We have major projects ahead and our board thinks that, due to the economic downturn, we can get "great prices" now on projects like new elevators, lobby reno or roof replacement because consultants/vendors need the work and will probably lower their costs significantly to get more contracts.
Have any of you found this to be true? Our board hasn't looked into this closely yet but they think this is a good time to start major projects so we'll pay much less for them than we may in 2-3 years. Aside from the fact that most costs go up in time anyway, is it likely that professionals in the building industry in NYC are "discounting" their prices in this sluggish economy just to get more work?
This is a small CO OP with 2 union staff Super and parttime doorman (4hrs) Mon-Fri.
The cost of living rising so much the CO OP cannot afford "The UNION"
Does anybody have advise on how to go about ridding the building of the UNION the monetary cost etc.. I know we will be seeking the advise of a Lawyer but I want to do the homework first and hear all possibilities. Thanks all who contribute to this subject.
Does your board have an investment policy / guideline for your reserve fund?
If so, what is a sample of such a policy / guideline?
Our board has litigation going on with a shareholder that could go on for years, we're told. Some shareholders have asked me about whether they can sell their units while this is going on--the Corp has accrued massive legal fees due to this awful situation and if we lose, there will be large assessments levied on shareholders to pay the legal bills. We believe we will prevail, but how does litigation impact those shareholders who want to sell? Thanks
iN OUR BUILDING THE SPONSOR DEFAULTED THE UNSOLD SHARES WERE AUCTIONED. NOW THERE IS AN INVESTOR WHO CLAIMS HE IS HOLDER OF UNSOLD SHARES WE DO NOT KNOW WHO HE IS,HE ONLY IDENTIFIES HIMSEL AS INITIAL LETTERS. CAN HE SELL WITHOUT THE NEW BOARD KNOW WHO HE IS .ARE WE ALLOW TO ASK FOR DOCUMENTS SHOWING HIS STATUS AND WHICH DOCUMENTS THESE WILL BE
who does co-op reverse mortgages --under 417K
and what is the dollar limit on these loans !!
Richard Russell
We have a large backyard paved with concrete.
Are there any city regulations which would prevent us from installing one or two large sheds for shareholder storage? How about 20 smaller rubbermaid type personal storage units?
I am currently on the board of directors in a COOP in Brooklyn. If any one has information on companies that help with Cell Phone Towers and WIFI please post it. I have already contacted US Cellular and 3G solutions. I know this is great way to raise money for a CO-OP.
thanks
My Bronx 45-unit building recently went coop. We have 1 super and 1 porter. We just received the payroll report from our managing company, and notice the following pattern: Each week an employee call out sick. If the Super or Porter calls out sick or leave early due to sickness, the one that is still working, is paid that amount of hours in OT at time and a half. This employee is not working extra hours, they work their standard 8 hour day, and the one that went out sick is paid his sick pay. Isn't this double dipping?
The management company insist this is what 32bj contracted for their union members. Unless I'm misreading this contract, I have not located such nonsense.
I'm a union member, our has been in arbitration for 6 months, if 32bj Executives was able to negotiate a contract like that, my union needs them.
Despite copious amounts of Bird-B-Gone anti-pigeon spikes on our windowsills, we're still getting complaints from shareholders about pigeon droppings. How have other buildings dealt with this problem? Is there some person or some company you would recommend as a consultant? We're interested in talking with a specialist who doesn't have a vested interest in selling us $5000 mechanical falcons with scare tactics that make pigeon droppings sound like nuclear waste. And at what point do you draw the line and say that you've done everything you plan to do about the problem?
By the way, our attorney has informed us that the Board has no legal obligation whatsoever to do anything about pigeons. They are outside the building and outside the Board's responsibility.
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I think what you will find is that contractors are generally more available for these projects and will likely be somewhat more flexible in their pricing. Like all of us, they have obligations that they must meet regardless of the economy, so while you may get a modest discount that you would not have received a year ago, you may find that it is not providing the "great prices" that your board is hoping for. On the other hand, you will likely get a faster start time, fewer delays during the project, and improved service afterward.
Most of their costs are in materials and labor which to a great extent are out of their control. Labor costs may not rising as quickly these days but they are not going down, particularly if you are engaging in union work.
Like you said yourself, costs go up in time regardless, so waiting for two or three years will only result in a more expensive project. We are in the middle of a major elevator modernization project. Times are tight and the work could have waited for two or three years, but we knew the work had to be done and we also knew that it was not going to get cheaper later. Bottom line, if you have the funds available and the project is essential, now is the time.
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