When a smart coop and condo board changes their property management firm

New York City Coop or condo boards rely heavily on their property manager regarding their building. The property manager has a wide breadth of knowledge of building operations, building codes, and typically has an extensive list of vendors for every product and service that the building needs.

When getting bids and recommendations for vendors, the coop or condo board typically relies on the property manager and their team. In addition, if the board wants to switch one of the building’s many service providers, their first call is often to their property manager.

This begs the question, who does the board call when they want to switch their property management firm?

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Rip your utility bill in half

Is this the year that you will be renovating or updating your home? Even if you love your home as it is, there’s always room for some updates and refreshers. Over time, paint gets nicked and dirty from city soot and grime, and styles change and evolve. We have been cooped up 24/7 in our apartments working from home for what seems like eternity, which has created an increase in wear and tear.

At the same time, there have been some amazing technological advances in the energy efficiency space, so why not incorporate those in your next NYC apartment renovation?

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How coop and condo boards can take advantage of the Inflation Reduction Act

The Inflation Reduction Act (IRA) of 2022 has passed. It comes with significant rebates and tax incentives for electrifying homes and apartments. If taken advantage of at the fullest, the IRA will help NYC coop and condo owners and boards minimize their fines as part of Local Law 97. Rebates and tax benefits will apply both to the equipment, the installation, as well as on the needed electricity upgrades. It includes electric upgrades by the owners as well as certain multifamily properties. Here are our top tips for coop and condo boards to act now:

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What’s in your coop or condo ’s budget?

The fourth quarter is when New York City coop and condo boards are working with their property manager on setting next year’s budget. Setting realistic budget goals for your coop or condo is necessary to be able to pay for the building’s expenses. When you, as a coop or condo owner, receive a letter from the board or property manager telling you how much your maintenance or common charges are increasing, it is (if done correctly) to cover the costs in this budget.

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When it comes to building operation, there are many different systems at play in a NYC coop or condo. The main building systems can be divided into three main categories: exterior, interior, and mechanical. Each one of these systems are what keeps a building running efficiently and safely, and they must work together in order for the building to function properly. In this article, we summarize some of the building systems

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What you need to know

As a coop or condo board member in New York City, you are responsible for making sure your building is up to code and safe for owners. Part of that responsibility includes periodic gas pipe inspections. Local Law 152, also known as the Gas Pipe Safety Law, requires coop and condo boards to have their gas piping inspected by a qualified professional.

An important part of keeping your building safe and up to code is to perform the required periodic gas pipe inspection.

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Accommodating the Wishes of Many

As told to Habitat

We worked with a very proactive board on the Upper East Side that wanted to reduce its building’s carbon emissions and do the right thing for the residents. It was facing some $80,000 in fines in 2030 under the Climate Mobilization Act and wanted to develop the roof, so that’s what we did. The board was planning to do mandatory repairs under the Façade Inspection and Safety Program, or Local Law 11, and had already budgeted for scaffolding all around the building, which is 16 stories. Read how this board installed a green roof.

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How well your building is maintained doesn’t just affect your life as a resident, it can improve your building’s value when it comes time to sell.

Add some simple maintenance routines to your building’s list to make it more attractive to sell in the near-term and down the line. Take these tips and examples from Mallory Brown Bogard, a New York real estate broker whose team advised and transacted on over $100M in deals in 2021.‍ MORE=>>

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As the number of devices connected to the internet (known as the Internet of Things, or IoT) grows, so does the risk of cyberattacks. With the increase in technology used in coops and condos, the board has a responsibility to protect the association and its owners from these threats. Here are some tips for NYC condo and co-op boards to help keep their buildings safe from cybercrime.

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