ARCHIVE SEARCH RESULTS

A luxury West End Avenue co-op is using an interest-free contractor payment plan to fund a nine-month, multimillion-dollar riser replacement project, allowing the work to start immediately and spreading the monthly assessments over nine months beyond the expected completion date. (Print: PAYMENT PLAN: An Interest-Free Contractor Deal)

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 co-op in question installed a $1.5 million electric HVAC system without consulting a mechanical engineer, relying solely on the manufacturer's plan and installation. It was later discovered that the system lacked proper air circulation due to the absence of return lines, leading to its inefficiency. The board should have sought expert advice from engineers or architects and considered a maintenance contract for the system to avoid such issues.

Create a building roadmap with a life-cycle analysis, prioritize projects, and explore financial options for compliance, transparency, and cost-effectiveness. Communicate decisions with stakeholders.

Looking at repairs from an energy perspective.

With a new rain screen, the co-op can withstand the elements.

What can boards do when residents can't afford necessary capital repairs?

Prioritizing costs over quality can mean a higher bill in the long run.

Sometimes lobby renovation stumbling blocks can turn into something great.

It pays to do multiple repairs or projects at once.