For the board members and managers handling the successful operation of a co-op or condo community, one of their biggest responsibilities revolves around their fiduciary duties. They are, after all, dealing with people’s biggest assets: the…
Lawsuits are expensive endeavors, period. But what about everyday legal costs - contract vetting, sending documents back and forth, assessing prospective purchasers' information, and so forth? How can boards keep a lid on those expendit…
A proposed agreement drafted by New York City’s Housing Preservation and Development (HPD) department has caused Mayor Bill de Blasio some grief recently, as regulatory measures affecting buildings in the Housing Development Fund Corporatio…
When it comes to hiring professionals – either to do work on a property, or provide some sort of service for a co-op/condo/HOA community—it’s generally the property manager who solicits bids, goes over proposals, and cuts checks to pay for …
You work hard and try to put money away to be used for a rainy day —hoping of course that that ‘rainy day’ is a long-awaited trip to somewhere fabulous and tropical. Then, boom—the brakes on your car suddenly go, or one of the kids needs br…
Money, money, money. The world runs on it. And your building’s well-being depends on it. The issue is not just having funds, but managing them. Handling the purse for an entire building or HOA is a major responsibility, and boards -- even …
There are few feelings worse than encountering an unexpected expense and finding the piggy bank empty. That is why reserve funds and reserve studies are such important elements in the financial well-being of co-ops, condos, and homeowners’ …
In a fiscal climate plagued with uncertainty resulting from threatened budget cuts at the federal level, New York City Mayor Bill de Blasio released his budget proposals for fiscal year 2018 this past April. The FY18 executive budge…
What's a reserve study, and why should your building or HOA conduct them regularly? Find out why they're a crucial part of your community's financial, mechanical, and structural health!
If you are a New York homeowner, you may have heard about STAR , a program under the state's Department of Taxation and Finance that helps provides property tax relief. If not, you may be missing out on potential savings. Here's an in…