2012 January
2012 January Vol. 32, No. 1
Focus on...Management/Board Relations
Come One, Come All
The holidays are behind us, and the long haul toward spring is underway. Along
with the usual springtime showers and flowers, of course, comes The Cooperator’s annual Co-op & Condo Expo. The Expo is quietly taking shape as this spring’s must-attend event for the tri-state area’s property managers, board members, and unit owners.
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Revenue or Reduction
Budgeting is never easy, not for a family of four and certainly not for a co-op
or condo community of hundreds or thousands of residents. That fact is made all
the more difficult by the lingering effects of the recession, which continues
to wreak havoc with our confidence as well as our overall bottom line. For many
boards, trying to balance a budget these days requires making difficult
choices. If the budget is falling short, what is the solution? Raise more
revenue by raising fees? Or reduce costs by cutting back on services and
amenities? For residents, neither option is likely to win a popularity contest.
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A Day in the Life of a Manager
A friend of a property manager of a New York co-op recently remarked that “Superman has finally met his match” when a task came in that seemed to have the effect of kryptonite and slowed him
down—for a moment at least.
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Friend Us on Facebook
With smart-phones dominating the cellular market, people now have Internet
access anywhere and everywhere they go. While shopping and “googling” are leading reasons to use the Internet, the rise of social media has changed
the way in which people interact with one another, businesses and government.
Earlier this year, the City of New York hired its first chief digital officer,
a former Bloomberg Businessweek “Most Promising Social Entrepreneur,” Rachel Sterne. She has been charged with developing Web 2.0 technologies and
social media initiatives geared toward connecting the city’s 83 agencies and keeping residents informed. Read More
A Matter of Style
Every co-op, condo and HOA community is different—each has its own distinctive character, attitude, and expectations. The same is
obviously true for the individual people who manage these communities and help
them run their day-to-day business.
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The Road Ahead
In today’s legislative world, housing is a big item. Rent-payers, condo owners, co-op
shareholders, and developers all have their particular interests—and they don’t necessarily mesh. In the meantime, the ongoing recession threatens all of
them.
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Aging in Place
Citizens over the age of 65 comprise nearly 13 percent of the U.S. population—just under 40 million seniors. By 2030, it is estimated that 72 million
Americans will be over the age of 65, nearly doubling those numbers. Where this
volume of seniors will live and how, is a question facing not only the
individual seniors but also many boards and property managers who are seeing an
increased population of older residents. It is to be expected that this group will dramatically change the face of aging
and retirement.
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RIP Fannie & Freddie?
One of the biggest issues in the real estate industry over the past year has
been the speculation that government-sponsored mortgage programs Fannie Mae and
Freddie Mac will be ending. For the past 70 years, Fannie Mae and Freddie Mac
have helped countless Americans secure long-term, fixed-rate mortgages, by
purchasing them from lenders and securitizing them, all with the unofficial
guarantee of the federal government backing them up.
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Managing Properties in Tough Times
The economy cratered—to use a term in popular parlance at that time—in September, 2008, with the collapse of too-big-to-fail Lehman Brothers. While the measures undertaken by the federal government and the Federal Reserve
averted complete financial meltdown—it never reached the point where we had to transport the necessary dollars to
buy a loaf of bread in a wheelbarrow, as happened in Italy a few decades ago—the last few years have been a litany of ominous economic indicators.
Unemployment: in the double digits. Consumer confidence: an oxymoron. The Dow:
mostly down. Property values: down from the highs of just a few years ago. Foreclosures: way up. About the only positive is the interest rates, which hover near all-time lows. Mix in the mounting deficit, the Moody’s downgrade of U.S. T-bills in mid-2011, and a growing populist uprising
centered around income inequality (and camped out downtown in Zucotti Park),
and it’s not a boon time for much of anything to do with real estate—even in the Big Apple.
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Fixing a Noisy Steam Pipe
No, your steam lines are not supposed to be noisy. The Beatles are considered to be among the best musicians of all time. But the cacophony you get from noisy steam lines is far from considered music at all. Read More
Appellate Division Rules on Commercial Leasing
Many times, cooperatives and condominiums have commercial retail spaces connected to or below their building. These are immensely valuable as a result of the income generated by these stores and restaurants. Ergo, the importance of a new decision from the Appellate Division. Two decades ago, New York Courts allowed equity to trump the law and case precedents in many of its commercial leasing decisions. During the new millennium, the pendulum swung back to enforcing contracts and leases as they have been written no matter how painful and obtrusive the result. According to a recent commercial leasing decision by one of the Appellate Division’s most reputable judges, this pendulum may be swinging back to allowing empathy and sympathy override a contractual provision. Read More
Q&A: Marijuana Problem in Manhattan
I live in a co-op in Manhattan and have a neighbor who enjoys smoking pot. The problem is he does a horrible job containing the smell. He smokes out the window and around the apartment. The smell comes into my apartment (which is directly on top of his) through the window and whatever cracks exist between apartments. The smell is distasteful and I also experience problems breathing when this occurs. I have gone to management. They say a letter was mailed, however, the problem continues and they will not commit to further actions. I have gone to my local police precinct and they too advised there is nothing they can do if it is being done behind locked closed doors. Who do I go to now? Read More
Q&A: Exemption Used for Maintenance
Our co-op property manager charged and collected $506.55 from me for unclogging a bathroom sink. But he did so by taking it from our SCRIE-DRIE-STAR credit checks from the New York City Department of Finance. According to our bylaws and proprietary lease, he is not supposed to charge for this service. What can I do about it? Is it legal to do what was done? Read More
