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not to spend money like that – but often it is not. "What about replacing the old rattletrap with a more
money went – more palms were being greased than at an oil-and-lube mechanic's. The investigation
and piping repairs. “It wasn’t cheap,” Smith says, “but we had enough money in our operating fund
room, but decided against spending the money.  “It was a constant concern of the board’s,” says
involvement is kind of unusual,” says Mahoney. “Most banks are just hand over the money. We
in turn led to overheating – and wasted money – throughout the rest of the co-op. Last year, the board
, a co-op with a heavy debt load needs money to pay for urgent capital projects when interest rates
’s amenities until they pay the money the board claims it’s owed.  And this legal war involves a lot of money
losing money. Raising premiums – and deductibles – is a way for insurers to offset their losses.  “If we
refinanced the underlying mortgage to get the money we needed for Local Law 11. So far we’ve been fortunate

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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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