Page 10 - New York Cooperator February 2020

BACK OFFICE SERVICES THE BACK OFFICE, Inc. (212) 889-1824 For self-managed Co-ops, Condos , Property Managers Billing •Payables •Collections •General Ledger Budgets•Delinquencies•Monthly Financials WE DO IT ALL FOR YOU 469 Seventh Ave., New York, NY 10018 Steven@TBO-NY.com 110 E. 42nd Street, 17th Floor New York, New York 10017 Robert J. Braverman, Scott S. Greenspun (212) 682- 2900 www.braverlaw.net rbraverman@braverlaw.net sgreenspun@braverlaw.net Braverman Greenspun, P.C. Tane Waterman & Wurtzel, P.C. All aspects of Co-op & Condo Representation including Litigation 120 Broadway, NY, NY 10271 (212) 766-4000 e-mail: swurtzel@tww.nyc • www.tww.nyc ATTORNEYS Abrams Garfi nkel Margolis Bergson, LLP 1430 Broadway, 17th Floor, New York, NY 10018 212-201-1170 • www.agmblaw.com Barry G. Margolis, Esq. • Robert J. Bergson, Esq. Himmelfarb & Sher, LLP • (914) 682-0040 Cooperative and Condominium Law—Real Estate Closings One North Broadway, Suite 800, White Plains, NY 10601 Contact: Ronald A. Sher, Esq. • Norman D. Himmelfarb, Esq. Law@himmelfarb-sher.com • Direct Dial: 914-461-0220 Belkin Burden Wenig & Goldman, LLP Specializing in all aspects of Cooperative and Condominium Law including Landlord/tenant proceedings. Copy of Monthly Newsletter available upon request. (212) 867-4466 contact: Aaron Shmulewitz/Daniel Altman ashmulewitz@bbwg.com/daltman@bbwg.com www.bbwg.com Wagner, Berkow & Brandt, LLP. wagnerberkow-public.sharepoint.com 462 7th Avenue, 6th Fl, New York, NY •646-780-7272 •Commercial, Corporate and Real Estate Litigation •Real Estate Leases and Landlord-Tenant Disputes •Residential and Commercial Real Estate •Refi nancing and Mortgage Workouts •Bankruptcy Proceedings • Corporate, Commercial and Business Law •Hospitality Law •Internet Defamation •Loft Law Matters Contact: Steven R. Wagner •srwagner@wagnerberkow.com M ARCUS OSENBERG R D IAMOND LLP Three decades of Co-op & Condo representation 488 Madison Avenue New York, New York 10022 212.755.7500 www. mrdllp .com M ARCUS OSENBERG R & D IAMOND LLP A full service real estate law firm serving the cooperative and condominium community Eric M. Goidel, Esq. egoidel@borahgoldstein.com (212)431-1300, Ext.438 Manhattan: 377 Broadway l New York, NY 10036│(212) 431-1300 Queens: 108-18 Queens Blvd│Forest Hills, NY 11375│(718) 263-6611 www.borahgoldstein.com SERVICE DIRECTORY Condata Accounting and Consulting LLC Provide back office services for self-managed Co-ops, Condos, Property Managers • Account Receivables • Payables • Collections • Budgets • Monthly Financials PREP FOR BOARD MEETINGS 150 Broadway, Suite 1710, NY 10038 (212) 233-1460 info@condataaccounting.com ACCOUNTANTS ARCHITECTS architecture interior design engineering project management forensic investigations 307 7th Avenue, Suite 1001, New York, NY 10001 Tel. 212.645.3775 Fax. 212.645.4099 Form Space Image ARCHITECTURE PC  Over 30 years of coop & condo experience  Hands on Personal Attention Timely Service  Contact: Gary Adler, CPA Sarah Haar CPA   www.bassandlemer.com 516-485-9600 adler@basslemer.com CONSULTING ENGINEERS CPA SERVICES Cavalcante & Company, LLC 212-675-6773 • www.cavalcantecpa.com Specializing in audit services to the NY Co-op & Condo Community Darren Newman, CPA • 516-364-0700 dnewman@nnkllp.com • www.nnkllp.com Newman, Newman & Kaufman, LLP Marin & Montanye LLP Serving the NYC Coop/Condo Community for over 50 years RICHARD MONTANYE, CPA www. marinmontanye.com (516) 625-3700 •(212) 476-5214 • (718) 347-8600 rmontanye@marinmontanye.com ENGINEERING & ARCHITECTURE, DPC 212-675-8844 randpc.com info@randpc.com Facades & Roofing•Architectural Design Mechanical/Electrical/Plumbing•Energy Audits Structural •Building Surveys•Plan Reviews Schneider Buchel LLP Representation of Cooperatives, Condominiums and Homeowners Associations Contact: Marc H. Schneider, ESQ. Offi ces located in Long Island and NYC 516-393-5555 • 212-485-9400 www.schneiderbuchel.com KAGAN LUBIC LEPPER FINKELSTEIN & GOLD, LLP Providing Practical Legal Advice and Representation to Cooperative & Condominium Associations 200 Madison Ave., NY, NY 10016 • 212-252-0300 Jack E. Lepper • Ronald J. Gold • Adam D. Finkelstein www.kll-law.com Helping your Board with legal issues Answering Questions - Solving Problems Cooperative and Condominium Law Residential - Commercial Real Estate One North Broadway-Suite 800 White Plains, NY 10601 email: law@himmelfarb-sher.com website: www.himmelfarb-sher.com Contact: Ronald A. Sher, Esq., Norman D. Himmelfarb, Esq. Tel: (914) 682-0040 Direct Dial: (914) 461-0220 NYC and the Hamptons Contact: Marc A. Chiffert, P.E. marc@aecengineeringdesign.co m 917.65.9166 631.353.3375 10 THE COOPERATOR — FEBRUARY 2020 COOPERATOR.COM Miller, but “Since June 2019 when the law went into eff ect, we’ve seen a signifi cant soft ness across the high end of the market. Th e new rent law has aff ected this mar- ket because there has been a tremendous increase in liabilities to the landlord. Re- strictions on security deposits, etc., make the law anti-investor.” Th e third component in the luxury market’s slide is the increase in the so- called Mansion Tax, a New York State law that taxes sales of units over $1 million. “Th e wealthy are very aggressive at tax avoidance,” says Miller. “Th ey pay advi- sory services large sums of money to assist them.” An increase on what is eff ectively a tax on capital growth makes many recon- sider whether real estate as an investment is the best vehicle to grow their money. International Factors According to Tener, the luxury market is also susceptible to changes in the in- ternational climate—particularly to shift - ing political tides and global economic tensions and trends. “Money from Asia has pulled back,” he says, noting that this pullback is primarily the result of restric- tions placed on Chinese investors through the Chinese government’s currency laws. Th ese regulations are in turn partly due to the ongoing trade dispute with the United States under the Trump administration. “Th ese changes are cyclical, though,” says Tener. “Th e situation will eventually turn around.” Other factors aff ecting the market in- clude some overall changes in social con- ditions in New York, including what many see as government mismanagement and an accompanying uptick in crime statis- tics. Th ese issues make the New York City market—and particularly the luxury end of it—less attractive to foreign buyers, who for years previous had been the back- bone of the luxury sales market. And fi nally, some Economics 101 forces are at work as well. Th e result of all the above mentioned variables has been an overall increase in the supply of avail- able units. While not at the level of a glut, there are too many units available, which in turn is forcing prices downward. Th at’s simply the law of supply and demand. Ultimately, “It’s all about pricing,” says Tener. “Th e level of prices a few years back was unsustainable. As the market adjusts, the oversupply will disappear and the market will return to equilibrium.” In the meantime, it might be a good time to buy, if you have the ability. n A J Sidransky is a staff writer/reporter for Th e Cooperator, and a published novelist. LUXURY... continued from page 9