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to improve the building and raise capital. It's either that or go to the shareholders on a yearly basis
million worth of capital expenditures. We decided we had to get creative." The result was a restructuring
, legal costs, capital improvements. Plus, there was a lawsuit filed by a unit-owner on the first floor
to pay next month's bills, next month's capital improvements, then you have a pretty good argument
a number of capital costs. First, even if your building already uses gas for cooking, you may need a larger
was not to raise maintenance and the other was to raise enough money to do the capital improvements they felt
we were spending on capital improvements. Eventually, I had to get answers from the managing agent
capital improvements, including a new boiler and new elevators. "The loan has two goals," says Osman. "To
Obviously, boards should establish and monitor an operating and capital budget. But you also need
; prioritizing capital projects; distinguishing the wish lists of the old and new guard; adding amenities; hiring

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Learn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments

Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise

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