HABITAT
When a Capital-Repair Majority Vote Is Needed, a Board Prez Comes Knocking
September 24, 2014
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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