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

Whether it’s installing a green roof or restoring the facade, big capital projects must be properly coordinated and supervised. Read more to see what Tal Eyal, president of FS Proeject Management says what flexible approach his company takes.

There are presently two bills pending before the New City Council: Intro 1458 of 2017, the Fair Residential Cooperative Disclosure Law, and Intro 1467 of 2017, the Cooperative Corporation: Timing of Decisions Law, both of which will have an adverse impact on all cooperative housing corporations in New York City. There is also a bill in the State Senate S 5644 called the Fairness in Cooperative Home Ownership Act. These three bills are intended to solve a problem that does not exist, but could better be called the “Bills to Keep Shareholders From Wanting to Serve on Co-Op Boards.”

Reserve studies and their relationship to capital improvements and preventive maintenance were discussed at length in our capital improvements guide. To refresh, a reserve study is a report about the condition and likely useful life of all the major components in your property. The report also contains a recommended schedule for repairs and replacements (“capital improvements”) that will be needed over a short or long period of time (e.g. 3, 5 or 10 years), estimated costs for these projects, and a recommended plan to fund each project. By having this information readily available, a board is enabled to allocate money every year toward the cost of future capital improvement work, or to perform unexpected emergency work.