Thank you for your responses. Much of the proposed expense stem from new requirements and lack of a capital improvement program over the years to upgrade our property.
I didn’t provide enough background to the upgrades which we are contemplating.
We have to contend with local law 11, new elevator codes, backflow preventers and subsequent pressure increasing pumps, and work on terraces and facades which are immensely expensive.
We haven’t even started to address aesthetics which are long overdue for improvement.
What other options should we pursue to raise funds for our capital improvements? Residents don’t want maintenance increases or assessments. We have a line of credit available; NCB is not interested in raising the limit. We have no ability to refinance for 18 more months, and have maximized our revenue from garages and storage.
I am open minded, but am concerned that we are not building up cash to implement these improvements – some city mandated, some insurance company mandated, and some board member driven.
Thanks in advance for your feedback, and I look forward to the sponsor selling some apartments.