November 03, 2014
Talk about your real estate being underwater: According to a new report by New York City Comptroller Scott Stringer, updated flood-zone maps from the Federal Emergency Management Agency (FEMA) cover 84,596 structures in the five boroughs, up from 23,885 in the 2010 maps. That comes out to 400,000 residents, the report says. These newly analyzed flood insurance rate maps (FIRMs), which were proposed last year and are awaiting federal approval, could increase flood-insurance rates by as much as 18 percent per year for similar levels of coverage, the report says.
And more increases could be coming since, the report adds, "The currently proposed maps, which are due to take effect in 2016, were initiated in 2010 and as a result do not even take into account flooding patterns observed during Superstorm Sandy." The report urges the City to invest in "resiliency projects that will safeguard our shorefront communities," valued at $129 billion. It's also a whole lot of people's lives and livelihoods. On the other hand, there are also a lot of luxury waterfront apartments — so should taxpayer money also protect those private developments with deep-pocket owners? Just asking.
Written by Vivian Lee on October 30, 2014
You're a co-op or condo board president and most of the residents in the building don't really know the super, the management or even one another. How can you go about bringing people together in your building and beyond? Here are some tips for creating a sense of community among your residents.
October 22, 2014
A lot has been written about secondhand cigarette smoke, and some New York co-ops and condos, including Manhattan's massive Zeckendorf Towers, have initiated building-wide smoking bans. But what of secondhand pot smoke migrating from one apartment to another? Though pot has been "decriminalized to some degree," writes Ronda Kaysen in The New York Times' "Ask Real Estate" section, it's still illegal in smokable form — medical marijuana not being smokable — so that's a complicating factor when a neighbor is lighting up. Assuming that you're neighborly and don't want to harsh his mellow, here are some options to keep yourself and your family from possible contact high and lung irritation. As for what a co-op or condo board ought to do, well, that's a joint of a different color.
October 28, 2014
It's on the books, it gets little attention and yet it is one of a board's most powerful tools to make co-op or condo owners take responsibility for paying their monthly maintenance or common changes on time. Yet time and again, confusion over how late fees work ends up costing boards much time and many headaches, without solving the issue.
October 30, 2014
Only four people in the United States have been diagnosed with Ebola: three in Dallas and Dr. Craig Spencer, who is currently being treated in New York. The details of his case have sparked concerns among some board members, who are wondering how they ought to proceed should a resident be submitting him or herself to self-quarantine.
Well, well, well ... which is exactly what we're talking about. Geothermal wells, that is, which Habitat has written about since 2008. Why? Because depending on its viability for your particular co-op or condo's location, a geothermal energy project could save you enough bucks you'll want to yell, "Drill, baby, drill!" Although, as BrickUnderground.com's handy primer on geothermal explains, these aren't necessarily wells in the traditional Lassie-has-to-rescue-Timmy-fro sense, but rather a series of underground pipes and pumps that circulate groundwater from the 55-degree good Earth in a way that helps regulate the temperature in your building. It's actually pretty fascinating. Plus, there are government incentive programs to help defray the cost of installation. Saving money through science ... we can dig it.
October 29, 2014
There is nothing certain but death and taxes. And there are peaceful deaths surrounded by loved ones and miserable, horrible deaths involving ... well, you don't want to know. Similarly, there are fair, reasonable taxes and then there's the tax structure visited upon New York co-ops and condos like a plague upon biblical Egypt. That's cooperatives and most condominiums are "Class 2" residential buildings, which pay ridiculously more in property taxes than do single- to four-family homes and brownstones, which are "Class 1," clearly in every sense of the term. Ronda Kaysen's latest "Ask Real Estate" column in The New York Times answers two reader's questions about this very topic, and concludes, in that oh-so-Timesian way, that, "The potential for baffling inequities is huge." Unfortunately, the potential for a fix anytime soon is miniscule.
Written by Tom Soter on October 27, 2014
No one like to imagine fraud or theft from a co-op or condo board director, property manager or vendor. But it happens, so make sure board members understand these basic protections.
October 27, 2014
A READER ASKS: Our co-op board has gotten some criticism lately about being too small and insular. Shareholders are starting to complain that we're not inclusive enough, and now some directors are using that as an opportunity to point out that they are a bit overworked. How many members do we need? Who should serve on the board? And how can we organize the board so that it represents all shareholders, works efficiently and preserves the knowledge obtained by existing board members?
October 24, 2014
Denise Savino-Erichsen, president of the multifamily-building laundry-room company Automatic Industries, has been named this year's Woman-Owned Business Champion by the Queens Chamber of Commerce.
"I am honored to receive such recognition by the Queens Chamber," Savino-Erichsen said in a statement, joking that "I must come 'clean': Automatic Industries is a family affair. My father, our CEO and founder, had a great vision and formed a wonderful foundation. We also have a talented and dedicated team that enables us to maintain our success."
Also honored were Daniel Zausner, chief operating office of the USTA Billie Jean King National Tennis Center, given the Community Partner Awards; Edward Farrell, president of Resorts World Casino New York City, with the Regional Economic-Impact Award; Kevin Alexander, executive director of the Rockaway Development and Revitalization Corporation, with the Not-for-Profit Champion; and Marissa Shorenstein, president of AT&T New York, who was inducted into the Queens Chamber's Hall of Fame.