The board of a 90-unit condominium had to reschedule their annual meeting due to a lack of quorum, as the initial notice did not provide enough information to entice unit-owners to attend. (Print: Crafting the Right Notice for Annual Meetings)
The board of a 90-unit condominium had to reschedule their annual meeting due to a lack of quorum, as the initial notice did not provide enough information to entice unit-owners to attend. (Print: Crafting the Right Notice for Annual Meetings)
Rachel Pincu-Singer, a market research consultant, has been serving on the board of her Upper West Side co-op since 2014, and has successfully resolved disputes and managed the building's finances, including the installation of a dual-fuel boiler and the replacement of the gravel roof. (Print: RACHEL PINCU-SINGER)
Boards must balance the need to minimize costs with their fiduciary duties to keep the building in good repair, and must rely on professionals to navigate the complex regulatory landscape and budget accordingly. (Print: Budgets: Facing the Facts)
Boards must carefully consider their options for complying with New York City's local laws, such as Local Law 97 and facade repairs, by exploring options such as refinancing, assessments, and capital reserve studies to ensure the best budgeting options.
Robert Post, Senior Sales Engineer at Parity, helped a co-op in Harlem optimize the efficiency of their HVAC system by installing controls and sensors on the equipment, remotely controlling the components in real time, and providing ongoing support and maintenance. (Print: Revving Up Efficiency)
A property manager at First Management Corporation worked with a building that confronted a 400% increase in insurance premiums due to a major fire, but was able to find a carrier willing to cover the building for $510,000 and pass a ban on e-bikes to prevent future premium costs. (Print: How To Keep Insurance Costs in Check)
A board of a Lower East Side building successfully completed a $2 million capital project, despite unexpected cost overruns, by following the book and building a 20% buffer into the assessment and line of credit. (Print: When Cost Overruns Multiply)
The condop in Manhattan's Chelsea neighborhood created a detailed capital plan to pay for extensive facade repairs, major infrastructure projects, and a 10% reserve requirement, while also communicating with shareholders and unit-owners to avoid surprises. (Print: Financing: Balancing Peter To Pay Paul)
After a year of FISP work, shareholders in a Lower Manhattan co-op have moved on from the project, appreciating the absence of the dust, noise, inconvenience and expense, and are now focused on other issues. (Print: Out Of Sight, Out Of Mind)
Donald Einsidler, the president of Einsidler Management, worked with two co-ops to refinance their balloon mortgages, increasing the amortization period from 30 to 40 years, and saving the co-ops money on principal and interest payments. (Print: Mortgage Refinancing: Even With Penalties, It Sometimes Makes Sense)
A Tribeca condo is dealing with a decade-old default from the sponsor, leaving the building with an expired TCO and no final CO, which has resulted in unresolved permits and violations, making it difficult to obtain mortgages for apartment purchases. (Print: Perseverance Required: Road to Legality)
A new-construction condo was facing operating budget overruns and a mismatch of opinions among board members on how to tackle the issue, leading to a decision to increase common charges year over year rather than assess a one-time fee. (Print: Choosing the Right Financial Path)
Condominiums with commercial units often pay a significant source of income for the corporation, but boards need to ensure they are not being shortchanged by checking the declaration and bylaws to ensure commercial units are being charged properly. (Print: Condo Commercial Income: Are You Being Shortchanged?)
The Future Condominium in Kips Bay is replacing its exhaust fans with more efficient next-generation models, saving $24,000 in annual energy bills and reducing maintenance costs by $500,000, thanks to Con Edison incentives and a partnership with Con Edison and the climate technology firm Logical Buildings. (Print: ROOF FAN SPEED CONTROLS: Saving energy and maintenance costs)
Unenforced in Union Square is struggling with a troublesome dynamic on their board, as directors are reluctant to enforce building rules and policies, but Mary Federico suggests a possible approach to the dilemma by ensuring a good foundation, acknowledging discomfort, clarifying what happens without enforcement, making it easy, and leading by example.(Print: Toeing the Line)