After nearly half a century of faithful service, the electric-powered domestic hot water boiler at the Toulaine, a 245-unit co-op at 130 West 67th St., was on its way out. “While the old boiler was still operational, we wanted to get ahead of the game,” says Steven Hoffman, founder the co-op’s management company, Hoffman Management.
Gov. Kathy Hochul has signed a bill that will require co-op and condo boards to pay prevailing wages to their building staffers in order to receive the coveted property tax abatement. The law doesn’t go into effect on April 1, 2022, the beginning of the state’s fiscal year, but it has already produced surprises. The initial reaction to the bill was
Most co-ops and condos have a fairly simple financial formula of expenses being matched to revenue. But when a catastrophic event occurs, this calculation explodes. You recently dealt with this at one of your buildings, which you had to bring back from the brink. This co-op is located on the Upper West Side with approximately
THE BIG PICTURE Fiduciary responsibility. That is a concept every board member must understand, if everyone wants to govern responsibly. In simple terms, fiduciary responsibility means that the board must act to benefit the majority of shareholders in every decision that it makes. When a board member is either self-dealing or working on a situation
I took over management of a very high-end luxury co-op on West End Avenue several years ago. At the start of my engagement, the resident manager resigned his position. Shortly thereafter, the handyman resigned. At that point, the board was very concerned about losing two key employees just as a new management company was starting. I told them not to panic,
Setting the Scene I took over management of a very high-end luxury co-op on West End Avenue several years ago. At the start of my engagement, the resident manager resigned his position. Shortly thereafter, the handyman resigned. At that point, the board was very concerned about losing two key employees just as a new management
The Challenge When I asked the outgoing manager of the co-op that we were taking over for the transfer check, he said, “What check?” This transaction is standard in transitions between agents; it’s how the old agent transfers the operating funds to the new one. In this case – a 75-unit property on the Upper
Forty-five management executives offer their answers to questions that buyers are asking and that boards need to answer. Definitive Guide to Questions that Buyers Are Asking and Boards Need to Answer Depending on whom you talk to, the real estate market is picking up, is still pretty slow, or is poised to significantly move. There
Conceived in controversy and born in bitterness, Manhattan’s 789 West End Avenue has turned into a healthy and prosperous success story. By Bill Morris It was conceived in controversy. Born in bitterness. And raised on a diet of conflict and acrimony. Not exactly a prescription for a long and healthy life. Yet in spite of
Where to start, the steps you can take, the little things to remember. From your light bulbs to real estate assessments, Habitat’s key tips to saving money for a rainy (or even sunny) day. By Leslie Jay The key to saving money is remembering that if you don’t invest the time, you won’t make a
