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
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
