Habitat Magazine

For New York City's?co-op and condo boards?and their management companies, those mandates never seem to stop coming. A?new batch?is on the way from the Department of?Housing Preservation and Development (HPD). Read more on our website: https://lnkd.in/gTYbHjax #condo #nyccondo #coop #nyccoop #nycrealestate #condoboard #NYC #newyorkcity

When the Biden administration passed the?Inflation Reduction Act?in 2022, its numerous green incentives encouraged many?co-op and condo boards?that compliance with the city's building emissions law,?Local Law 97, might be within reach after all. Among its many benefits, the law promoted the switch from an electric grid powered by fossil fuels to one powered by renewable energy sources. This greening of the grid — and the ensuing electrification of building systems — was essential to the success of Local Law 97. Then?Donald Trump?got inaugurated to a second term. Read the full story: https://lnkd.in/gKxNSXug #condo #nyccondo #coop #nyccoop #nycrealestate #condoboard #NYC #newyorkcity

For co-op and condo boards wanting support to reduce fossil fuel use in line with Local Law 97, the launch of a free tool can now help with decision-making. Developed in partnership with Jaros, Baum & Bolles Consulting Engineers (JB&B), and the Council of New York Cooperatives & Condominiums (CNYC), the tool is designed as a simple spreadsheet. “It will tell you how your decarbonization plan will impact your finances, your carbon reduction, and your penalty mitigation,” says Rebecca Poole, CNYC’s director of membership and communication. The spreadsheet has built-in information as well as fields to add specific details about your building. Learn more here: https://lnkd.in/gSqSqCyg #condo #nyccondo #coop #nyccoop #nycrealestate #condoboard #NYC #newyorkcity

The average price of Manhattan?condos?far outstripped the average price of?co-ops?over the past decade. Average condo prices were?up 15.2%?(to around $2.84 million), while co-ops went?down 1.3%?(to $1.33 million). Those numbers, it turns out, cut both ways. In the fourth quarter of 2024, the monthly costs of owning a condo in Manhattan surged?8.6%?from a year earlier, according to the appraisal firm?Miller Samuel Inc., which tracks the fees charged per square foot as condos change hands. That, Crain's?reports, was nearly triple the rate of U.S. inflation last year, which was?2.9%?in the same period. For co-ops, on the other hand,?monthly ownership costs were fairly stable in 2024 and increased only?0.1%?in the fourth quarter from the same period a year earlier. Learn more: https://lnkd.in/guqRTbee #condo #nyccondo #coop #nyccoop #nycrealestate #condoboard #NYC #newyorkcity

Q:?The board at our?homeowners association?(HOA) on Long Island has decided unilaterally to take out a seven-figure loan to revamp the recreational facilities. To repay it, the board is diverting our?annual assessments?away from their intended purpose of?funding reserves. Our?governing documents?do not require the board to seek approval before borrowing, and do not put limits on how much the board can borrow. What can residents do? A:?In an HOA the board of directors is elected to make decisions for the community, and this typically includes borrowing for renovations, replies the?Ask Real Estate?column in?The New York Times. Whatever the benefits of the HOA arrangement, there’s little residents can do in a situation like this. Read the full story: https://lnkd.in/ettmEcyq #condo #nyccondo #coop #nyccoop #nycrealestate #condoboard #NYC #newyorkcity

David Berkey, partner at?Gallet Dreyer & Berkey, LLP, joins Paula Chin on an episode of Legal Talk to discuss how co-op and condo boards can use injunctions to enforce rules and maintain community standards. Learn about the legal mechanisms boards can employ when default notices and fines fail, including compelling tenants to address issues like hoarding or dangerous behavior and preventing unauthorized activities that threaten building safety and community harmony. Listen here: https://lnkd.in/gBnippfT #condo #nyccondo #coop #nyccoop #nycrealestate #condoboard #NYC #newyorkcity

The recent past has been a wild rollercoaster ride for New York City real estate — the subprime mortgage crisis, fallout from Hurricane Sandy, the COVID-19 pandemic, and recent spikes in interest and mortgage rates, as well as rents. Through it all,?The New York Times?reports that?the median sale prices for Manhattan?condos and co-ops?have risen at comparable levels over the past decade — about?9 or 10%. However,?average?sale prices?tell a very different story. Unlike medians, average prices are heavily skewed when extremely expensive units are added to the market. As a result, the average prices of Manhattan condos were?up 15.2%?(to around $2.84 million), while co-ops went?down 1.3%?(to $1.33 million). Why such a sharp disparity? Find out by reading the article: https://lnkd.in/gKDADye6 #condo #nyccondo #coop #nyccoop #nycrealestate #condoboard #NYC #newyorkcity

Volunteering for your building's board seems like a great way to serve your community—until you realize you might be personally liable for the board's decisions. Often overlooked are indemnification clauses, says Leni Cummins, Member, Cozen O'Connor. This protection isn’t guaranteed, and there are surprising "pitfalls" of indemnification clauses that leave board members vulnerable, particularly in condominiums where protection isn't built into law as it is (partially) for cooperatives. In this interview conducted by Habitat Magazine’s Carol Ott, Cummins highlights several alarming gaps in typical indemnification language. https://lnkd.in/eJxhVmNM #condo #nyccondo #coop #nyccoop #nycrealestate #condoboard #NYC #newyorkcity

Among the many powers enjoyed by?co-op boards, one of the biggest is the power to decide what happens after a shareholder dies. Most co-op?proprietary leases?state that, in the event of a shareholder's death, the stock and lease will be transferred without question to the deceased person's?spouse, and the board will not "unreasonably" withhold transfer to a member of the family. But there is, as we're about to see, significant wiggle room. As in: what happens if the deceased shareholder had a?"long-time romantic partner"?who he never legally married? That question was at the heart of a highly contentious lawsuit known as?Maryann McCabe v. 511 W. 232nd Owners Corp. Read more: https://lnkd.in/e_KMbYJN #condo #nyccondo #coop #nyccoop #nycrealestate #condoboard #NYC #newyorkcity

Carol Ott of Habitat Magazine discusses board member liability with Leni Cummins, partner at Cozen O'Connor. Cummins explains that volunteer board members face real liability risks and need proper protection through well-drafted indemnification clauses. She highlights common pitfalls in these clauses, including insufficient coverage for tort claims and pre-litigation proceedings. Cummins advises board members to review their indemnification language with counsel, ensure adequate D&O insurance, and consider bylaw amendments if coverage is inadequate. She notes differences between co-op and condo liability protections and recommends that prospective board members verify their coverage before joining. Listen here: https://lnkd.in/eZUMYVQf #condo #nyccondo #coop #nyccoop #nycrealestate #condoboard #NYC #newyorkcity