ARCHIVE SEARCH RESULTS

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Boards must update their governing documents to avoid headaches and lawsuits, as outdated documents can lead to lower property values, lack of clarity on apartment alterations, and confusion over who can live in an apartment when a shareholder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

Insurance premium financing loans allow condo and co-op boards to finance the lump sum cost of insurance premiums, with interest rates in the low double digits and no risk of default for the lender. (Print: Easing the Pain of High Premiums)

The Hillcrest Park Condominium in Peekskill, NY was destroyed by a fire, forcing 25 residents to relocate and causing the association's insurance costs to increase significantly. (Print: When Disaster Strikes: A step-by-step action plan needs to be in place)

Beth Markowitz, President of Merlot Management, managed a fire in a nine-unit property, which resulted in extensive damage and a cash call to residents, but she was able to secure an advance from the insurance company and strategically modernize the elevator for long-term improvement. (Print: Fire: When Emergency Turns into Opportunity)

Boards must overcome inertia by creating a roadmap for future projects, including maintenance and compliance with local laws, in order to avoid costly disasters and ensure a clear path forward. (Print: Overcoming Board Inertia)

Property management has embraced digital tools to offer efficiencies, provide real-time information, and ensure security, but it is important for boards to understand the costs and responsibilities associated with technology. (Print: Digital Details: What Board Directors Need to Know)

A co-op on the Upper East Side avoided a lawsuit by holding an annual meeting and staggering board terms, allowing shareholders to participate remotely and avoid the threat of legal action. (Print: Legitimacy Crisis)

A co-op in the Bronx experienced conflict between management and a shareholder over the installation of video cameras to deter package theft, but the situation was resolved through proactive communication and a personal touch. (Print: Dialing Down Emotions)

The board of Clinton Mews, a 77-unit co-op in Brooklyn's Clinton Hill, opted to put the $2.3 million set aside for a major window replacement project into an insured money market deposit account to earn interest, access funds quickly and easily, and have FDIC insurance. (Print: Putting Your Money to Work)