The Council of New York Cooperatives & Condominiums (CNYC) brings together seasoned real estate professionals to answer questions for NYC co-op and condo board members.
Featuring:
John Galetta, SuperStructures
Darren Johnson, Bright Power
Geoffrey Mazel, Hankin Mazel
William McCracken, Moritt Hock & Hamroff
Robert Mellina, Prisand, Mellina, Unterlack & Co
Michael Wolfe, CNYC Board Member
and questions submitted by board members
What's your question?
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QUESTIONS:
7:36 - What are best practices for sharing minutes and other information?
10:57 - What should a board do if a board member has been hired by their property manager or other professional?
16:09 - How can a building ensure that the source of their leaks has been addressed before signing off on a job?
23:28 - If a building changed its lightfixutres to LED fixtures, does it have to do anything else to comply with LL88?
27:40 - What are best practices for managing a reserve fund?
30:06 - What can a building do if they are in danger of defaulting on their underlying mortgage?
34:47 - What can a building do about escalating costs - particularly insurance?
40:21 - What happens if a minority of the board takes it upon themselves to approve purchase applications?
43:44 - If a building does not face LL97 penalties until 2035 is there action they should be taking now anyway?
47:55 - How much of a benefit exists if a buildng replaces windows with an energy efficient model? What should buildings be looking at?
53:53 - What do buildings typically charge for sublet fees?
55:20 - What are the job duties of building superintendents / resident managers?
58:41 - What advocacy can be used to address the expense of the Facade Inspection Safety Program (FISP) LL11?
1:07:46 -What should buildings doe about amending their governing documents - proprietary leases, by-laws, policies, etc.?
1:12:25 - Should a building that is currently on oil convert to gas or wait to convert to electricity, in light of LL97?
1:21:16 - What type of a review should a board do if they beleive their maintenance/common charges is higher than that of comparable coops/condos?
1:24:25 - What can a board require from a shareholder that requests to perform an alteration?
1:26:02 - Who should be signatory to a reserve fund? What is the general rule of thumb?