Does your co-op or condo pay for services they don’t use?
We often find that co-op, condo and homeowners associations are paying for services that they are not using.
How do we know that? Because we have reviewed financial statements for thousands of buildings. So, when we see an outlier, such as an expense that we normally do not see, we ask what it is for.
I bet that you can relate to this. If you are anything like me, there has probably been a time when you decided to cancel a service, but then either forgot or got too busy to follow through. And, in many cases, you are one person making the decision and taking the action. Every now and again, I hear that businesses have the same problem. This is understandable because businesses have even more moving parts.
Does Your NYC Co-op Board Set a Realistic Budget?
Setting realistic budget goals for your co-op or condo will keep the business of your building running smoothly and help you increase the value of your property. If you are involved in preparing or approving an NYC co-op and condo budget, you and your team should be asking yourself these basic questions.
Building Energy Efficiency Rating is Live!!!
New York City building energy efficiency scores are now live! Effective October 31, 2020, all buildings greater than 25,000 square feet must post their energy efficiency grade, visible to all by every and all entrances. Those that do not, risk getting fined.
Virtual Annual Meetings
Heading into the seventh month of social distancing, many coop and condo boards are starting to decide on whether to have or not to have their annual meetings. Although boards could likely postpone the annual meeting for now, some boards would like to schedule and hold their annual meetings. Here are some options and benefits to scheduling a virtual annual meeting.
Essential... or Not
At 7 pm every night, New Yorkers are literally hanging out of their windows and clapping and banging pots and pans to cheer on and thank our essential workers. Since the onset of the Covid-19 ‘shelter in place’ order, #ClapBecauseWeCare has become a highlight for many of us in New York City. Which brings us to the question, what residential building workers are considered essential?
Photocredit: Deutsch Photography
Evictions Halted
With the COVID-19 measures taken, multifamily buildings, including coops and condos, may not be able to collect rents, maintenance, and common charges from those affected. Yet, property owners need to continue paying their bills. Will this jeopardize their ability to function?
The Cycle Continues
It’s time for sidewalk sheds and scaffolding, again. February 21, 2020 marks the beginning of the 9th cycle of façade inspections for all NYC buildings. The Façade Inspection Safety Program (FISP) was formerly known and still often referred to as Local Law 11. Building owners and managers have four years to complete the inspection and make the necessary repairs.
Is your Building an “A” or an “F”?
Would you go to a restaurant that had anything but a letter “A” posted in the window? As recently reported in Curbed NY, Local Law 95, which is an amendment to Local Law 33, mandates that all New York City buildings post their letter grade on the building. Buildings are expected to receive their letters in the fall of 2020. The building grade is based on how much carbon it emits; in a nutshell, new buildings will have higher grades while old buildings will have poorer grades.
Budget Season... Again
It’s that time of the year again. Soon, you will need to inform your coop shareholders or condo owners that their monthly fees are increasing, again. This is in spite of a close to zero inflation economy and owners’ salaries barely increasing. Despite this, every contract and vendor that the board hires, on owners’ behalf, automatically increases their fees every year.
Lights! Action! Savings!
When opening her apartment door, Emily was surprised to see that the hallways were already lit. She recently bought this apartment because her realtor had told her that the condo board was proactively “green,” something that she, as a millennial, genuinely cared about. Her realtor had highlighted that they recently replaced all light fixtures with LEDs on motion sensors. Emily had to think about it for a minute and then went back into the apartment, while leaving the door wide open. After a few minutes, all except one fixture turned off. The fixture by the elevator remained lit but had dimmed from where it was before.