New York Condo & HOA News
- City to Stop Issuing Most Fines to Composting Violators Until 2026 (NY) April 19, 2025Even though a flurry of fines was increasing compliance with mandatory curbside organics collection, Mayor Eric Adams has suddenly reversed course, announcing that the Department of Sanitation will stop issuing fines to most buildings that fail to obey the law until next year. Read the article…………………………….
- Bemus Point Declines Joining CLPOA Lawsuit (NY) April 18, 2025The Bemus Point Village Board has said no to joining a lawsuit that the Chautauqua Lake Property Owners Association is set to file against the state Department of Environmental Conservation later this month. Since announcing the CLPOA’s intent to sue the DEC during a public meeting in mid-March, Jim Wehfritz, CLPOA director, has attended town and village board meetings around Chautauqua Lake trying to line up support. So far, only the town of Ellery and the Builders Exchange of the ...
- Co-op Board’s Licensing Agreement Breaches Its Fiduciary Duty (NY) April 16, 2025Q: I was considering buying a co-op on the Upper East Side with a private back yard that was included in the offering plan. The seller and I agreed on the price, but then the co-op board introduced a licensing agreement that imposed a monthly charge equal to 18 shares to use the yard — though the buyer would not get those shares. The board also imposed rules regarding how and when the back yard could be used. Potential buyers ...
- Tariffs Freeze Co-op and Condo Buyers as Rents Spike (NY) April 15, 2025Buyers of New York City co-ops and condos are frozen on the sidelines, waiting to assess the economic fallout of President Trump’s ever-evolving tariffs on imported goods. Meanwhile, with mortgage rates likely to rise, city rents remain at record high levels. For buyers and renters alike, it’s a lose-lose scenario. Read the article…………………………….
- Lack Of Support For Lake Lawsuit Highlights A Need (NY) April 12, 2025The Chautauqua Lake Property Owners Association is having a hard time finding local government backing for a lawsuit it plans to file challenging the state’s Freshwater Wetlands Act. Read the article…………………………….
- City Writes 2,000 Tickets as Mandatory Organics Recycling Debuts (NY) April 12, 2025The brown bin has New Yorkers paying green and seeing red. Since mandatory recycling of organic waste went into effect citywide on April 1, the Department of Sanitation (DSNY) has issued nearly 2,000 tickets to building owners, including co-op and condo boards, who have failed to comply with the new law, Gothamist reports. Read the article…………………………….
- Here’s Why Condo Common Charges Are All Over the Map (NY) April 1, 2025Q: A one-bedroom condo apartment in Manhattan has an asking price of $399,000, needs significant renovation and has a $1,941 monthly common charge. Two other apartments in the building are also for sale; they’re comparable in size, on a higher floor, have already been renovated, have asking prices of $620,000 or more — and yet have lower common charges of about $1,750. Why the discrepancy? And what goes into calculating common charges? Read the Q&A………………………………..
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- Passing Legal Fees To Rule-Breakers Can Be An Effective Sanction (NY)What happens when a shareholder or a unit-owner calls your bluff and says, “Bring it on?” Bruce says, “Then you really have a dilemma. Either you pursue the litigation, carry through on your threat, and seek legal fees in conjunction with that litigation, or you cave. And if you back down, then you are going to lose credibility with that recalcitrant resident who is going to consider your board to be a paper tiger.” Read the article……………………………. (A link ...
- Op-ed: Local Law 97 set to cost co-op and condo owners millions (maybe billions!) in fees and fines (NY)The city’s zeal to enforce new environmental laws is set to crush the City’s middle-class housing stock under the weight of shockingly untenable fines. At issue is the implementation of Local Law 97, which was passed in 2019. The ambitious law sets emissions limits for buildings over 25,000 square feet, aiming to reduce greenhouse gas emissions by 40% by 2030 and 80% by 2050. Read the article…………………………….
- How to Tackle Local Law 97 Compliance for Your NYC Coop or Condo BuildingAs a co-op or condo board member, you’re likely feeling the pressure of Local Law 97 (LL97)—one of NYC’s most ambitious climate laws. Designed to reduce carbon emissions from large buildings, LL97 comes with strict emissions limits and potential fines for non-compliance. But what happens when your building wants to comply but simply doesn’t have enough electrical capacity to fully electrify? Read the article…………………………….
- Sunnyside Co-op Taps J-51 R Tax Break to Ease Cost of $600K Repairs (NY)They didn’t know it at the time, but when 41-15 44th St. Owners Corp. committed to two big renovation projects last year, the timing was perfect. The 71-unit co-op in Sunnyside, Queens, bit the bullet on nearly $600,000 in combined elevator upgrades and facade repairs, which was paid through a line of credit as well as a four-year assessment. Read the article…………………………….
- Why Contractor Insurance Policies Matter More Than Ever (NY)Labor law insurance claims continue to threaten insurance coverage for buildings, but there are some actionable items co-op and condo boards can take to reduce this exposure. Sean Kent, senior vice president at FirstService Insurance Brokers, explains what they are, and how a 250-unit Bronx co-op overcame an insurance crisis when labor law claims threatened their coverage. Listen to the podcast…………………………..
- New York Area Could Lose 80,000 Homes to Flooding in 15 YearsThere’s a simple reason why New York City co-ops and condos remain so expensive and why rents are at all-time highs: the supply of housing units has historically failed to keep up with demand. Now a new force is getting ready to worsen the city’s housing crisis. More than 80,000 housing units in New York City and the southern shore of Long Island could be lost to floods over the next 15 years, according to a new report by the ...
- New Sidewalk Shed Rules Pose Challenges for Co-ops and Condos (NY)The much despised sidewalk sheds are the bane of co-ops and condos undertaking building repairs, but new rules passed by the City Council to remove unsightly scaffolding could create more challenges and costs for boards. The regulations significantly reduce the duration of sidewalk shed permits for facade repairs from one year to three months. They add new penalties of up to $20,000 each time a plan, permit and facade repair isn’t completed within a specific timeline. Read the article…………………………….
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