March 25, 2013
Recent news affecting co-op / condo buyers, sellers, boards and residents. This week, they do love their cigarettes in Queens, a Long Islander may face eviction for burning the wrong kind of firewood and Petey the Pig's "parents" are trying to sell their co-op apartment and fine a more swine-friendly place. There's a Harlem co-op / condo expo April 6-7. And where the wild things aren't is in the late Maurice Sendak's co-op, now up for sale. Plus, for condo and condo and co-op boards, we've advice on mediation.
March 11, 2013
Recent news affecting co-op / condo buyers, sellers, boards and residents. This week, Penn South goes south, and $190,000 went with it. Plus, New York officials want banks to release insurance money that's due superstorm Sandy victims, a co-op has constant drunken revelers in its garden, and does monthly maintenance ever decrease? And for condo and co-op boards, what do you do with a dog that bites? What about if the owner is a little old man?
Written by Ronda Kaysen on February 12, 2013
It was no surprise that 200 East End Avenue was vulnerable to superstorm Sandy: The garage had been flooded once before during a Nor'easter. But no one anticipated how much devastation the storm would wreak on this 17-story tower.
In the early hours of October 29, building superintendent Scott Falk thought the co-op would weather the storm with little damage. The property sits on the edge of Franklin Delano Roosevelt Drive and the East River just past it, so Falk and his staff evacuated the garage and secured the sloping driveway and service entrance with sandbags. The rain wasn't as heavy as forecast and by late afternoon, the streets were relatively dry.
Written by Ronda Kaysen on February 19, 2013
As he drove into the city from Long Island, Robert Mellman phoned environmental companies, hoping to get one onsite quickly to pump out the contaminated water. By the Orsid Realty property manager arrived, the building's electrician was there, working with Con Ed to cut power from the grid.
February 11, 2013
Recent news affecting co-op / condo buyers, sellers, boards and residents. This week, a Long Island co-op struggle to finance common-area repair, not covered by FEMA, after superstorm Sandy; a condo super in Greenpoint risks blowing the place up; and rich folk got dem pied-à-terre blues. For co-op and condo boards, we've two tales of illegal hoteling — both with hilarious, albeit nefarious, behavior by the apartment owners. Plus, the latest amenity: onsite well-being programs.
Written by Frank Lovece on January 22, 2013
For E. Cooke Rand, a co-op board member at a 48-year-old white-brick building on East 84th Street, his board's initial decision to install a gym "was made conditionally, to explore the idea — what would be entailed, what all the equipment would be. We had a subcommittee of the board, three people, who did the bulk of the work and kept reporting to us — doing all this exploration to see what it could cost and whether the space was suitable. The process wasn't getting together one night, making a decision, and turning it over. We consulted through the managing agent and directly with knowledgeable architects."
Written by Ronda Kaysen on February 05, 2013
It is not easy preparing for 40 feet of floodwater. And in the early hours of October 29, the 17-story co-op at 200 East End Avenue in Manhattan suffered just such a surge at the hands of Superstorm Sandy. Since then, the building's staff, co-op board and managing agent know what they would do differently next time in terms of preparation — and what they would do the same. "You can't over-prepare and you can't over-communicate," says Neil Davidowitz, president of the building's management company, Orsid Realty. Here's what this co-op's board and professionals recommend ... from harsh firsthand experience.
Written by Frank Lovece on January 31, 2013
An onsite gym has become standard in virtually all new developments, and many older buildings are retrofitting to include them. In two past articles we've looked at how real estate professionals value them, and at the standard steps co-op and condo boards take to make the decision and to make it a reality. Now we look at the final piece: security and insurance.
Written by Jordan Most on January 29, 2013
Space is the final frontier. And in New York, where every square foot is valuable, finding extra space that costs your co-op or condo little and earns income in the process is a worthy goal. An Upper East Side co-op, for instance, successfully added a second floor to an existing penthouse level. A Soho co-op added a penthouse level that turned the top-floor unit into a duplex. In both instances shareholders gained space and shares, and the co-ops now collect more in maintenance.
Written by Frank Lovece on January 10, 2013
Far beyond being a trend, gyms, also known as health clubs and fitness centers, are becoming as ubiquitous as lobbies and elevators. You'd be hard put to find a single new-construction condominium that doesn't have one, and many older cooperatives and condos, anxious to stay up-to-date, are weighing the option so as not to look like dumbbells. "If you don’t have one, you’re at a competitive disadvantage," says Deanna Kory, a senior vice president and associate broker at Corcoran Group Real Estate. "There are people who look at two similarly sized apartments who will be swayed to the building with the gym — often."
Thinking of buying a co-op or condo? Already bought, and not sure how co-op/condo life and rules work? Learn all about purchasing a place and living in your new community. It's not like renting, and its not like owning a house. What's it like?