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The year 2008 is likely to go down in history as one of the most disappointing (or maybe flat-out alarming) for the U.S. economy in general. To be fair, the city hasn’t suffered as much as most of the nation has—but the co-op and condo …
Despite the collapse in housing prices in much of the country and a definite slowdown in sales, new residential development in New York City—and Manhattan in particular—continues, though at a much more modest pace than in recent years. T…
On September 15, 2008, Lehman Brothers investment bank went under in the largest bankruptcy of all time. The economy was already on the decline, other august companies had already foundered, and both presidential candidates were procla…
Bad economic news is pretty much inescapable these days. You can’t turn on the TV without hearing about another round of layoffs or plummeting consumer confidence. The stock market is a roller coaster, retirement funds are shedding valu…
Everyone is feeling the crunch of the ongoing recession and as building communities look for ways to raise revenue without adding to their residents’ current financial worries with large assessments, flip taxes are becoming a hot topic.…
For a building to run in accordance with the law and to deliver its owners and tenants the rights they deserve, good management is crucial. Most co-ops and condos hire a management company to provide the guidance they require; manageme…
It’s such a simple idea—covering your roof with plants—that it’s no surprise people have been doing it for millennia. From the hanging gardens of ancient Babylon to the terraced farmsteads of the Andes, working greenery into everyday ar…
Oh how we love our pets! From common household pets—dogs, cats, birds and fish to even rodents and reptiles, Americans looks to their pets as a source of companionship and entertainment. Studies show that pet owners have lower …
The mortgage crisis has been felt throughout the country, and markets and individuals alike have moved from denial and bargaining to acceptance of the recession and its attendant challenges. And while New York City’s co-op and condo mar…
Ever since “Romeo and Juliet” made them famous, balconies have been popular additions to our homes and living spaces. For co-op and condo communities, balconies can add an extra perk, a few more feet of living space that allow us to enj…
You’ve been notified of a cardiac (or other) medical emergency in your co-op or condo building. Someone has called 911, someone else is administering cardio-pulmonary resuscitation (CPR) and someone else is bringing the automatic extern…
Mechanic’s liens are one of the topics I am most often consulted about. This is especially true at the present time with the state of the economy. It is not that the economy brings new kinds of issues, there are just a lot more of the …
The realities of a depressed real estate market have finally settled upon New York City. We’ve seen a significant drop in sale prices over just the past few months. This has been coupled with a rapid increase in inventory levels as unit…
It’s amazing how good building owners and managers are at increasing and garnering revenue from residential tenants while at the same time leaving themselves to the will and whim of laundry room operators who impose contracts lasting fo…
While not everyone who serves on his or her co-op or condo board needs to be an attorney or have an encyclopedic knowledge of the law, it never hurts to be aware of the important, often precedent-setting legal decisions being handed do…
Your roof terrace leaked and the neighbor below you sued for damages. The heating system in your apartment failed to work and the managing agent sent you the bill for its repair. You bought a dog for your child, and six months later th…
On the infamous evening of September 11, 2001, Battery Park City resident Hank Wisner was unable to go home to his smoke- and ash-filled apartment across the street from the World Trade Center. As he watched the day’s events play over a…
As a neighborhood, the South Bronx has struggled for nearly three decades under the negative connotations of its name as a flash point for violent crime, drugs, and unchecked urban decay. For many of those who live there, life is bound…
Q We are a small co-op building of 28 units in Jackson Heights, Queens. We would like to know if during an interview of the prospective buyer a seller is allowed to be present, where he/she might intervene during the process favoring…
Q My offer on a co-op was accepted and the co-op sent some of the financials to my attorney. I’m told that the building’s financials are “OK,” not terrific and not terrible. My attorney said that the reserves are $140,000 or approxima…