Category: Finance

Back in the days of irrational exuberance, co-op board directors would occasionally contact me to inquire about investing in stocks to achieve higher rates of return on reserve funds. I believed it was an unwise move then and my advice wou…

The city has been buzzing in recent months over Mayor Bloomberg's historic 18.5 percent property tax hike and what it will mean for property owners throughout the five boroughs. The tax hike comes hard on the heels of serious increases in …

In increasing numbers, residential developments constructed under New York's Mitchell-Lama housing program are considering the option to privatize - or "buy out" of the program - when they become eligible to do so. Understanding this tre…

On the morning of December 2, Mayor Michael R. Bloomberg signed an 18.49 percent property tax increase into law, the largest such increase in city history, but much lower than the 25 percent he originally proposed. Regardless of wheth…

The death of a loved one not only brings grief and sorrow, but an agonizing pile of paperwork to tend to and affairs to get in order. For residents of New York City, it also means figuring out the fate of the deceased's co-op or condo apar…

Picture this: the mom-and-pop dry cleaner that has inhabited your building's ground floor retail space for years is moving out and a broker tells you that an upscale clothier wants the space for triple the rent. Or perhaps one of the many …

As buildings age, they inevitably need repairs and capital improvements - a boiler needs replacing, the façade needs repair, or the outdated lobby can use a facelift - to name a few. For cooperative buildings with healthy reserve funds, t…

The turning of a new year is always a time to reflect on the old one, make personal resolutions for the next 365 days, and maybe make some wishes. 2002 was a roller coaster year for New York real estate, charting spikes and lulls in activi…

As surely as kids dread the back-to-school season every fall, so too must co-op boards face the budget season. A building really has only one shot at establishing income for the whole next year, and while many of you may be far from nov…

Four years ago, the co-op at 430 West 34th Street in Manhattan was in trouble. The 17-story, 168-unit vanilla brick building needed money - and needed it quickly. A couple of major capital projects, including new window installation, grout…