from the state's highest court has made it more likely that the city will be forced to make changes to its property tax system.

New York City's overdue property taxes are at their highest level ever — $880 million — with single-family and condo owners making up a third of delinquencies.

Mayor Eric Adams wants to life restrictions on building density and add affordable units.

How to Address Resident Hoarding in Co-Op and Condo Boards: Strategies for Safety

Written by Jennine Cullen, Associate Attorney, Taylor, Eldridge & Endres on March 28, 2024

New York City

A board of a co-op or condo must first document the situation, seek emergency orders from the courts, and appoint a guardian to help facilitate a hoarding situation.

A recent state court ruling has created a path toward major changes to New York City's property tax system, which could have mixed consequences for co-op and condo owners.

Handling Co-op Stock Transfers

Written by Matthew Goldberg, Partner, Hankin & Mazel on February 29, 2024

New York City

When shares change hands, whether due to familial changes, relationship shifts, or other circumstances, a series of legal steps must be followed. 

Addressing the Hard Insurance Market: Strategies for Boards

Written by Ken Jacobs, Partner, Smith Buss & Jacobs on March 21, 2024

New York City

Boards are exploring ways to reduce liability and safeguard their communities, including shifting liability from the board to unit owners, requiring unit owners to carry insurance, and conducting proactive maintenance and safety checks.

Even if inflation continues to cool, shortage of apartments for sale will take years to correct.

Lower broker commissions will mean lower closing costs for co-ops and condos. 

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Ask the Experts

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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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