HOW TO RUN YOUR BUILDING!

Struggling to get quorum for your board meetings? Even after the pandemic, virtual meetings are transforming co-op and condo board operations. Buildings across New York have embraced digital meetings, resulting in better attendance, more flexible scheduling options, and significant time savings for everyone involved. In this episode, Mark Hoffman, principal at Hoffman Management, offers practical strategies for running smooth virtual meetings and how this shift is attracting previously untapped talent to board positions. Whether your building has residents scattered across different locations or board members with demanding schedules, virtual meetings offer a solution that maintains community while improving efficiency. Habitat’s Emily Myers conducts the interview.

Discover how proper management of maintenance payments and common charges directly impacts your building's financial stability. Payments are typically considered late after the 10th of each month, with  property management companies using software platforms like AppFolio to track payment patterns and identify potential issues.

For board members navigating the tension between neighborly relationships and financial responsibility, remember that timely payments are fundamental to operational success. Trust your managing agent's recommendations on collections, as they ensure utilities stay on and vendors get paid promptly—ultimately benefiting all residents through better building services and financial health.

Carol Ott of Habitat Magazine conducts the interview with Adam Reisman, President of Client Operations at MD Squared Property Group.

Carol Ott of Habitat Magazine interviews Carl Borenstein, president of Veritas Management, about managing rising costs in co-op and condo buildings. Borenstein shares strategies for handling double-digit maintenance increases, particularly focusing on creative uses of co-op abatement programs to generate additional income. He discusses the dramatic rise in insurance costs, especially umbrella policies, and advises boards on choosing appropriate coverage levels. Borenstein recommends implementing small annual maintenance increases to avoid larger hikes later, noting that 80% of building budgets are fixed costs.

In conversation with Habitat's Paula Chin, Robert Ferrara, president of the Ferrara Management Group, shares invaluable insights from managing a devastating fire emergency at a Peekskill condominium that displaced 16 unit owners for over two years. Through his firsthand account of the crisis and recovery process, board directors will learn crucial strategies for emergency response, insurance coordination, and resident communication during catastrophic building events.

In this conversation with Melissa Cafiero, director of management at Halstead Management, board directors get a behind-the-scenes look at how management companies approach new client relationships and handle transitions. Cafiero shares valuable perspectives on the evolving nature of property management, comparing it to a marriage that requires careful matchmaking and ongoing nurturing. Habitat's Carol Ott conducts the interview.

Insurance premiums for co-ops and condos are surging with double-digit increases year after year, and boards must pay these hefty fees upfront. But there's a financial tool that can help ease this burden. Michael Feldman, CEO of Choice New York, talks to Habitat's Paula Chin and breaks down how insurance premium financing allows boards to spread their annual insurance costs over several months, rather than being forced to make a single lump-sum payment.
Key takeaways:
* Insurance premium financing allows boards to spread their annual insurance costs over 9-10 months instead of paying the full amount upfront, typically requiring only a 2-3 month down payment with the remainder financed through monthly installments.
* While interest rates for these microfinancing arrangements are in the low double digits, the actual cost per unit is often minimal — potentially just a few dollars per month for each resident.
* For well-capitalized buildings, premium financing may not be necessary, but it can be particularly valuable for buildings needing to manage cash flow, or those caught off guard by last-minute premium increases from insurance companies
Boards considering this option should weigh the interest costs against the benefits of improved cash flow management and the ability to maintain proper insurance coverage without depleting their reserves. While national lenders offer this service, some property management companies now provide similar financing options at competitive rates.

Changing property managers for your co-op or condo can feel like performing surgery while the patient is awake — everything needs to keep running smoothly while you make the switch. Stephen Wilson, vice president of Blue Woods Management, shares with Habitat's Emily Myers how one building nearly lost its tax abatement during a transition, highlighting why meticulous handovers are crucial.
Key takeaways for board directors:
* Create a transition checklist covering everything from vendor contracts and insurance policies to tax filings and building compliance documents. A systematic approach ensures critical items don't fall through the cracks during management changes.
* While transitions can happen any time of year, success hinges on thorough documentation and verification. Proactive follow-up is essential.
* Digital tools like cloud storage and BuildingLink have revolutionized document management, making it easier for boards to maintain historical records and access important information about past decisions and policies.

The pandemic's impact on co-op and condo governance continues in 2025, with some properties still feeling the fallout from missed annual meetings in 2020 and 2021. In this conversation Cosmin Ardeljan, senior VP at All Area Realty Services, shares how some of his clients are now meeting the challenges of these missed annual meetings, including one Upper East Side co-op that faced potential legal action from shareholders demanding their voting rights. Habitat's Emily Myers conducts the interview.

Board directors will learn:

• How to handle missed annual meetings, including legal considerations and the importance of consulting counsel before skipping any required meetings

• Strategies for implementing staggered board terms after disrupted election cycles, including how to fairly assign term lengths based on vote counts

• The risks of not following bylaws, particularly regarding board validity and potential shareholder challenges

• Best practices for hybrid meetings as the new normal, including various ways to accommodate remote shareholders

• The importance of proper documentation and legal guidance when deviating from standard procedures during extraordinary circumstances

Tracking your building’s financial health can be confusing, and one of the reasons is that your building’s bank balance doesn’t tell the whole story. In this episode, Thomas Thibodeaux, CFO at New Bedford Management, explains what items create misleading cash positions and offers some strategies boards can use to understand what is really going on. Habitat’s Carol Ott conducts the interview.

Historically co-ops and condos have been able to borrow money for building improvements and compliance requirements in an affordable way. With interest rates still high, this is not an attractive option any more. In this episode, Andre Kaplan, CFO of Orsid New York, provides some practical solutions for keeping your building financially healthy while managing resident expectations. Habitat’s Emily Myers conducts the interview.