David Wolf's Co-op Governance Expertise Benefits Windsor Tower Residents

When it comes to running a co-op, David Wolf is a seasoned practitioner. A retired doctor who earned his M.D. at the State University of New York College of Medicine in Brooklyn, he has served for 20 years on the board at Windsor Tower, a 26-story, 799-unit co-op that is part of the Tudor City complex in Manhattan’s Midtown East. A faculty member at Weill-Cornell Medical College, Wolf is also an attending physician at NewYork-Presbyterian Hospital. He took time out to speak with Habitat about the importance of good governance — and taking good care of residents.

New to the neighborhood. I first became aware of Tudor City in 1979, after I completed my medical training and was performing employee physical examinations at the Ford Foundation on E. 43rd St., which borders on Tudor City. On some days I ate lunch in the two parks there, enjoying the quiet, tree-lined sanctuaries right in the middle of Midtown. I moved into Windsor Tower in 1995 and joined the board, serving for about 10 years before stepping down when my medical practice became extremely time consuming. In 2014, I rejoined to help manage the disorder and turmoil after a board director sued the co-op and the other board members for discrimination against another shareholder. Fortunately, the lawsuit was eventually settled. I’ve been president since 2019. 

An aging population. Our co-op, where two-thirds of the units are studios, most of the rest are one-bedrooms and eight units are penthouse apartments, is the largest building in Tudor City. Many residents are elderly, having lived in the building before it was converted in 1987, and we’re very mindful of their needs. Several years ago, the building partnered with a licensed social worker, Susan Birenbaum, who specializes in geriatrics and is on call whenever we need her. For example, we had a woman who was verbally aggressive, cursing at building staff, residents and visitors in the lobby. Susan located her attorney, who placed her in a facility. 

Money management. We finally completed our facade repairs, which started back in 2018 and were a real challenge. The Tudor City complex is a historic district that is heavily adorned with terracotta,  and a large cartouche and several gargoyles at Windsor Tower needed to be replaced. The initial cost estimate was $3.6 million, but overruns were high, and the final cost came in at $8.8 million, plus additional architectural fees. Fortunately, we were in excellent financial health because we had the foresight to take out a second $7.6 million mortgage in 2015 with a favorable 3.5% interest rate to finance what we knew would be expensive exterior repairs. Both this mortgage and our first $35 million dollar mortgage will mature in 2045. 

Maintenance increases have been modest at 5% in 2023 and 3% in 2024.We currently have a $5,000,000 reserve fund that is conservatively invested in treasury bills, providing us with significant interest income. Our revenue includes rent from commercial tenants — a dry cleaners, cafe, convenience store and florist — a flip tax and sublet fees. We also charge fees for our self-managed laundry room and membership to our fitness center, which is open to people outside the building. 

Giving shareholders a voice. We’re continually upgrading the common areas, and are just starting a ​​lobby renovation. We want to avoid what happened with our recent hallway renovation, which was very chaotic and disorderly because there was so much shareholder dissent about the design choices, cost and scope — a lot of heat without much light, which made the process take much longer than it needed to. This time we plan to have a shareholder meeting so we can listen to people’s opinions and thoughts.  It's important for them to feel heard. And someone might have a great idea that the board or the designer hasn't thought of. Although the physically disabled currently have code-compliant access to our building via our service entrance, we are planning to construct a ramp into the main lobby for their added convenience.

Working relations. Maintaining close and productive working relationships — among board members, with building staff and with management is key to running a building successfully. Our original management company, Tudor Realty Services, was acquired by FirstServiceResidential in 2022, and the board created a special committee to make the management transition as smooth as possible. It’s been an adjustment, because Tudor was a relatively small firm that had managed our building since it went co-op, and we do miss the personal interaction. FirstService is very large and compartmentalized, so it’s a different management style and culture, but it provides excellent customer service and addresses our questions and issues quickly and professionally.

Happy to serve. I spent my career in clinical practice as a hematologist and oncologist, and for many years I sat on the board of directors of a medical professional building co-op in Manhattan where I learned how the board, building staff, and management firm interacted.The same interactions occurred there as it does for the co-op, and I learned how to present controversial issues to the board to help reach a consensus, as well as helping direct board members to deal with issues, not loyalties and grievances. I just like the challenge of solving problems.

Wolf’s comments have been condensed and edited for clarity.