Why Co-op and Condo Boards Should Hire Outside Project Managers

When it comes to managing capital projects in a co-op or condo building, the board’s decision to hire an outside project manager or owner's representative (aka Owner’s Rep) instead of relying on the property manager can have several advantages. While property managers excel at overseeing day-to-day operations, the complexities of capital projects often require specialized expertise and dedicated attention. In this article, we will cover some of the pros of hiring an external professional for managing the building's capital projects.

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Key Dates and Fines for NYC Buildings

Local Law 97, part of New York City's ambitious Climate Mobilization Act, is set to revolutionize the way buildings in the city approach energy consumption and carbon emissions. Co-op and condo owners, as well as their building’s boards, need to familiarize themselves with the critical dates and fine structure outlined by the law. Because we are frequently asked when the fines start, this article has a clear breakdown of the important dates for annual fines and how they will be calculated, enabling building owners to plan and take action towards compliance.

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Unveiling the Super's Crucial Role in Co-op and Condo Living

 

The responsibilities of a Resident Manager or Superintendent in a co-op or condo where there's a board representing the owners and run by a third-party property manager, can vary depending on the specific building and its management structure. Most board members’ knowledge of how their building operates is limited, which makes their working relationship with the super and property manager crucial. It is therefore important to understand their responsibilities.

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The Importance of a Formal Board Nomination Process

A co-op or condo association is more than just a group of homeowners living in the same building. It's a business, and it should be treated as such. One of the most important aspects of managing a co-op or condo association is having a formal nomination process for board members that is communicated to the community in advance.

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What Buildings Greater than 50,000 sq. ft. Don't Want to Miss!

If you're on the board of a building in New York City that is greater than 50,000 square feet, you might be wondering how to comply with and not break Local Law 97's new emissions standards without breaking the bank. The good news is that you might have already taken a step towards compliance without even realizing it.

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Debunking the Myths

Heat pumps have become increasingly popular as an eco-friendly and energy-efficient way to heat homes, but there is a common misconception that they don't work well in cold weather. Recent articles in the New York Times and the NY Post have added to this confusion, but the truth is that heat pumps are more than capable of functioning in cold climates, and this has been proven in countries like Sweden, Norway, and Finland. In these countries, heat pumps have been used extensively for many years and have been found to work efficiently even when temperatures drop below freezing.

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Top 5 Tips on How to Get Your Building Ready for New Emissions Standards

New York City's Local Law 97 is set to go into effect in 2024 and is aimed at reducing carbon emissions from buildings over 25,000 square feet. To comply with the new emissions standards, building owners and operators need to start preparing now. Here are the top 5 tips on how to get your building ready for Local Law 97:

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Bike Storage Edition for Co-op and Condo Buildings

As the weather starts to warm up, many people are getting ready to bring out their bikes for the season. For those living in co-op and condo buildings, this can pose a challenge when it comes to storing their bicycle, unless the building has a proper bike storage space. Although CitiBikes are the preferred choice for team Folson Group, it is not for everyone. Adding a bike storage room creates an extra amenity that increases property values.

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Local Law 88's LED Upgrade Deadline

As a co-op or condo board member, you're no stranger to making decisions that benefit both your residents and your building's bottom line. One such decision you'll want to consider is upgrading your building's lighting to LED fixtures, and you'll want to act fast: Local Law 88 requires all buildings to make this upgrade by December 31st, 2024.

While the law applies to all buildings greater than 25,000 sq ft in New York City, it's especially important for co-ops and condos with common areas such as hallways, basements, and stairwells that are typically left illuminated 24/7. Making the switch to LED not only helps your building meet regulatory requirements but can also lead to significant savings on your electricity expenses in the long run.

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A Look at Local Law 97 Compliance

New York City's Local Law 97 has put in place strict regulations aimed at reducing carbon emissions from buildings greater than 25,000 square feet. While this is a positive move towards a more sustainable future, it also means that building owners are at risk of significant fines for non-compliance. As a result, many building owners are considering remeasuring their properties to avoid penalties. However, the decision to remeasure is not straightforward and requires careful consideration of several factors.

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