New York's Cooperative and Condominium Community

Habitat Magazine Business of Management 2021

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YONKERS

How would you like to make sales dry up in your building? Or guarantee you'll lose every challenge to your authority as a board? What if you couldn't charge assessments, collect flip taxes or go after people who were in arrears? Nutty, right? Well, not so nutty if you're one of those condo or co-op boards that don't keep minutes.

Recent news affecting co-op / condo buyers, sellers, boards and residents. This week, a New York City co-op board that refuses to recognize Hanukkah? That'd be mashugana if it weren't so disturbing. Plus, another high-rise hooker, recovering from superstorm Sandy, a co-op flood wall in Yonkers and city inspectors have become unglued in Co-op City. And for co-op and condo boards that want good lobby art but can't afford it, two boards have creative solutions.

One of the most important things co-op boards and condominium associations want from their property managers is new initiatives — ideas to help improve and upgrade your buildings, or to proactively solve problems. Fortunately, managers say that offering new ideas is a no-brainer — and a necessity if they want to be competitive with their colleagues.

It is almost a mantra with Fred Rudd, the president of Rudd Realty. "You must have a balanced budget," he says firmly, noting that many co-op boards and condo associations make the mistake of trying to balance the budget by raiding the reserves. "Because of that, when it comes to a rainy day, they don't have adequate funds to deal with the problems as they arise."

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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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