Written by Ronda Kaysen on January 07, 2014
Every day, hundreds of bills intended for the city's condos and co-ops arrive at the back offices of property management firms. Delivered in unassuming envelopes, they request payment for goods and services as varied as the buildings themselves. From the price of a new light bulb to a plumber's fee to the staggering cost of a new roof, the demands that the bills set forth must all be met to keep the wheels turning. Yet while management firms employ a complex processing system to ensure that vendors are paid correctly, the room for error is vast.
Written by Carol Ott on October 09, 2012
In fall 2013, New York City intends to begin making public how well — or not — buildings scored on the recently mandated energy benchmarking required by Local Law 84 of 2009. Not only will buyers, sellers and, really, any interested party be able to see how you stack up, but Fannie Mae, the federal agency that provides a secondary market for underlying financing, will also be studying the energy performance data. One can easily imagine a time, in the not too distant future, when your energy performance will play a significant role in your ability to obtain financing.
December 28, 2012
Homeowners rose in tax revolt again in 2012, yet politicians still failed to act to solve inequities hurting co-ops and condominiums. A board may have helped drive a resident to suicide. No-smoking rules, digitized offering plans and automated water-meter readers all made the news. And good boards and bad have their say and their day in some of the year's most interesting utterances.
Written by Frank Lovece on June 27, 2013
You already have a privacy policy at your co-op or condo, whether you know it or not. The board president knows who's allowed to access security video. So do the managing agent and the super. More or less. I mean, it's not exact or anything. They just sort of know.
And that's dangerous — because as building professionals and others discussed in Part 1 of this story, unwritten de facto policies by their very nature are prone to misremembering, misinterpretation and on-the-fly changes. Writing down the unwritten rules helps avoid such problems and provides clarity and fairness. But how do you create a written privacy policy? Turns out, it's not so hard.
Written by Frank Lovece on March 21, 2013
UPDATED March 22, 2013 — Following an interagency raid by investigations who took files and computers from five local heating-oil business, two lawsuits have been filed by real-estate concerns charging that the companies have been selling oil diluted with waste product. Authorities and the plaintiffs claim such tainted fuel oil has been delivered for years to both commercial and residential buildings.
December 26, 2013
Along with taxes and, for co-ops, the underlying mortgage, energy costs are possibly the single biggest non-discretionary budget item. You have to heat your cooperative or condominium in cold weather, keep the lights on in common areas and power everything from smoke alarms to garage gates to swimming-pool filters. There aren't a lot of corners you can cut here — but that doesn't mean there's no way to save money. Our latest Teachable Moments column offers some tested, real-world strategies by three longtime property managers who have found it doesn't take a lot of energy to save on energy.
Written by Tom Soter on December 17, 2013
In most co-op and condo buildings, supers, porters, doormen and other staff members receive two different sources of extra income at the holidays: a year-end bonus from the board and cash tips from individual residents. What should a board and staff expect of residents when it comes to tipping staff?
Primarily that different residents' financial situations differ.
Written by Frank Lovece on December 19, 2013
The process of terminating the super begins with what is colloquially described as "writing him up." This can take a relatively short or relatively long time. "Documenting incidents is key," says Nadir Maoui, vice president of a 150-plus-unit co-op in Sunnyside, Queens, that recently fired its superintendent. The board spent almost two years preparing a list of offenses. "We went from [oral] warnings to write-ups with the union, and we went as far as suspension," Maoui explains. "If you go for union arbitration with no [prior] warning [to the super] whatsoever, the first thing they'll ask is to give him a chance. You have to show you gave him warnings and can't deal with him anymore. Otherwise, it's your word against the super's."
Written by Jennifer V. Hughes on December 12, 2013
With superstorm Sandy still fresh in our minds, and scientists predicting more such extreme weather in times ahead, many cooperatives and condominium associations are considering installing a backup generator to provide at least some basic electricity and water functions when power goes out due to flooding, ice storms, blackouts or even terrorism or vandalism.
Written by Patrick B. Niland on December 13, 2013
Refinancing an underlying mortgage loan is the most important decision a co-op board can make during its tenure. A refinancing affects not only the monthly maintenance but also the market value of every shareholder's apartment. It is a decision that should be based on thorough and careful analysis, not impulse. There are six essential steps.