New York's Cooperative and Condominium Community

Habitat Magazine Business of Management 2021

HABITAT

NABORS APARTMENTS

Is the Nagle Apartments Corps.' financing scheme the new "go to" for co-ops and condos?

Several years ago, the 111-unit co-op in Manhattan's Inwood neighborhood — a three-building complex also known as NaBors Apartments for its locations on Nagle Avenue and Bogardus Place — voted down a proposed flip tax that would have raised much-needed funds for capital repairs. So the board began to charge shareholders a monthly assessment as a way of generating much-needed revenue. This decision stuck, and Nagle's assessment is now essentially permanent.

 

Aug. 29, 2013 — Monkey bars are an endangered species. So are seesaws, metal slides that turn into frying pans under the hot sun and hard asphalt that helped invent the phrase "skinned knees." In fact, old-fashioned playgrounds with all those things are passé. So what does a co-op or condo board do when it wants to create an outdoor play area for children or upgrade the one you've had since the '60s? It's not as simple as buying a swing set at Home Depot.

Or as cheap, since it's an investment in increasing your property's market value. And what with many new developments having them for just that reason, your co-op or condo might need to keep up.

Recent news affecting co-op / condo buyers, sellers, boards and residents. This week, the case may have involved a rental landlord, but a court approved "heavy surveillance" to build evidence of an illegal tenant. Condo and co-op boards dealing with illegal hoteling, take note. Elsewhere, the chickens come home to roost and the co-op board says they have to relocate, and at $125 million, a co-op penthouse becomes the most expensive publicly listed home in New York City history. Plus: Co-op board presidents tell their horror stories!

When I looked at my co-op's financial situation in 2005, we had less than $10,000 in reserves, negative equity and barely positive cash flow. My building needed a sustainable, long-term fiscal plan. And I had my prototype: the Marriott hotel chain. I had worked for Marriott in the late 1980s into the early 1990s. At that time, the chain set aside a percentage of its revenue each year for capital repairs and improvements. As a result, management is able to repair and improve the property so that it stays current. Our co-op was in desperate need of a Marriott-style makeover!

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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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