Seek Out the Most Cost-Effective Options

Arlene Waye
Principal,
Awaye Realty Management

Seek Out the Most Cost-Effective Options

Setting the Scene

We took over a building in Brooklyn, a 106-unit cooperative that had some major issues. They were having significant roof leaks. Before our takeover, they had hired an engineer who gave them estimates to do a roof replacement for $450,000 to $550,000, based on the roof having asbestos and the need for an asbestos abatement. My firm decided, after talking to the board, that we should try to look at other options.

Following the Action

How could we save money? It wasn’t just the $550,000. The board was hiring companies to repair leak damage and put patches on the roof. We brought in a contractor who we have been working with for over 25 years and tried to get another solution. He came up with a solution that we could go over the existing roof and encapsulate the asbestos – without having to remove it. This would mean a major cost savings. He said he could replace the roofs on both buildings for $125,000. That will save the building over $450,000.

Doing It Right

When presented with problems, it’s always best to think about them for a while and look at other solutions that might be out there. Ultimately, there might be more cost-effective ways to get around the problem.