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What Property Management Knows That You Might Not From facade repairs to energy retrofits to rising costs, the issues facing co-op and condo boards are endless. Fortunately, professional management has risen to the challenge — and often come to the rescue. In this series, New York management executives share insights and smart solutions from their experience on the front lines. Their collective wisdom will help you navigate the road ahead.
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With the cost of building projects getting more expensive each year co-op and condo boards need to anticipate owner concern. Here, Peter von Simson, CEO of New Bedford Management, suggests it's well worth the time for board directors to discuss current and future projects - and the potential finances involved in tackling them - with apartment owner…
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It's all about preparation, not only for the topics covered, but most importantly for vote taking. Mark Levine, Principal of EBMG, walks through the prep steps and vote tally process of running a virtual annual meeting.Από τον The Habitat Group
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Creating a budget that merges capital planning with operations is no small feat. Andre Kaplan, CFO of Orsid New York, explains how balancing the three mains parts of a co-op/condo budget will help your board maintain value and meet the city's regulatory requirements.Από τον The Habitat Group
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The unexpected does occur, and when it does your co-op or condo better be prepared. Andy Marks, Senior Vice-President, Maxwell-Kates went through trial by fire on the first building he ever managed. He shares his experience here, the lessons he learned, and the steps he took to secure everyone's safety.…
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The compliance landscape has changed today, and many projects which used to be just a capital improvement now have to be viewed through a compliance lense. The question is, which budget bucket do you place it in , which projects can fill more than one bucket, which are the most impactful ones to do early and in what order should you do them? Chris …
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Lead is a substance no one wants to find in his or her apartment, or the common area of building either. But it exists, and there are laws regulating who has to find it, who has to get rid of it, who's legally responsible, and who has to file lead notices with the city. The law specifically targets rental apartments, and this includes co-op or cond…
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When a condo is making the transition from sponsor to board control serious structural issues are often uncovered. That's when management, says Drew Posner, Senior Vice President and Director of Client Services at Maxwell-Kates, turns to the bylaws and, most important, the Schedule B.Από τον The Habitat Group
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Given today's rising interest rates, it may be tempting for boards whose mortgage is coming due to put off refinancing until the last minute. But whether interest rates are up or down, procrastination is never a good idea. Dawn Dickstein, President of MD Squared Property Group, shares a story of one co-op who learned this lesson the hard way.…
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Co-op and condo boards have to be focused on the value of apartments in their buildings and adopt policies that support this. But these policies need to reviewed regularly because sometimes what worked one year doesn't work the next. Neil Davidowitz, President of Orsid New York, speaks about three common building policies that often need a re-think…
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Meeting the goals of New York's Carbon Mobilization Act can be a tall order for many buildings. In this episode, Fred Rudd, President of Rudd Realty, shares how one of his clients, the St. James Condominium, avoided a fine of $140,000 by investing $1.7 million dollars in energy and carbon reduction projects.…
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What action should co-op & condo boards take in light of today's hard insurance market? Anes Radoncic, Managing Partner of Venture NY Property Management offers some practical advice.Από τον The Habitat Group
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Property taxes are a perennial thorn in the side of a building's budget. But they have to be budgeted for, and in many cases, protested. The process is fairly simple, but there are steps every building should follow to figure out the upcoming budget figure and the plan to protest the tax. In this episode, Armin Radonic, Principal at Venture NY Prop…
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When doing repairs on your building requires access to your neighbor's property, you need a licensing agreement. But as Margaret McAdams, Director of Management at Buchbinder & Warren explains, that's often easier said than done. The reasons why vary, but taking one bit of advice can help: Plan in advance.…
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Co-op and condo boards are caught between a rock and a hard place when it comes to emotional support animals. They have to tread very carefully to not run afoul of anti-discrimination laws and at the same time deal with any unhappy residents who object to the pet. Alvin Wasserman, Senior Director of Asset Management at Fairfield Properties, explain…
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Sometimes board directors are understandably reluctant to raise monthly fees, or even to take care of building areas that don't affect them personally. But, says Daniel Wollman, CEO of Gumley Haft, it's management's job to guide boards into being better business thinkers sometimes take more progressive stances.…
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New York City's Local Law 97 is presenting many co-op and condo boards with a vexing conundrum: invest now to avoid fines, or pay fines to avoid large investments. Gary Andriotis, Vice President of All Area Realty Services, points to funding sources that can help, and advises boards to budget now and share findings with your community.…
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Nobody wants a monthly maintenance increase, but today that is practically unavoidable. Stuart Halper, Vice President and Co-Owner of Impact Real Estate Management, says the most important thing a board can do is to keep shareholders and unit owners informed. Sounds simple, but is often overlooked.Από τον Carol
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A co-op's reserve fund reveals a lot about how well it operates. It sends a message about board planning, available resources and budgeting capabilities. Ignoring it is dangerous, and replenishing it takes planning and stick-to-itiveness. Mitch Unger, Controller and Principal of The Lovett Group, explains how one of their clients opted for replenis…
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Complying with New York City's Climate Mobilization Act is not an easy task. You need a report from an energy professional and you need time to digest the information and find funding. Michael Wolfe, President of Property Management and Principal of FirstService Residential, shares some insights on what is needed, what boards can require of owners …
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In the spring of 2022, New York mandated that for a co-op or condo to qualify for a property tax abatement, it had to pay its staff a prevailing wage. If a building was unionized, this didn't really have an impact. But for those buildings that had non-union employees, the impact has been significant. A.J. Rexhepi, Managing Partner at Century Manage…
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As tempting as it is to hire a contractor to get the job done, it pays to have oversight from a licensed professional. Ira Meister, President of Matthew Adam Properties, shares a story about one of their clients who ran into trouble when a manufacturer installed electric HVAC system basically shut down. Without a professional overseeing the project…
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Communication at co-ops is more than a two way street, not just between board directors, but between boards and shareholders. And sometimes management has to step in and act as a liaison between the board and the residents. In this episode, Eleni Magoulas, President of All Area Realty Services, presents a real-world example of when this works, and …
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