How To Run Your Building! For Co-ops and Condos

What do you do when a building is completely gutted by fire and insurance doesn't cover the full rebuild? Or when a sponsor-managed property leaves residents without gas and a new board drowning in hidden compliance violations? Adam Reisman, president of client services at MD Squared Property Group , and Josh Koppel, president at HSC Management , walk listeners through two extraordinary manag...

The property management industry has transformed dramatically, and three leading executives reveal what it takes to keep NYC buildings ahead of the curve. AJ Rexhepi, CEO of Century Management , Mitchell Slavuter, partner at Delkap Management and Keith Werny, president of FirstService Residential 's City Line Management Division, discuss the shift from reactive maintenance to strategic planni...

When a condominium's facade project ballooned to over two million dollars, the board was facing a crisis. The solution involved unconventional contractor negotiations and a prepayment strategy that surprised everyone with its success. In this episode, three veteran property management executives reveal the insider strategies that separate struggling buildings from thriving ones. Steven Greenb...

Behind many co-op and condo property management switches are stories of broken trust, hidden problems, and boards desperate for answers. Andre Kaplan, CFO at Orsid New York , and Scott Soifer, Senior VP at Maxwell-Kates , reveal some of the uncomfortable conversations that need to happen and why boards sometimes hide critical information during the hiring process. One Jackson Heights co-op cycled...

You probably think your board is managing your building’s finances responsibly. But are you certain? In this episode, three of New York City's leading property management CEOs discuss case studies that expose how buildings can easily spiral into crisis. Peter von Simpson of New Bedford Management , Michael Feldman of Choice Management , and Dan Wollman of Gumley Haft Management share stories...

Something fundamental has shifted in NYC property management, and Kyle Gregory from New Way Management and Margaret McAdams from Buchbinder & Warren are pulling back the curtain. They reveal why compliance work has ballooned from 25% to 60% of their time, how buildings are navigating impossible choices between assessments and deferred maintenance, and why even large management firms are strugg...

If you’re thinking about switching management companies, buckle up. You might be preparing to sabotage your new management relationship without even realizing it, particularly if you leave important details about the state of your building unsaid. In this roundtable discussion, Stuart Halper of Impact Real Estate Management , Howard Mandel of TKR Property Services , and Anes Radoncic of Venture Ne...

Planning and executing building projects is a board’s key task, which sounds much simpler than it actually is. Complicating the task is timing, financing and communicating to building residents. Habitat’s Emily Myers speaks with Ira Meister, President of Matthew Adam Properties ; Anton Lekic, Co-Founder of Murray Hill Management; and Jamie Sikorski, Senior Vice President at AKAM , to understand ho...

Changing managing companies can be a fraught endeavor, but it’s a hurdle many boards will face at least once. Habitat’s Emily Myers sits down with three seasoned NYC property management experts: Mark Levine (Principal, EBMG ), Robert Ferrara (President, Ferrara Management Group ), and Evangelos Fantakos (CEO, Highrise Property Management ) to reveal the hidden challenges that emerge during transit...

If your building's mortgage is coming due soon, you're not alone — and you're definitely not prepared for what's coming. Don Einsidler, president of Einsidler Management , reveals the harsh reality facing co-op boards as interest rates skyrocket from the low threes to over six percent. Einsidler shares actual loan scenarios from his portfolio, explains why many boards are dange...

It's true that construction projects tend to go over budget, behind schedule, and drive residents crazy. Matt Resnick, senior director of project management at AKAM , explains the hidden costs that can blow your budget before construction even begins, like attorney fees and special inspections that boards often overlook. Resnick reveals how the right project manager can actually save money th...

Surprise! You might be subsidizing your commercial unit owner's expenses. This eye-opening conversation with property management expert Greg Poverelli, senior property manager at Harlem Property Management , reveals a costly mistake that's bleeding money from countless condo buildings across New York City. Many boards discover too late that their commercial units have been dramatically u...

