Habitat magazine’s annual managing agent issue (July/Aug) contained a trove of money-saving ideas for NYC co-op and condo buildings. Here are a few that caught our attention:
1. Go paperless—use email and PDFs for board packages, building memos, and announcements.
2. Look into other ways to create revenue such as through signage outside your building, renting out roof space for cell-towers, building more storage space, and selling air rights.
3. Re-negotiate new and existing vendor contracts. Aggressively rebid insurance for lower prices and higher coverage, and look into locking in low fuel rates now.
4. If your building has a garage that rents out spaces, consider selling the spaces to owners as "condos" for a quick cash infusion. Monthly income will continue in the form of common charges on the condo-ized parking spaces.
5. Sell roof space to top-floor owners, and unused courtyard/backyard space to first-floor owners.
6. Charge a fee for owners to rent outdoor spaces for private parties.
7. Charge owners for repair work inside their apartments if the building is not responsible for it.