The secrets to a well-run co-op or condo building
When you buy a New York City apartment, it's important to do everything you can to find out how the building is run. After all, buying a condo or co-op is a big investment and you want to see that money is being invested in the building—or there could be assessments down the road. Buildings naturally deteriorate and depreciate, so if funds aren't being put in, it’s the equivalent of liquidating the business.
So what are the secrets to a well-run building and what are the typical flashpoints between residents and how are they best resolved?
These are some of the questions addressed in this week's podcast. Real estate attorney Steve Wagner, partner at the Manhattan law firm Wagner, Berkow & Brandt (and a Brick Underground sponsor), speaks to host Emily Myers about some of his experiences both representing co-op and condo owners and as board president of his own 420-unit, co-op building.
In handling shareholder requests, Wagner believes the best policy is to "try and get to yes." He prioritizes board transparency, encourages buyers to get as much financial information as possible about the building, and also has advice for anyone preparing for the all-important co-op board interview.
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