NYC pied-à-terre tax: What condo and co-op owners need to know

A new report released by the NYU Furman Center examines the challenges of retrofitting New York City’s multifamily housing stock against future climate threats, including the potential effect on the city’s limited stock of affordable housing.

Management companies fully attend to the business of managing a community, thus alleviating a significant burden for a volunteer board that often has neither the time nor expertise to dedicate themselves to the role on a 24/7 basis. How can you tell a merely decent property management company from a positively great one? 

Community volunteers join together to build a proper playground for the children of Pratt Towers, a 326 unit Mitchell-Lama cooperative in Brooklyn managed by FirstService Residential.

You may know it as Local Law 87. You may know it as part of New York City’s Greener, Greater Buildings Plan. Or you may know it as the Department of Buildings’ Energy Efficiency Report. But no matter what name you know it by, chances are there’s a lot you don’t know about this new requirement. 

Board members of condominiums and cooperatives play a critical role in overseeing the operations of their buildings. With responsibility for multi-million dollar budgets, board members may find their job overwhelming. Consider these helpful hints for new and current board members to help make your term effective and personally satisfying.

Dan Wurtzel, president of FirstService Residential New York, is quoted in a Wall Street Journal article about video surveillance in residential buildings across New York City. The topic garnered interest this week when the search for the suspect in a crime was hindered by lack of video evidence. The photograph features the sophisticated surveillance system at The Harmony, a co-op managed by FirstService Residential.

A panel of industry experts explored the fiscal perks of energy efficiency incentive programs at FirstService Residential’s Third Annual Sustainability Expo & Symposium held on May 15.

FirstService Residential President Dan Wurtzel opened the session by explaining that taking advantage of programs offered by NYSERDA and Con Edison is “a win-win all the way around.” More efficient building operations not only contribute to a greener environment, but also offer a major opportunity to save money while improving property values and resident comfort.

As a condo or co-op board member, one of your principal responsibilities is stewardship of the association’s finances. A lot of that boils down to one thing: the annual budget.

Unfortunately, for many board members, “annual budget” is just another term for “big headache.” It doesn’t have to be that way. By staying aware of common budgeting pitfalls, you can make the creation of your annual budget less of a hassle – and ensure an entire year of minimal money woes while you’re at it.

No matter where you live, it is essential to thoroughly evaluate different property management companies to find the one that will be the right fit and provide the best service to your community.
 
Every building will have its own needs, of course, but if you live in a New York City condo or co-op, you have unique challenges and specific services to consider.