Remember the early 1980s? Reagan was president, the national economy was strong, property values were skyrocketing and co-op sponsors were converting multi-unit residential buildings in the New York area faster than you could say offering…
Co-op shareholders and condo owners in New York City may not always agree on how the common areas in their buildings should be managed, maintained or decorated, but they've always seen eye to eye when it comes to saving money. Everyone…
It's a typical scenario. The board and managing agent assemble for the regular monthly meeting. Things get lively and everyone participates. The group discusses staff issues, makes decisions about the tile color in the laundry room and dire…
The financing of your co-op's underlying mortgage is one of the most significant factors in the fiscal integrity of your building. The size of the mortgage and corresponding monthly payments have a significant impact on the value of each …
In 1991, the American Institute of Certified Public Accountants (AICPA) issued its Guide to Audits of Common Interest Realty Associations, more commonly referred to as the CIRA Guidelines. Much controversy followed this event as professio…
In 1991, the American Institute of Certified Public Accountants (AICPA) issued its Guide to Audits of Common Interest Realty Associations, more commonly referred to as the CIRA Guidelines. Much controversy followed this event as professio…
One of the most important pieces of insurance coverage a co-op or condo building carries is its directors and officers (D & O) policy. This coverage protects the personal assets of board members from exposure in the event a lawsuit is fil…
This is the time of year when many boards are engaged in the budget and planning process. Unfortunately, this process sometimes results in the unhappy realization that the cooperative does not have enough sources to cover all of its proj…
In the first cold day of the season, a group of res- idents and politicians stood in front of the Griffin, a 199-unit co-op in Brooklyn, trying to stay warm. You're not cold are you? exclaimed Jeannette Gadson, deputy borough president of…
Is a co-op or condo owner, protecting your building's financial stability is of paramount importance in maintaining the value of your investment and your quality of life. As stories of mismanagement and fraud continue to come to light, bo…