Some co-op boards and their attorneys are reluctant to allow their tenant-shareholders to obtain reverse mortgages. They tend to apply a forward mortgage criteria and a forward mortgage mindset to such a request - but this type of thinking…
The New York City Department of Finance (DOF) utilizes income and expense information to estimate a property's market value, which in turn is used to calculate the real estate taxes levied thereon. The DOF culls this information from a var…
With New York City rebounding from a sluggish economy and resulting budget deficit, Mayor Michael R. Bloomberg reached a budget agreement with the City Council that includes a $400 dollar property tax refund to city homeowners, who bore the…
"¢ Borrower must be age 62 or older "¢ No monthly payment is required "¢ Must obtain co-op board approval in most cases "¢ Proceeds can be used for any purpose "¢ No financial reports, credit history or medical reports …
The primary function of a board of a co-op or condo is to operate, maintain, repair and preserve the common property. The board also has a responsibility to maintain the value of the property. Most boards develop an annual operating b…
Say the words "80/20 rule" to a New York City co-op board, and you may be met with groans and furrowed brows. A provision in Section 216 of the Internal Revenue Service (IRS) tax code, the 80/20 rule limits the amount of commercial revenu…
With today's uncertain economy and the prices of everything from gas to insurance on the rise, maintenance increases may be on the horizon for thousands more co-op and condo owners this year. Shelling out money is never a pleasure, but tho…
New York City has been in the midst of a real estate boom for the last several years. Even with the economy in recession and the lingering effects of 9/11, homeowners have seen their apartments double, even triple in value in as little as …
Cooperative buildings should be run like businesses, with prudent investing and organized budgeting practices in place. As many buildings that have been on the brink of financial disaster can tell you, if you ignore these aspects of runnin…
With all of the negative headlines involving multi-national corporations over the past few years, fraud has been elevated to the forefront of financial topics. This is the theme of a new accounting pronouncement that becomes effective this…