Co-ops vs condos in NYC: A comprehensive guide

The rising cost of flood insurance and forthcoming changes to FEMA flood maps is a topic of discussion for condos and co-ops in the New York City area.

As different sectors of New York City’s economy recover from the COVID-19 pandemic, strong signs of life are emerging in multifamily rental property investment.

With an effective reserve-fund strategy, boards can properly plan for unplanned equipment replacements and repairs to building systems and facilities.

Local Law 97 impacts roughly 50,000 buildings across the city, a majority of which are multifamily residential properties.

FirstService Residential recommends that all boards and building owners consider the installation of EV charging stations and incentives available through NYSERDA and ConEd.

FirstService Residential helps condo and co-op boards navigate CMA compliance, avoid costly fines and identify incentive programs that reduce the cost of building upgrades.

Policy exclusions introduce increased risk to the board and often render a contractor’s policy meaningless. Properly vetting a contractor’s insurance is critical.

Robust automation software can help boards and building owners in New York City satisfy local law compliance deadlines and inspection cycles.

A capable management company will enforce procedures and invest in technologies that help limit legal liability for the condo or co-op, and also mitigate board member personal exposure.

To help boards and shareholders navigate the legal and logistical nuances of virtual annual meetings, our property management experts have assembled a collection of best practices that address the most common concerns and logistical hurdles.