2009 Oct

The Good, the Bad and the Ugly

 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 building winds up owing some significant back taxes. The sponsor then  brings in a new, wet-behind-the-ears managing agent, who pays the tax bill with  an unmarked—and untraceable—starter check, which the city cashes…without crediting the proper account. It’s like a parking meter ate your quarter, but instead of 25 cents, your building  just lost $90 grand.   Read More

Disruptive Pet Projects, Grudges & Other Distractions

 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 Manhattan, feels like he’s seen it all. But the memory of one particular board member’s personal agenda stands out in particular.   Read More

Cultivating an Owner's Mentality

 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 just don’t have an owner’s mentality about their units or their building.” Read More

Growing Numbers of Non-Owners Pose Challenges

 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 at the moment. The tanked economy has expanded this trend  throughout the region as more owners are looking to save or even make money on  their apartments.   Read More

Use vs. Abuse—and How to Tell the Difference

 Everybody sometimes disagrees with the decisions of their co-op or condo board.  Maybe the choice to rearrange the garbage receptacles out front seems  ridiculous, or the ongoing clattering of machinery on the roof is driving the  top-floor residents nuts and the board seems determined to let it fix itself.  These are the kinds of inevitable complaints that every board has to deal with  sooner or later, and most manage to handle such issues with prudence and  aplomb.   Read More

Secrets of Successful Co-op & Condo Boards

 It’s an oft-repeated refrain that co-op and condo boards are groups of unique  individuals with their own perspective and opinions, so no two boards are ever  the same. That being said, there are certain overall organizational  characteristics that can unify a board and help its members run their building  smoothly and efficiently.   Read More

Your Building's Most Important Relationship

 When a crisis arises in a building, however large or small, calling the super is  almost as reflexive as dialing 911 in an emergency. After all, it’s the superintendent who literally holds the keys to a building’s successful operation—he or she is the captain of the ship, as it were. Read More

Ultra-small Co-op & Condo Communities

 Sometimes, living in one of those enormous, labyrinthine co-op or condo  buildings can make a resident feel like one among the many, indistinguishable  from any other. While many people prefer the anonymity of a large building,  others seek smaller, cozier living arrangements. And that’s where ultra-small co-op and condo communities—buildings with fewer than 10 units—come into play, providing an environment where everyone knows everybody else and  where nearly everyone has a say in how the building community is run. Read More

Scaling Back on Budgets and Plans

 It’s no secret that in this economic climate, everyone is trying to find a way to  save money. For the city’s co-op and condo communities, this has meant a great deal of scaling back on  budgets, cutting some projects and reshuffling plans for renovations, major  capital improvements and even regular maintenance work in some cases. Read More

Knowledge is Power

 When you’re a superintendent or a member of a building’s support staff, your educational background is not always that important when  you’re hired, as long as your experience is enough to impress those doing the  hiring. But once you do have the job, most industry professionals suggest that  continuing your education is an important step in continuing to be successful. Read More

Resolving Disputes with Shareholders

 Shareholders often find themselves “butting heads” with the board of directors at the co-op buildings in which they live. Often  the disputes, which arise are disagreements over a shareholder’s personal agenda, and a board not allowing them to proceed forward with their  plans. Read More

The Chartered Property Casualty Underwriters Society

 The Malvern, Pennsylvania-based Chartered Property Casualty Underwriters (CPCU)  Society is a community of credentialed property and casualty insurance  professionals formed in 1944 to promote ethical practices and continuing  education among insurance professionals. Read More

Keeping it Healthy in Today's Tough Economy

 In today’s harsh economic times, maintaining a healthy reserve fund is more important  than ever. A co-op or condo’s reserve fund can be used to cover any number of emergency expenses from sudden  repairs to legal costs. In addition, a reserve fund can be used for ongoing  maintenance projects or for anticipated future repairs.   Read More

A Look at the South Bronx

 “So you think hip-hop had its start out in Queensbridge?”      

 According to seminal rap artist and South Bronx native KRS-One, you are  mistaken. In fact, according to his aptly titled 1986 track, “If you popped that junk up in the Bronx, you might not live.”   Read More

Property Values, Loans at Risk

 As of November 2, new lending guidelines from HUD mean that FHA loan  requirements will be significantly tightened for condominium sales. Read More

Preventing Damage from Ice and Snow

 At first glance, concrete obviously seems like a very dense material. In reality  however, it absorbs water, behaving more like a sponge. This can easily be observed on a summer day. Pour water on a sidewalk, and you can actually watch the water penetrate and be  absorbed by the surface of the concrete. This isn’t a bad sign; quality concrete should contain air voids, and should be somewhat  absorbent—but it does underline the importance of caring for your concrete properly to  avoid problems when it comes to ice and snow.   Read More

Taking Corrective Action with Employees

Lee Iacocca once said that if you want a sound company, “You start with good people, lay out the rules, communicate with your employees, motivate them and reward them. If you do all those things effectively, you can’t miss.”

A Look at What Lies Beneath

 New York is often called a “vertical” city because its finite borders impose strict limits on expansion. In Manhattan  particularly, the only way to build is up. This verticality goes both ways,  however—for all the towering skyscrapers aboveground, there’s an equally vast and Byzantine system of structures below the pavement. Gotham’s undercarriage is a honeycomb of steam tunnels, sewage mains, disused subway  stations, and odd, empty spaces that city workers simply call “voids”—some of which are accessible to the public, some of which have been locked or  sealed up for decades. Read More

Q&A: Irresponsible Board President

The board of our HDFC co-op is not fulfilling the needs of the building or  maintaining its upkeep. The building structure is deteriorating, and the  intercom system has not been working for over a year. Since the death of our  last board president (who was allegedly stealing money), a new president has  taken over, and conditions have gotten even worse. The new president refuses to  fix up the building or hire a super or managing agent. The building’s appearance is now dreadful, and residents with small children are concerned  for their safety after syringe needles have been found in the hallways. What  can we as residents do to turn things around and take back our building? Read More

Q&A: Management Company Negligent

Our management company just changed hands. The building records were shipped to  the co-op, placed in a room across from the laundry and the rumor is that only  the superintendent has the key. The other night when the new manager came, he  left the door unlocked and the records were exposed to anyone who had access to  that room. Since this new manager does not see the importance of housing our  records at his location, I am afraid of identity theft and want my folder  removed from that room. Do I have the right as a board member and shareholder  to remove it? Read More

Q&A: Board Ethics

 Can the president of the co-op board be in business with the managing agent  company’s owner without divulging it to the shareholders or other board members? The  board members were recently notified that the owner is one of the board of  directors and principal owners of a new bank that the co-op has refinanced  through. Our board president who is dealing with the company owner is also an  investor in this bank. I think the relationship between the management company’s president/owner has compromised the board president’s fiduciary responsibilities to the shareholders. I do not believe the board  president has pursued problems allegedly related to the managing company’s poor performance since he wants to be on the good side of the very wealthy and  connected owner. As of this time, the shareholders have not been informed of  the board president’s business dealings with the owner of the management company. Read More

Q&A: Shareholders' Right to Choose Management Company

 Do co-op shareholders have any rights when it comes to the selection of a  management company for their building? And if they can’t directly choose which company will manage their co-op, can they attend the  interviews with the potential new companies and ask questions to determine if  they want their building managed by one company over another? Read More