Co-op Board President Tackles Gas Leaks, Facade Repairs, and Energy Upgrades

Alex Moir

Board President

227 E. 57th St.

By Paula Chin

A native of Florida, Alex Moir is a graduate of Emory University and holds a masters degree from the University of Chicago Booth School of Business. The president of A.M. Bespoke Travel, a luxury consultant that helps individuals create travel plans,  Moir spoke with Habitat about how his experience in logistics and planning have helped him as board president at 227 E. 57th St., a  21-story, 110-unit prewar co-op in Manhattan’s Sutton Place neighborhood.

Stepping up. My husband and I purchased our apartment in 2015 after living right next door for 10 years in a one-bedroom. The shareholder owned two apartments, and we bought both and combined them. We’re on the 18th floor, have great views and a wonderful outdoor terrace. The shareholder meetings were not very well attended. The board was making such an effort and not getting much reward, so I sent a note to each member, saying “thank you for your service.” Then they asked me to join, saying they could really use some fresh blood. I joined in 2018 and became president in 2023, when the previous president decided to step down.

Full plate. There was a lot going on. First, we failed our LL152 gas inspection after it revealed leaks in the main gas branch line and three risers, affecting half of the apartments. Our building is nearly 100 years old, so it wasn’t that surprising. Repairing them was a two-year project and cost $800,000. Second, we also had a lot of facade work  — pointing, replacing brick and exterior repairs to prevent interior leaks, which was a $1 million project. Third, we decided it was time to hire a new live-in super. 

The process of finding a new super wasn’t exactly easy. Our management company, Siren Management, put together a job description and posted it on a couple of different websites. There were 300 applicants, which we narrowed down to 60 people who actually met most of our requirements, and then the board interviewed 10 of them. The one we chose, who came from a larger rental building in Brooklyn, had a fresh perspective of new ideas. He started last fall when we were still midstream on two big projects and has done a fantastic job. 

Energy efficiency. Our attention is starting to focus on Local Law 97. The building’s energy grade fluctuates between an A and B, and we’re not facing any fines this year. We’ve replaced old windows, installed LED lighting in the hallways and recently upgraded our laundry room from gas to electric. We did have to bring in more power, but since we only have six washers and four dryers, the total cost was palatable. As for heating, we’ve been proactively checking all of the radiators and replacing valves to make sure all is in good working order.

A big challenge is how we’re going to handle our oil boiler replacement. We considered heat pumps, but with so many apartments that may not be a good solution for us. We are also considering installing new sensors that regulate how much hot water is needed. Now that the gas and facade repairs have wrapped up, we’ll have the bandwidth to think more about energy upgrades.

Money matters. We refinanced our $6 million mortgage about five years ago. It’s an interest-only loan, and fortunately we did it when interest rates were low. We imposed a two-year $800,000 assessment to cover the gas repairs and raised maintenance 4% last year, which has really stabilized our finances. We’ve also moved our reserves into short-term treasury securities to help us earn more interest income, which has been quite a lifesaver for us. We’re now working on a plan to pay down the mortgage.

Getting the word out. My job requires a lot of logistics and communication, which has been helpful with my board duties. There’s still low attendance at shareholder meetings, so I’ve been putting out much more communication, including a monthly update notice, to keep people informed. We have a great board of old and new directors who are really committed to doing this for our community, but I encourage everybody to get involved, even if it’s just to volunteer for a year or two, and get insight into how complicated running a building is. It is a rewarding experience.