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The rising costs of construction liability insurance pose a significant challenge for co-ops and condos, potentially making it unaffordable for many buildings in the near future due to factors such as the Scaffold Law and fraudulent claims, leading to increased expenses for building repairs and maintenance.

The Corporate Transparency Act (CTA) requires filing ownership information for U.S. businesses, including co-op boards, with various considerations and complications.

New York land-lease co-ops face challenges with decreasing apartment values, difficulty in refinancing, and potential astronomical rent hikes upon expiration.

Failing to update co-op or condo bylaws can lead to outdated protection and legal challenges. Boards must carefully follow the amendment process.

When hiring a new management company, scrutinize the contract. Key areas include on-site presence, ancillary fees, spending limits, project management, indemnity, insurance, and termination.

Local Law 97 (LL97) requires NYC buildings to reduce carbon emissions. Building Information Modeling can assist in planning energy-efficient solutions.

It’s time to make a Local Law 97 decision. The deadlines are closing in, the professionals who will help you are getting booked up, and the time frame to raise money is shortening.

The Climate Mobilization Act divides building boards into three categories: unaware, struggling to fund retrofits, and preferring fines. A new bill proposes tax abatements for emission reductions, aiming to alleviate financial burden.

Governing documents of co-ops and condos should be updated periodically for smoother operations. Consider e-friendly communication, clear language, staggered board elections, mediation, fees, indemnity, smoke-free policies, repair responsibility, and community involvement.