New York's Cooperative and Condominium Community
Written by Carol J. Ott on December 28, 2022
Voter turnout plus a carrot and a stick help co-op board sell a transfer fee.
December 06, 2022
High-end condos selling much faster than their co-op counterparts.
Nowadays everyone is going on and on about One57 and all the new shiny condos cropping up on Billionaires' Row and beyond, but back in 2008 — a rough year for many people — 823 Park Avenue was enjoying its moment in the sun. According the New York Daily News, the still-swanky building "initially drew waves of high-profile finance types and even former New York Rangers star Brendan Shanahan, commanded top dollar during the last real estate boom, with the penthouse selling for a whopping $30.5 million in 2008." Those were the days. But it looks like the honeymoon's been over for some time. The Park Avenue building, which "was once the cream of the crop … has recently fallen out of favor with buyers." The reason? Mold. And now the very wealthy residents of the luxury condo building are suing the building's developer, Elliot Joseph's Property Markets Group, which converted the building from rentals in 2005. There's the usual he said/she said. But the bottom line is that even the mega-rich aren't immune from a little grief in the city, and that while the main thing in the real estate game is location, location, location, it suddenly means nothing when it means dealing with an issue like gross mold.
October 10, 2022
Rules on down payments and renovations are two of the market-driven changes.
Written by Bill Morris on September 21, 2022
Work begun before passage of Local Law 97 puts co-op in a sweet spot.
The condo board argued that the Blood Center's 16-story building violates zoning laws.
August 15, 2022
Shareholder accused co-op board of bending rules during a neighbor's renovation project.
Here’s how to rein in the cost of scaffolding, sidewalk sheds, permits and engineering.
Written by Bill Morris on April 14, 2022
Local 32BJ rally wins governor’s support for a possible walkout on April 20.
Written by Bill Morris on January 26, 2022
Site Safety Plan hit a snag thanks to an uncooperative next-door neighbor.
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Co-op and condo board business broken down into bite-sized bits - 2 stories each week. Read now on all digital devices.
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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