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

Changing property managers for your co-op or condo can feel like performing surgery while the patient is awake — everything needs to keep running smoothly while you make the switch. Stephen Wilson, vice president of Blue Woods Management , shares with Habitat's Emily Myers how one building nearly lost its tax abatement during a transition, highlighting why meticulous handovers are crucial. Ke...

The pandemic's impact on co-op and condo governance continues in 2025, with some properties still feeling the fallout from missed annual meetings in 2020 and 2021. In this conversation Cosmin Ardeljan, senior VP at All Area Realty Services , shares how some of his clients are now meeting the challenges of these missed annual meetings, including one Upper East Side co-op that faced potential l...

Tracking your building’s financial health can be confusing, and one of the reasons is that your building’s bank balance doesn’t tell the whole story. In this episode, Thomas Thibodeaux, CFO at New Bedford Management , explains what items create misleading cash positions and offers some strategies boards can use to understand what is really going on. Habitat’s Carol Ott conducts the interview. How...

Historically co-ops and condos have been able to borrow money for building improvements and compliance requirements in an affordable way. With interest rates still high, this is not an attractive option any more. In this episode, Andre Kaplan, CFO of Orsid New York , provides some practical solutions for keeping your building financially healthy while managing resident expectations. Habitat’s Emil...

Water damage is not a unique occurrence in residential apartment buildings, but a recent crisis at an Upper East Side co-op got complicated to fix. Water was pooling in the boiler room and seeping into the electric meter room, and a shareholder’s apartment was damaged. Aaron Weber, property manager at Weber Realty Management , shares the challenging tale of investigation, dye testing, insurance de...

One of the most pressing challenges facing NYC co-ops and condos is how to  fund expensive local law compliance requirements. In this episode Armin Radoncic, principal at Venture New York Property Management , outlines the primary funding strategies used by New York’s co-ops and condos. Corporate structures require different strategies, but no matter what yours is Radoncic emphasizes the need to s...

Transitioning from a developer to a condo board can bring unwelcome surprises and stark choices. That was the case at a Brooklyn condo, when new management took over and discovered owners were paying only half the amount needed to cover basic operating expenses. The artificially low monthly charges—which had attracted many first-time buyers—were temporarily masked by reserve funds that were rapidl...

While the dazzle of the latest energy reduction solutions is out of bounds for many co-ops and condos, the tried and true can often achieve just as much. That’s the case at the Imperial Sanford co-op in Queens, where substantial incentives boosted a fuel switch and window replacement program that is expected to reduce energy consumption by 65-70% or more. Evangelos Fantakos, CEO of Highrise Proper...

A primary responsibility of the board of directors is protecting the building’s financial health. To do that, transparency is paramount. In this episode Michell Abubo, managing partner at Highrise Property Management , shares a case study of a Queens co-op where a lack of transparency was deadly, ultimately leading to a change in management. Habitat’s Paula Chin conducts the interview. How To Run...

Board inertia is a corporate disease that many members grapple with. Decisions get put off, problems grow and ultimately the health of the housing association suffers. In this episode, Andy Marks, Executive Vice President at Maxwell-Kates , explores what causes inertia and offers some guidance on how to break through it. Habitat’s Paula Chin conducts the interview.  How To Run Your Building: For C...

A cautionary tale of facade repairs at an Upper East Side condo, where initial estimates of $550,000 ballooned to $1.2 million after engineers discovered insufficient brick ties during Local Law 11 inspections. Maxwell-Kates SVP Josh Holzer shares how the board navigated this crisis through refinancing, staff reductions, and a contractor payment plan. Habitat's Emily Myers conducts the interv...

If a co-op or condo building operates at a deficit, there are only two outcomes – payables are late and cash erodes. That’s what Daniel Wollman, CEO of Gumley Haft , found when he was re-hired at a condominium his firm had managed over a decade ago. How its financial condition eroded and the steps it took to regain financial health are shared in this interview, conducted by Habitat’s Carol Ott. Ho...

