Page 16 - CooperatorNews New York June 2022

16 COOPERATORNEWS — JUNE 2022 COOPERATORNEWS.COM 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 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 because at some point, you arrive at ONE POINT One Point Brokerage is an independent insurance brokerage offering a comprehensive suite of risk transfer and insurance solutons to New York Cooperatves, Condominiums, and Real Estate owners since 1965. 450 Park Avenue South, 8th Floor • New York, NY 10016 Todd M. Ross • tmr@onepointib.com •212.696.0101 • www.onepointib.com Staszczak has a few recommendations cess with the board before approval of the that can help correct the problem. “Lead- ing up to purchase,” he says, “at contract, terview is helpful in making the new owner as documents start coming through from aware of many of these issues. the association’s attorney to the buyer’s at- torney, the attorneys should make sure the fore going to contract that can make a big buyer is reading them. Savvy buyers should difference is working with the right profes- also request and read through the minutes sionals—brokers in particular. Many real- of past board meetings, which are available tors don’t have the best background in how to them. They should understand the com- munity they’re buying into. It’s to their ben- efit to become familiar with the community in co-ops and condos—not just a real estate and how it runs. There are lots of small de- tails a buyer should know that are found in als.” these documents. You should know if you have an assigned parking space or if they’re separately deeded, for instance. If it’s the lat- ter, and the buyer didn’t buy a space along munity about any issues, the pros agree with their unit, they don’t have parking”— which would be a nasty shock if part of the bers is a smile and a suggestion for how reason a buyer chose a particular building to find an appropriate answer to the ques- or HOA was that they thought their unit in- cluded a parking spot. Sprudzs adds that “some con- do associations have a website and \\\[make their\\\] governing docu- ments available online. The buyer can go there to learn about the documents and what they con- tain.” She says that “it’s also im- portant to have a realtor who is familiar with the specific ciations and corporations prefer to have community and community living in gen- eral—not one who is only familiar with ers prefer those questions to be directed to single-family homes. Buyers often assume board members. Often this depends on the things without asking questions. New own- ers will ask me, ‘Where do I get my keys?’ ties may not have full-time or even part- You get them at closing, from the broker, time management and may be serviced not like in a rental situation. And if you by a superintendent or building engineer. need to change the locks, you call a lock- smith—not the association.” “In an ideal world,” says Halper, “we and responsibility in their particular com- should educate buyers, but in reality, it just munity, and direct their questions, com- doesn’t work that way. Buyers must edu- cate themselves. Most co-ops and condos don’t require that buyers educate them- selves about co-op or condo life. Requir- ing it would be a turnoff for many buyers most important investment, and to educate as well. Buyers won’t take an ‘ownership themselves about what exactly it is they’re orientation’ class, so you can’t require it. It investing in. Doing so will not only make will never happen. Honestly, I’ve never seen them better, more informed community it. There are a few buildings that have as- sembled a sort of handbook for new share- holders or owners, a kind of ‘Living in Our Building for Dummies’ manual. It’s referred to as a welcome package, but it’s up to the owner to use it. Bigger buildings with a long history as a co-op usually do this.” Interestingly, Staszczak notes that HOA townhouse communities often have com- munity manuals, because they’re so differ- ent from living in a multifamily building. And in co-ops, there is an interviewing pro- sale of shares to a new shareholder. That in- Staszczak says that “another factor be- a co-op or condo operates. Use one who does. Also use an attorney who specializes attorney. Work with the right profession- The Board’s Role When faced with questions (or com- plaints) from a new member of the com- that the best response from board mem- tion—at least the first time. If a new owner or shareholder persists in badgering board members and refuses to educate themselves, the board member is well within their rights to suggest—sternly, if necessary, though not rudely—that the owner or shareholder contact management for more information or resolu- tion of their problem. Much of this will depend on the indi- vidual co-op or condo, of course. Some asso- all questions directed to management; oth- size of the community. Smaller communi- Residents in any multifamily setting should understand the channels of communication plaints, and comments accordingly. Finally, perhaps the best answer to this problem is for buyers to be aware of the rules and requirements that govern their members, it will also stop a lot of misun- derstandings before they start. n A J Sidransky is a staff writer/reporter for CooperatorNews, and a published novelist. He can be reached at alan@yrinc.com. ORIENTING... continued from page 15 “When you live in a private home, you can leave five pairs of shoes outside your front door; you can’t do that outside your apartment door.” —Daniel Wollman