CooperatorNews New York, The Co-op & Condo Monthly

Q. A neighbor in our condo had a pressure test done that blew out our kitchen faucet, causing $20K in water and mold damage. Our 30-year-old building does not have isolation valves installed between the units. Had the neighbor provided notice to the association, we would have shut off our main water valves and avoided the damage.  According to our property manager, the condo's ...

One of the unique characteristics of shared-interest communities like condos and HOAs is their reliance on timely payment of residents’ monthly common charges as the primary—if not sole—income stream from which the building or association’s monthly operating expenses are paid.  Paying the Bills  Unlike a rental property, shared-interest communities run on a zero-sum income and e...

For many New Yorkers, their residence is the largest asset they will own during their lifetime. And while nobody likes to contemplate the end of that lifetime, with an estimated 700,000 co-op apartments in New York City, and roughly 75% of Manhattan homeowners calling a co-op home, it’s important for co-op shareholders to understand and anticipate the common pitfalls of transfer...

In a crowded urban environment like New York City, personal space is limited, valuable, and jealously guarded. With dwelling units stacked atop each other and sharing walls, any activity on the part of a neighbor may encroach on the use and quiet enjoyment of another’s property.  This doesn’t just apply to individual apartments—sometimes the neighbor doing the encroaching is an ...

So you've decided to join your board. Good for you–after all, decisions are made by those who show up! Unless you already have a deep bench of administrative or governing experience, it’s more than reasonable to expect that there will be many gaps in your understanding of how to deal with all the issues, complaints, and negotiations that you’ll have to address as a director of a...