ARCHIVE SEARCH RESULTS

Escrow accounts can help co-op and condo boards manage cash flow by setting aside funds for predictable expenses, while open communication between the board and management company is essential for effective financial management. (Print: Why Cash Flow Is King)

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 condo on the Upper East Side had to borrow more money and reduce staff to pay for unexpected repairs to the front of the building, which had missing brick ties and required new masonry and additional brick ties. (Print: FISP Financials)

A pre-war co-op in New York City had to install individual heat pumps in each apartment due to failing gas boilers, which required a $2 million investment and coordination with multiple contractors, architects, and consultants. (Print: Energy Upgrade: Not By Juice)

MD Squared Property Group uses a robust monitoring system, prompt communication, and legal action to ensure healthy cash flow in co-ops and condos, while showing flexibility in genuine hardship cases. (Print: Arrears: Control Them With a Strategy)

Co-ops and condos are looking for practical strategies to improve energy efficiency and comply with Local Law 97, such as oil to gas conversions, decoupling heat and hot water, and smart thermostats, while being mindful of budgets and operating costs. (Print: Energy Efficiency on a Budget)

A co-op board in the West Village succeeded in banning smoking in private apartments after multiple meetings and proxy votes, citing health risks and secondhand smoke infiltration as reasons for the ban. (Print: Clearing the Air)

A co-op in Queens, NY, found itself in a predicament due to lack of transparency in its management company's finances, but a digital solution was implemented to create an online spreadsheet that lists all of the co-op's expenses and provides access to the board to view invoices and receipts. (Print: The Dangers of Being Kept In the Dark)

A condo in downtown Brooklyn was found to have irresponsible finances, prompting a 30% common charge increase and a $50,000 assessment to restore the reserves. (Print: Duped By Developers)

Boards must update their governing documents to avoid headaches and lawsuits, as outdated documents can lead to lower property values, lack of clarity on apartment alterations, and confusion over who can live in an apartment when a shareholder dies. (Print: Updating Governing Documents)