Easy Tips to help Co-op and Condo Boards Save Money

With inflation and skyrocketing energy prices, co-op and condo boards are struggling with the cost of heating their building. Now is more important than ever for New York City co-op and condo boards to understand the difference in how much they pay for energy versus how much they use. Property management firms often recommend that their coop and condo clients enter into energy supply contracts to lock-in their rates. We are proponents of instead reducing how much you use.

For Working With Property Management Firms In NYC

Working with property management firms in New York? Here are some debt collection tips for vendors who do work for multifamily owners, including coops and condos, when it comes to working with property managers.

Will your building face fines as part of Local Law 97?

When it comes to LL97 and energy efficiency scores, NYC coop & condo boards have a lot of questions. What are the fines for not meeting greenhouse gas and carbon emission limits as part of the Local Law 97 regulations? How do you improve your building's energy efficiency score?

There's a lot of media buzz about the fact that the energy efficiency scores have nothing to do with the Local Law 97 fines. Even if this technically is true, the likelihood of a D-rated building facing fines in 2030 is statistically 80%, but realistically it is closer to 100%. In this blog post, we'll talk about the statistical probability side of things.

What Makes a Great Board Member

Some of the most important things to remember when you're a coop or condo board member is that you represent your neighbors and the entire community. It's not always easy, but it will make life so much easier in the end! Previously we covered our “Top Three Electrifying Tips” for coops and condos. This time, we’d like to give some tips to board members on how to accommodate and facilitate this.

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?

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?

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:

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.

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

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.