If you're struggling to get enough votes to update your building's outdated governing documents, Mark Levine, principal at EBMG Management , offers a roadmap for success. You'll discover why a West Village co-op needed multiple attempts to ban smoking, and how they finally achieved the crucial two-thirds majority needed for amendment approval. Levine offers practical strategies for...

If your building was suddenly hit with a 400% insurance premium hike, who do you turn to? That was the question facing a Queens co-op after a devastating fire. Vik Shingwani, a property manager at First Management Corporation , reveals how strategic management helped reduce their renewal from $750,000 to $510,000 — still high, but a significant improvement. Shingwani offers practical insights on n...

Do you know why an effective capital reserve plan is crucial for your building's financial health? Learn how one Chelsea condo transformed their approach to multi-million dollar projects in this eye-opening conversation with Sara Gierloff, CFO of MD Squared Property Group . Here she reveals practical steps to track expenses, align investments with project timelines, and properly communicate w...

It's coming: the convergence of multiple critical compliance deadlines that could devastate your building's finances. Hear how one 63-unit co-op is tackling the triple threat of Local Law 11, garage inspections, and Local Law 97 carbon emissions requirements — and how your building can learn from their mistakes. Peter Lehr, director of property management at Kaled , offers practical insi...

Who will show up for your co-op or condo’s annual meeting and will you have enough shareholders or unit-owners to conduct the necessary business at hand? That’s the pressing question as thousands of New York’s co-op and condo boards begin the annual meeting season this spring. Greg Finger, vice president and director of property management at Finger Management , recounts the tale of one condo his...

Labor law insurance claims continue to threaten insurance coverage for buildings, but there are some actionable items co-op and condo boards can take to reduce this exposure. Sean Kent, senior vice president at FirstService Insurance Brokers ,  explains what they are, and how a 250-unit Bronx co-op overcame an insurance crisis when labor law claims threatened their coverage. Habitat’s Emily Myers...

Budget shortfalls are a nightmare. But manipulating the numbers to create artificially low assessments or maintenance increases can have even worse consequences in the long run. Kyle Gregory, managing member and operating partner of New Way Management , explains how boards can successfully manage their building finances without falling into common traps. Gaming operating costs might be tempting, b...

Struggling to get quorum for your board meetings? Even after the pandemic, virtual meetings are transforming co-op and condo board operations. Buildings across New York have embraced digital meetings, resulting in better attendance, more flexible scheduling options, and significant time savings for everyone involved. In this episode, Mark Hoffman, principal at Hoffman Management , offers practical...

Discover how proper management of maintenance payments and common charges directly impacts your building's financial stability. Payments are typically considered late after the 10th of each month, with  property management companies using software platforms like AppFolio to track payment patterns and identify potential issues. For board members navigating the tension between neighborly relati...

Carol Ott of Habitat Magazine interviews Carl Borenstein, president of Veritas Management , about managing rising costs in co-op and condo buildings. Borenstein shares strategies for handling double-digit maintenance increases, particularly focusing on creative uses of co-op abatement programs to generate additional income. He discusses the dramatic rise in insurance costs, especially umbrella pol...

In conversation with Habitat's Paula Chin, Robert Ferrara, president of the Ferrara Management Group , shares invaluable insights from managing a devastating fire emergency at a Peekskill condominium that displaced 16 unit owners for over two years. Through his firsthand account of the crisis and recovery process, board directors will learn crucial strategies for emergency response, insurance...

In this insightful conversation with Melissa Cafiero, director of management at Halstead Management , board directors get a behind-the-scenes look at how management companies approach new client relationships and handle transitions. Cafiero shares valuable perspectives on the evolving nature of property management, comparing it to a marriage that requires careful matchmaking and ongoing nurturing....

Insurance premiums for co-ops and condos are surging with double-digit increases year after year, and boards must pay these hefty fees upfront. But there's a financial tool that can help ease this burden. Michael Feldman, CEO of Choice New York , talks to Habitat's Paula Chin and breaks down how insurance premium financing allows boards to spread their annual insurance costs over several...