One of the most reliable sources of fuel for New York’s apartment buildings is gas, but the lines that it flows through — from heating to cooking — have become a critical concern because leaks often lead to complete gas shutdowns. AJ Rexhepi, CEO of Century Management , recounts how one board at a pre-war West Side co-op looked at their fuel options, considered their finances and decided to stick...

There are many strategies – and price points – that will reduce energy consumption in a building, and Stuart Halper, vice president of Impact Management , emphasizes an economically sensible approach. For many, there is a mismatch between New York City’s regulations and a building’s financial capabilities. In this interview conducted by Habitat’s Emily Myers, Halper reviews the steps that the majo...

There are two sides to every problem - and sometimes even more. When one crops up in a co-op or condo, someone has to step back, take a breath, maybe eat some crow, and get the issue resolved. In this episode, Josh Koppel, president of HSC Management , shares how an aggrieved shareholder was soothed and what it took to make that happen. This story has important takeaways for board directors and pr...

Technology has made managing co-op and condo buildings more efficient and has certainly changed the property management business. But how has it impacted co-op and condo board directors, where has it created vulnerabilities and how does it come into play when a property changes management companies? Alvin Wasserman, Senior Director of Asset Management at Fairfield Properties , explores these issue...

A bundle of projects at a downtown condominium was humming along smoothly - until they weren’t. A problem was discovered with the building’s vault which drove up expenses and suddenly costs exceeded what the board had raised for all the projects. Add in a hallway and lobby re-do, and suddenly trouble was brewing. Ira Meister, President of Matthew Adam Properties , shares the story of how the board...

Sitting on the back burner of all the issues your board must think about are its governing documents. Often written in legalize, sometimes difficult to change and probably outdated, they may be out of sync with the needs and best practices of today. But it’s unwise to leave them to age quietly, says Neil Davidowitz, President of Orsid New York , and in this episode, hosted by Habitat’s Paula Chin,...

In the annals of gas inspections, this 45-unit co-op faced a unique one. The board learned from their plumber that the individual boilers and water heaters in each apartment were no longer code compliant. This meant the building wouldn’t be able to pass a gas inspection, and if there was a gas shutdown for any reason, it couldn’t be turned back on. Not good news for the board, and Margaret McAdams...

With the cost of building projects getting more expensive each year co-op and condo boards need to anticipate owner concern. Here, Peter von Simson, CEO of New Bedford Management,  suggests it's well worth the time for board directors to discuss current and future projects - and the potential finances involved in tackling them - with apartment owners so they can plan accordingly.  How To Run...

It's all about preparation, not only for the topics covered, but most importantly for vote taking. Mark Levine, Principal of EBMG, walks through the prep steps and vote tally process of running a virtual annual meeting. How To Run Your Building: For Co-ops and Condos

Creating a budget that merges capital planning with operations is no small feat.  Andre Kaplan, CFO of Orsid New York, explains how balancing the three mains parts of a co-op/condo budget will help your board maintain value and meet the city's regulatory requirements. How To Run Your Building: For Co-ops and Condos

The unexpected does occur, and when it does your co-op or condo better be prepared. Andy Marks, Senior Vice-President, Maxwell-Kates went through trial by fire on the first building he ever managed. He shares his experience here, the lessons he learned, and the steps he took to secure everyone's safety. How To Run Your Building: For Co-ops and Condos

The compliance landscape has changed today, and many projects which used to be just a capital improvement now have to be viewed through a compliance lense.  The question is, which budget bucket do you place it in , which projects can fill more than one bucket, which are the most impactful ones to do early and in what order should you do them? Chris Alker, Senior Vice President of Building Operatio...

Lead is a substance no one wants to find in his or her apartment, or the common area of building either.  But it exists, and there are laws regulating who has to find it, who has to get rid of it, who's legally responsible, and who has to file lead notices with the city.  The law specifically targets rental apartments, and this includes co-op or condo owners who sublet their apartments. Josh...