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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Speeding up Local Law 97 Compliance

On June 10th, 2022, the City Council's Committee on Environmental Protection met to discuss a newly introduced bill that would ban heating oil No. 4 by 2025. Initially passed in 2010, Local Law 43 as it currently stands bans oil No. 4 by 2030. This controversial issue has led to a “heated” debate amongst New York City officials. Some believe that this is a necessary measure in order to protect the environment and public health, while others argue that it will be too costly and disruptive for building owners. More here =>>

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NYC's Local Law 97 requires large buildings to make significant reductions in their emissions by 2030. The law applies to all buildings over 25,000 square feet, and its goal is to help New York City meet its climate goals by reducing greenhouse gas emissions by 80% by 2050. The law is expected to cost all NYC building operators, including coops and condos billions and billions. Here’s what you need to know about NYC Local Law 97:

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Another case for reducing carbon

Inflation is a problem that has been affecting us all in virtually all aspects of our lives, and coops and condos are certainly no different and not in any way immune. The costs of goods and services needed to operate and maintain apartment buildings have been steadily rising; the latest official government number pegs inflation at 9.1%. More here on how coop and condo board can offset inflation.

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