A taxpayer normally recognizes gain or loss realized on the sale or exchange of property. However, pursuant to Section 1031 of the tax code, there is no recognition of gain or loss on the exchange of property for like-kind property. …
Sometimes a board has no choice about when to repair or replace some building feature or piece of equipment. If the boiler goes on the fritz in January, for example, it has to be fixed - period. Other projects, like interior design and ren…
In 1998, after receiving a "bill" for zero dollars and zero cents for the prior year's school taxes, some New York State property owners wrote checks to the government in that amount. They were convinced that a clerical error had been mad…
While many New Yorkers have navigated the process of applying and interviewing for - and eventually buying - a co-op or condo, securing a mortgage can be a complex, sometimes, lengthy process in which professional advice is recommended and…
The old axiom about New York City government is that it's a bureaucratic hell, an exasperating nightmare in which John Q. Public gets passed from department to department whenever a problem crops up and immediate assistance is needed. …
Whether it's a house, co-op or condo, renovations are fraught with potential problems. Such quagmires as multiple change orders, delayed supplies or contractor errors can add substantial costs to a budget. One way to bypass problems and wo…
When most people think of fat, they think of unsightly rolls on out-of-shape bodies, but the truth is, buildings can be over-padded, too. Given the stagnant economy, boards can't afford to let their buildings just wallow in fiscal waste. I…
A bare wall to a homeowner or interior designer is like a blank canvas to an artist - the options to create are endless. Gone are the days when you were restricted to either white paint or gaudy wallpaper. Today, you can colorize with peac…
With so many woods to choose from, it can be a daunting task to make a decision. Luckily, we've whittled down the list for you. Certain species have proven to be popular throughout history - and for very good reasons. Here's a sampling o…
These days there's a virtually an endless array of building materials available, so why is good old wood still a perennial favorite? Maybe because it lends an organic warmth to any space. Maybe because it harkens back to another time and p…