We know that, in life, two things you can always count on are death and taxes. But did you know that the third thing you can always count on? Your co-op or condo building’s maintenance fees regularly increasing. With rising service costs and living expenses, the problem can seem inevitable, especially when the board and their property management firm insists these costs are fixed.

After helping many buildings throughout New York City, we have learned that these costs are not necessarily set in stone. Evaluate the following “fixed” expenses to leave no stone unturned:

The creation of amenity spaces is a key element to increasing the real estate value of your co-op or condo building and improving the marketability of available units. Amenity spaces also improve community spirit, giving residents a place to make connections with other residents. For older buildings in the city, there are few areas that are deemed “auxiliary,” but many spaces can be repurposed for the benefit of all owners or shareholders: poorly utilized storage areas, unused basement spaces and super’s offices, and old laundry rooms. Here are some ideas to consider:

Don’t settle for surface-level solutions.

No one likes to get hit with a huge cost that puts a dent in your co-op or condo board’s budget. A large repair or construction project could dip into the board’s reserves or even impose a special assessment. It’s understandable, then, when board members hesitate to make such big changes and instead opt for “band-aid” quick fixes. However, pushing out major repairs in favor of cheap, temporary solutions only delays the inevitable and costs the board more long-term, not to mention the increased likelihood of the cheap repair spontaneously going bust. Consider if your board is putting band-aids on these issues:

Did you know that...

New York City's real estate tax is the single largest expense for every Tax Class 2 apartment building in NYC?

Tax Class 2 buildings are residential buildings with 4 or more units and includes cooperatives, condominiums, cond-ops, and rental buildings.

Real Estate taxes account for approximately 50% of coops’ total expenses.

Sun’s out and school’s out -summer is officially here! Maybe you’re heading to the Hamptons every weekend or are planning to lounge on your building’s roof deck (aka concrete beach). If you’re a co-op or condo board member, you should also be planning for higher utilities costs. New York City had its hottest summer in 2020, and 2021 is looking no different. That’s why it’s vital to have quality HVAC systems that keep residents comfortable in common areas. Increased electricity costs can be painful, so we have some tips to help increase your A/C efficiency and decrease your costs:

“The teacher doesn’t like me!” Unfortunately, when it comes to New York City energy efficiency grades, that excuse won’t apply. New York City’s Local Law 84 of 2009 (and its amended Local Law 133 of 2016) requires buildings to check their energy and water usage annually and submit the data to the Energy Star Portfolio Manager website, which calculates a score. Then, the Department of Buildings (or DOB, for short) assigns a grade to be posted outside the building:

We’ve all been there: You’re in the subway and become riveted in Candy Crush, only to realize you’ve missed your stop. If you’re one of the 45% of New Yorkers who drive, you know the feeling of the dreaded wrong turn or missed exit. These may be trivial examples, but they represent many common occurrences that frequently put us into “crisis mode,” seeking to quickly get back on the right track and minimize time-cost of becoming too late.

If you feel like you’re constantly putting out fires, you might be running your co-op or condo building in reactive mode.

Here’s how to crawl of out crisis mode and stay ahead of the game in the future:

Congratulations! You have just welcomed a new member to your co-op or condo board. Hopefully their skills, ideas, and experiences can add a fresh perspective to meetings and contribute to the board in exciting new ways. As many co-op and condo residents know, serving on the board can be a big time commitment and feel like a thankless part-time job. That’s why it’s important to make new board members feel welcome and informed. Read more here =>>

Residents of co-op and condo buildings know that maintenance fees only move one way - up. From laundry rooms to elevators to electrical systems, there is always something that seems to be in need of repair. That’s why their boards are constantly looking for ways to cut costs, or, at the very least, prevent existing expenses from increasing.

Being the president of the co-op or condo board can not only feel like a thankless position, but in many ways like a one man show. The president has the final signature, and while the entire board may technically be responsible for certain aspects of the running of the board, the final responsibility (or ‘fault’ depending on your outlook) often rests on his or her shoulders.