Category: Finance

Housing Development Fund Corporation (HDFC) cooperatives were set up some 40 years ago as a means of establishing home ownership opportunities for low-income residents in New York City. The program also served to help the city stabilize nei…

It was a very mixed second quarter 2018 for the Manhattan residential market (condos and co-ops), according to the latest report by Douglas Elliman. Those results included a decline in sales prices and number of closed sales, along with an…

Whether it’s a renovation, an emergency repair, or anything in-between, condos, cooperatives, and homeowners’ associations are rarely not spending money on something. And while they may have reserves on hand to pay for its latest project, m…

Home comes in many shapes and sizes. Some prefer the elegance of prewar apartment buildings, while others lean towards the high-tech brilliance of a brand-new building. And there are those who like the small-town, neighborly feeling of a br…

The Tax Cuts and Jobs Act of 2017 represents the first major restructuring of federal income taxes since 1986, and ushers in serious changes to how co-op, condo, and HOA owners will benefit from home ownership. In many cases, the new law wi…

One of the components that makes co-op ownership unique is its financing structure. Unlike a condominium, the property is owned as a whole, fee-simple estate – and so the entire property can be encumbered by a permanent, long-term loan. Thi…

The power of a co-op board to approve or reject sales, as well as co-op applicants, is pretty much unlimited -- as long as the decision is made within the limits of applicable law. Boards require extensive information and documentation -- k…

The last three apartments in your luxury hi-rise condo were sold to a troika of Russian oligarchs, who all paid well above the asking price. But now those oligarchs are on the sanctions list, and have withheld their monthly maintenance fees…

Market wide, sales prices for co-ops and condos in Manhattan have been rising steadily year-over-year for the fifth consecutive year. That is according to the latest study, 2017 Manhattan Decade Sales Report , released by Douglas El…

Members of a condominium or co-op homeowners’ association (HOA) have a fiduciary responsibility to manage their community’s funds wisely, and to protect the financial interests of all owner/shareholders. Breaching this duty carries the real…