Co-ops

7 ways your building can save money right now

Teri Rogers Headshot - Floral
By Teri Karush Rogers  |
August 5, 2009 - 8:11AM
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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.

 

Related posts:

Killing deals to protect property values is risky business

1 in 10 co-op sales inflated to pass the board

Approval, schmoovel! Renovation perks for board members

4 neat ways to use an investigative lawyer in a co-op or condo

How to concierge your doorman

 

Teri Rogers Headshot - Floral

Teri Karush Rogers

Founder & Publisher

Founder and publisher Teri Karush Rogers launched Brick Underground in 2009. As a freelance journalist, she had previously covered New York City real estate for The New York Times. Teri has been featured as an expert on New York City residential real estate by The New York Times, New York Daily News, amNew York, NBC Nightly News, The Real Deal, Business Insider, the Huffington Post, and NY1 News, among others. Teri earned a BA in journalism and a law degree from New York University.

Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.

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