Page 13 - NY Cooperator November 2020

COOPERATOR.COM THE COOPERATOR — NOVEMBER 2020 13 Cesarano & Khan, PC Certified Public Accountants PROVIDING PROFESSIONAL SERVICES TO THE COOPERATIVE AND CONDOMINIUM COMMUNITY Reporting on Financial Statements • Tax Services Budgeting & Consulting • Election Tabulation Services For additional information, contact Carl M. Cesarano, CPA 199 JERICHO TURNPIKE, SUITE 400 • FLORAL PARK, NY 11001 (516) 437-8200 and 718-478-7400 • info@ck-cpas.com cesarano &khan1_8 use this_:cesarano &khan 4 7/22/15 4:59 PM Page 1 Formerly known as Lipner, Sofferman & Co., LLP and Katz Viola Lebenhart & Mauro, LLP Over 50 Years Serving the NY Coop/Condo Community KVLSM LLP is a full-service accounting firm with a staff of professionals available to guide its clients through every facet of business and personal tax processing. The firm has been providing the highest level of professionalism and guidance to the New York coop/condo community for over 50 years. The firm’s services include, but are not limited to: Contact Ken Lipner: klipner@kvlsmcpa.com • 516-294-0400 • Financial Statement Preparation • Audits, Reviews, and Compilations • Mergers and Acquisitions • Tax Preparation • Cash Flow and Budget Analysis • Financial and Retirement Planning • CFO Services 415 Crossways Park Drive, Suite C Woodbury, NY 11797 Phone: 516-294-0400 • Fax: 516-938-0491 kvlsmcpa.com The firm’s services include, but are not limited to: Contact Ken Lipner: klipner@kvlsmcpa.com • 516-294-0400 • Financial Statement Preparation • Audits, Reviews, and Compilations • Mergers and Acquisitions • Tax Preparation • Cash Flow and Budget Analysis • Financial and Retirement Planning • CFO Services 415 Crossways Park Drive, Suite C Woodbury, NY 11797 Phone: 516-294-0400 • Fax: 516-938-0491 kvlsmcpa.com Formerly known as Lipner, Soff erman & Co., LLP and Katz Viola Lebenhart & Mauro, LLP Over 50 Years Serving the NY Coop/Condo Community KVLSM LLP is a full-service accoun� ng fi rm with a staff of professionals available to guide its clients through every facet of business and personal tax processing. The fi rm has been providing the highest level of professionalism and guidance to the New York coop/condo community for over 50 years. The fi rm’s services include, but are not limited to: • Financial Statement Preparation • Audits, Reviews, and Compilations • Mergers and Acquisitions • Tax Preparation • Cash Flow and Budget Analysis • Financial and Retirement Planning Contact Kenneth Lipner, CPA: klipner@kvlsmcpa.com • 516-294-0400 415 Crossways Park Drive, Suite C Woodbury, NY 11797 Phone: 516-294-0400 • Fax: 516-938-0491 kvlsmcpa.com Ad for Yates Restora on, February 2015 RESTORATION GROUP, LTD. Phone: 718.993.5700 info@yatesrestoration.com www.yatesrestoration.com Yates Restoration has set the standard in the restoration and maintenance of New York CIty’s most notable properties. Our unsurpassed expertise and team of artisans, technicians and project managers, means your project gets done right and on schedule. Call or visit us at our website. Restoring the City of New York for over 90 years • Facade Restoration • Roofing and Waterproofing • Terrace and Plaza Restoration • Balcony Restoration and Repair • Structural Stabilization • Steel Work • Ornamental Sheet Metal • Local Law 11 and wore masks. So we had both going on.” Of the shareholder response, she says, “I didn’t hear any complaints about it. I think most people were appreciative that we were able to, you know, have our annual meeting given the circumstances, and the extent that everybody went through to make it happen.” In addition to setting up the Zoom meeting, the board went out of its way to make the rec room available for the ten or so share- holders who don’t have access to the inter- net, or for those who just wanted to attend in person. Additionally, some of their more tech-savvy board members gave personal assistance to residents who needed a Zoom tutorial or to simply get people comfortable with the platform. “Everyone was grateful to have the opportunity to participate,” Gard- ner continues. “I walked away feeling pretty good about it.” As long as virtual or electronic meeting formats are permitted in an association’s or corporation’s governing documents, con- ducting meetings to accomplish the business of a multifamily community should not be hindered by coronavirus constraints. In fact, you might find these methods of meeting and voting preferable to traditional “physi- cal” ones. Necessity is the mother of inven- tion and can lead us to adaptations or altera- tions that have lasting benefits. n Darcey Gerstein is Associate Editor and Staff Writer for The Cooperator. On the other hand, pent-up demand from months of COVID-caused inactivity is ex- pected to keep sales flowing. One possible scenario is that condominiums—which are more easily rented than co-ops, thanks to the limited power of condo association boards to control subletting within a building or HOA—may see a steeper decline as investors awaken to the new realities of a rental market that may not cover their monthly condo fees and property taxes. Either way, the pros seem to agree that at this point, it’s a wait-and-see situation. n WHERE IS THE... continued from page 6 safety.” He is hoping that the study will move the city one step closer to updating its technology laws. “Drones offer a 21st-century solution to provide more detailed building inspec- tions, increase public safety, and reduce costs,” adds Carlo Scissura, President and CEO of the construction trade group New York Building Congress (NYBC). “New technologies like drones are al- ready being used effectively around the country and the world, so it is essential that New York embrace innovation and not be left behind.” The bill takes effect immediately, and the study must be completed no later than October 31, 2021, notes the Green- point Post . Implementation of the study’s findings will depend on the city creating regulations under which use of drones is legal. n NYC TO EXPLORE... continued from page 6 configuration of the buildings, they may sim- ply go on other people’s roofs, or use ladders to gain access over a dividing wall or fence. I know of one shareholder who came home from work to find the side of their building painted a different color. The neighbor’s con- tractors had used ladders, climbed over the fence and set up their own equipment. An- other couple with an apartment on the top floor of the same building awoke one morn- ing to the sound of workmen talking on the roof, directly outside their bedroom window. The shareholders may not have even realized those workers shouldn’t have been there—but they were upset, to say the least. Avoiding Trouble To avoid such situations, an access agree- ment (sometimes also called a license agree- ment) is a good first step. This document allows the buildings involved to anticipate, discuss, and sort out these issues and have DEALING WITH... continued from page 6 continued on page 14