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The rising cost of living in New York City impacts nearly everybody. But it’s especially infuriating to realize that one way the city government makes up for lost revenue is by cracking down on residents and property owners. NYC collects ov…
As we enter the final quarter of 2024, the first Local Law 97 (LL97) submission period is quickly approaching for New York’s co-ops and condos, with the first annual emissions reports due in May of 2025. Under LL97, owners of buildings over…
Property owners and managers are no strangers to wearing many hats, but developing a plan for energy reduction and electrification could be unfamiliar territory to even seasoned residential pros. When time and resources are scarce, making…
Having a commercial space on the ground floor of your co-op building can be both a blessing and a curse. On the blessing side, the income generated by such a space can provide much-needed income for a residential cooperative, reducing sha…
According to a recent item published by the National Housing Conference (NHC), Representative Mike Lawler (R-N.Y.) has “announced a new sweeping legislative housing plan that looks to incentivize construction to produce more affordable…
The Background In a recent case, the Community Associations Institute (CAI) and several community associations sought a preliminary injunction against the enforcement of the Corporate Transparency Act (CTA). The CAI argued that requiring t…
In a market economy, price and value are assumed to be mutually reflective. Investors expect that their assets - in our case real estate, and specifically co-op and condominium apartment units - not only maintain their value, but experienc…
Just as a ship cannot steer without its captain, a board cannot function effectively without its president. Serving as the administrative head, this volunteer position is vital for ensuring the smooth operation of a condo, co-op, or HOA boa…
Many residential co-ops and condos have commercial retail space or parking garages in their buildings–but frequently, these spaces are not owned or controlled by the condominium or cooperative. In condominiums, retail space and parking ga…
As members of co-op corporations and condominium associations, we often hear the term fiduciary duty bandied about. But what does it really mean to be a fiduciary? Stated simply, the term ‘fiduciary’ means trust. When a person managing the…