Renting out their unit has long been a strategy for condo owners (and some co-op shareholders) who—usually because of an extended absence, or as an extra revenue stream—wish to retain ownership of an apartment that they’re not living in …
Talk to enough property managers and board members, and eventually you’ll hear the phrase “owner’s mentality” mentioned in reference to co-op and condo dwellers. Usually the phrase is uttered by way of a complaint, as in, “Our residents …
When it comes to board members pushing their own pet projects, stalling meetings, and generally gumming up their building’s administrative works for selfish reasons, Chris Ebert, senior property manager of Downtown Properties in Manhatt…
Here’s the scenario: the sponsor of your co-op, who owns enough units to throw his weight around, hires a managing agent who plays fast and loose with the municipal tax codes. So much so in fact, that he winds up in jail—and your buildi…
When you rank the key players who keep your building functioning from day to day, the superintendent should probably be placed close to the top of the list. A building’s super has a tremendous amount of responsibility, including looking…
New York City’s skyline is distinguished by thousands of rooftop water tanks. While they make for interesting architectural conversation pieces, the 5,000 to 10,000-gallon tanks actually serve a vital purpose. Since the New York City st…
As attorneys who represent a large number of cooperative and condominium buildings, we’re seeing more and more often that, instead of attracting community-oriented individuals, New York City condominium and cooperative buildings often a…
Mayor Michael R. Bloomberg has unveiled a $59.4 billion budget plan for Fiscal Year 2010 that reduces the city’s workforce by about 13,000 jobs and counts on givebacks by organized labor to reduce a projected $4.8 billion budget gap. …
With a worldwide fiscal crisis in full swing and many New Yorkers more stressed than usual over lost jobs, pay cuts, and dwindling assets, the last thing any co-op or condo community needs is the additional expense and acrimony of a la…
At the height of the housing boom, some builders attempted to recapture profits lost in the price they paid for their properties by cutting costs spent on labor and materials, and many others could not find good contractors or obtain l…