If you decided that a co-op apartment is worth the effort, review (with your accountant and attorney) the following documents, and remember: Look Before Leaping Off the Cliff 1. Capital plan for the building 2. Capital improvements (past history and future plans including cost estimates and time frame) 3. Mortgage for the building (what are […]
Co-ops: Where your money goes
A co-op maintenance fee combines property taxes and common charges into one convenient (or inconvenient?) monthly payment. Maintenance Usually included in this charge are salaries for personnel, building safety, security and sanitation, and planned capital improvements. Remember you own shares in a building and the entire building receives the property tax bill not the individual […]
Selling a Co-op? Good luck!
Co-ops in crises
Many co-op buildings have been inadequately managed for years, and facades are breaking down thanks to extreme weather and irresponsible use. Aging Infrastructure The glaze on the bricks have become less water-repellent, especially around the windows and mortared lintels on the north corners allow seepage creating water problems. The risers carrying water to the top […]