New York's Cooperative and Condominium Community

Habitat Magazine Business of Management 2021

HABITAT

LION'S HEAD CONDOMINIUM

The latest dilemma for co-op board president Prem Lachman, of the 67-unit Lion's Head Condominium in Chelsea, is one to which any board member can relate: How do you perform required capital repairs with the least amount of financial pain for residents?

This is what confronted Wall Street hedge fund manager Lachman when Merlot Management president Beth Markowitz, the condo's property manager, delivered some bad news from Rand Engineering and Architecture's Local Law 11 report. The front and back façades needed immediate repair, penthouse additions to the roof required the removal of a stucco-like substance that was possibly causing leaks and a new roof had to be installed. Total cost: $1.25 million.

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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

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