HOW TO RUN YOUR BUILDING!

Technology has made managing co-op and condo buildings more efficient and has certainly changed the property management business. But how has it impacted co-op and condo board directors, where has it created vulnerabilities and how does it come into play when a property changes management companies? Alvin Wasserman, Senior Director of Asset Management at Fairfield Properties, explores these issues in an interview conducted by Habitat’s Carol Ott.

A bundle of projects at a downtown condominium was humming along smoothly - until they weren’t. A problem was discovered with the building’s vault which drove up expenses and suddenly costs exceeded what the board had raised for all the projects. Add in a hallway and lobby re-do, and suddenly trouble was brewing. Ira Meister, President of Matthew Adam Properties, shares the story of how the board overcame a shortage of funds and an obstructionist subletter. Meister is interviewed by Habitat’s Carol Ott.

Sitting on the back burner of all the issues your board must think about are its governing documents. Often written in legalize, sometimes difficult to change and probably outdated, they may be out of sync with the needs and best practices of today. But it’s unwise to leave them to age quietly, says Neil Davidowitz, President of Orsid New York, and in this episode, hosted by Habitat’s Paula Chin, the benefits to updating these documents and the risks in not doing so are revealed.

In the annals of gas inspections, this 45-unit co-op faced a unique one. The board learned from their plumber that the individual boilers and water heaters in each apartment were no longer code compliant. This meant the building wouldn’t be able to pass a gas inspection, and if there was a gas shutdown for any reason, it couldn’t be turned back on. Not good news for the board, and Margaret McAdams, Director of Management at Buchbinder & Warren tells Habitat’s Carol Ott how the board turned this gas doomsday scenario into a win for the co-op.