New York's Cooperative and Condominium Community

Habitat Magazine June 2020 free digital issue

HABITAT

RIVERCREST

Rivercrest, a six-story, 95-unit cooperative perched beside the Hudson River in Nyack, N.Y., proved to be prophetically named when superstorm Sandy unleashed its fury in October 2012. The river crested its banks, pouring water into the co-op's lobby and its below-grade community room and boiler and laundry rooms. The wooden deck around the swimming pool was rudely swept away.

But for the co-op board and shareholders, the bad news was just beginning. Since the building is located in a flood plain, it was unable to purchase flood insurance from any commercial carrier. And while it was able to buy a federally backed flood-insurance policy, as mandated by the Federal Emergency Management Agency (FEMA), the maximum coverage was just $250,000.

Ask the Experts

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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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