Page 14 - CooperatorNews New York 2022

14 COOPERATORNEWS —
AUGUST 2022
COOPERATORNEWS.COM
the building to be apolitical,” Schembri says,
“so as not to impact market value.”
By January 2021, explains Schembri, the
number of owners with concerns and/or opin-
ions on rebranding had grown signifi cantly.
“We’d had monthly open board meetings on
Zoom since the pandemic,” he says, “and it
became obvious that there was a large num-
ber of owners who were concerned about the
building name. Enough owners engaged in
this conversation that as a board, we decided
to do a survey to determine whether we had
the momentum to do anything about it. If the
change happened, we wanted it to be led by
unit owners, not the board.”
Resident participation in the survey was
extraordinarily high, and the result was clearly
in favor of a new name. So the board began
taking steps to change the building’s name,
and by extension its management. (It should
be noted that Schembri says the board and
owners never had a problem with Trump
Organization management—that change was
due simply to the fact that the Trump Orga-
nization does not manage buildings that don’t
carry the Trump name.) Aft er a period of dis-
cussion and more input from unit owners, the
community settled on Th e Tower at City Place,
and all signage, logos, and other related mate-
rials were updated to refl ect the new moniker.
Regardless of the reason a building or
community is contemplating a new identity,
it’s important to remember that a true re-
branding is diff erent from simply changing a
building’s legal name. Th e two actions require
diff erent levels of approval from unit owners,
may require diff erent legal and administrative
considerations, and may have diff erent fi nan-
cial implications. As with a large scale capital
project or other major undertaking, the advice
of legal counsel and other knowledgeable pro-
fessionals is key to achieving a successful out-
come.
n
REBRANDING...
continued from page 6
to set aside a certain number of units for of-
fer at below-market rates. Covering the costs
of those lower rents, according to the survey
data, results in an average 7.6% rent increase
on the remaining units. Consequently, 47.9%
of developers said they avoid building in a
jurisdiction with inclusionary zoning require-
ments; 87.5% avoid working in jurisdictions
with rent control. In areas where housing is so
desperately needed, says the
Journal
, develop-
ers are not incentivized to build.
“Th is study clearly shows how burden-
some regulations are exacerbating the nation’s
housing aff ordability crisis and that offi cials at
all levels of government need to make it a pri-
ority to reduce excessive regulatory costs to al-
low developers and builders to boost housing
production and ease aff ordability challenges,”
says NAHB chairman Jerry Konter.
n
GOV’T REGS...
continued from page 6
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