Living in a co-op in the heart of the city comes with its own set of challenges, especially when it comes to managing finances. However, there are good news. Co-op reverse mortgages offer a unique financial solution, providing homeowners with several benefits that can transform their financial outlook. Let’s examine how a reverse mortgage for your Coop NYC can benefit you.
Read MoreCan you believe that New York City coops and condos have yet another law to follow? In a city known for its complex web of regulations, Local Law 126 of 2021 (LL126) adds another layer of responsibility to building owners. This law mandates an annual inspection of parapets, those often-overlooked structures that adorn our city's buildings. While the law primarily targets parking garage inspections, it's essential to note that parapet inspections are a crucial aspect of this regulation.
Read MoreWelcome to the dynamic world of New York City living, where choices abound and opportunities await. Navigating the housing landscape in the Big Apple is an exciting journey filled with decisions that can shape your lifestyle and financial future.
Read MoreHave you ever found yourself in a situation where fellow board members are meeting without you? It can be disheartening and raise many questions. In a recent column on Brick Underground, a reader asked, “My fellow board members are meeting without me. What should I do about it”? The article provided valuable insights in response, with legal experts weighing in on the matter. While the summary conclusions were instructive, we wanted to delve deeper into this issue, as it's a scenario we often encounter.
Read MoreWhen it comes to the meticulous task of selecting service providers for your co-op or condo building, reference checks emerge as a crucial step in the decision-making process. As a conscientious board member, your commitment to running buildings like thriving businesses sets the stage for excellence. Here, we delve into the intricacies of reference checks, steering you through a labyrinth of questions to help you make informed choices that enhance your building's efficiency, safety, and sustainability.
Read MoreIn the dynamic world of cooperative (co-op) and condominium (condo) living, volunteer board members play a pivotal role in steering the ship toward a prosperous and harmonious community. These dedicated individuals come from diverse backgrounds, each contributing their unique expertise to the betterment of the shared living space. However, one trait stands out as a key differentiator in their effectiveness: curiosity and a commitment to self-education.
Read MoreHey there, visionary co-op and condo board members! Ready to take the reins of energy efficiency and ace Local Law 97 compliance?
Raise your hand if you want to write the annual letter to shareholders informing them that you will not face LL97 fines as you handled the energy efficiency upgrades early to meet NYC’s carbon emission limits! Let's dive into the heart of the matter: understanding the crucial dance between supply, demand, and the finite availability of HVAC equipment and installers. This knowledge is your secret weapon in navigating a greener, more cost-effective future for your building.
Read MoreHave you ever considered the potential ramifications of recent mandates on the territory of New York City co-ops and condos? Let's delve into the intricate world of the prevailing wage mandate. If you're a board member in a union-affiliated co-op or condo, this may or may not have an effect on you. However, for those in non-union buildings aspiring to retain their property tax abatement, this is a development you can't afford to overlook.
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As unpaid co-op and condo board volunteers, time is a priceless asset that we must utilize wisely. Understanding the true value of time empowers us to seize every moment and accomplish our objectives efficiently. Read five invaluable tips tailored to help you free up your precious time and make the most out of your commitments.
Read MoreSub-metering in master-metered buildings simplifies billing and brings brighter prospects for energy efficiency. Most co-op and condo owners in New York City are either directly metered by ConEd, or already sub-metered. However, there is still a small percentage of buildings that are master-metered. Those buildings need to install sub-meters before January 1, 2025 to comply with Local Law 88. This law was passed in 2009 as part of the Bloomberg administration’s Greener Greater Buildings Plan.
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