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Finance

GETTING STARTED:
How are co-op and condo owners charged for the costs of running the building? Who are the financial professionals and what are their responsibilities? Why does my co-op or condo building have so many bank accounts?

Finance Intel

Condo buildings Hunters Point, Long Island City, Queens, with a view of Midtown Manhattan over the East River
Finance
New Jersey passed a law requiring condo and co-op buildings to conduct reserve studies. Could New York be next?
A new law in New Jersey requires buildings to conduct a reserve study to assess physical components and whether they has enough funds for capital proj...
by Jennifer White Karp
02 April 2019: Corner of W 23th Street and 10th Avenue, Manhattan, New York, USA.
Finance
Boards prepare to hike maintenance fees and common charges in 2024
Boards are preparing to raise maintenance fees and common charges again in 2024.
by Celia Young
Condo towers in Brooklyn
Boards
The semi-secret building blacklist will no longer be hidden from co-op and condo boards
Freddie Mac and Fannie Mae announce they are going to identify buildings they’ve designated off-limits to lenders and the reasons why and share this i...
by Jennifer White Karp
A row of colorful old brick apartment buildings surrounded by green trees during the summer in Harlem of New York City
Finance
NY apartment buildings could get up to $80,000 to come up with plans to prevent heat loss
The Heat Recovery Program offers New York buildings funds to evaluate heat waste or to design ways to better retain heat.
by Celia Young
Hand fill out reverse mortgage loan application on a clipboard.
Finance
Does a shareholder need approval from their co-op board to get a reverse mortgage?
Residents should ask their co-op boards if they're looking to take out a reverse mortgage.
by Celia Young
State Capitol Building Statehouse Albany New York Lawn Landscaping stock photo
Boards
Hochul approves a replacement for the J-51 tax abatement that could help condo and co-op buildings fund upgrades
A handful of bills could help boost affordable housing development in the city, and aid condo and co-op buildings in funding repairs.
by Celia Young

Finance Intel

Residential Buildings with Fire Escapes along a Street in SoHo of New York City
Property Management
Brick webinar recap: How your board can create a realistic budget and manage costs
Brick's budget-planning webinar covered key concerns for NYC co-op and condo boards embarking on budget planning for 2024.
by Jennifer White Karp
New York City skyline
Finance
Does your board have questions about creating a budget for 2024? Sign up for our webinar
Brick Underground will co-host a webinar on creating a budget for 2024 at 12 p.m. on Wednesday, Oct. 18th along with Super, a property management plat...
by Jennifer White Karp
your next move brick underground
Finance
Meet National Cooperative Bank: A values-based bank serving New York City cooperatives and condominiums with full service banking and financing
Cooperative Underlying Mortgages
Sponsored By NCB Logo
Closeup of manometer, pipes and faucet valves of heating system in a boiler room
Finance
How co-op and condo buildings can fund Local Law 97 upgrades
A co-op or condo board can pay for their building's energy upgrades through utility and state incentives, green loans, energy performance contracts, o...
by Emily Myers
A roof garden on a Bronx apartment building
Roof
How to get a tax abatement to create an energy-saving green roof for your brownstone or apartment building
Qualifying buildings can save up to $200,000 off their property tax bill if they install a green roof that covers more than 50 percent of eligible roo...
by Celia Young
View of Upper Manhattan towers
Finance
Fed's response to Fannie Mae ‘blacklist’: 'We have no record of it'
The Federal Housing Finance Agency, charged with overseeing Fannie Mae, says it doesn’t know anything about the semi-secret list of co-op and condo bu...
by Jennifer White Karp

coming soon

Finance Intel

Yellow traffic light with NYC buildings in the background
Finance
Freedom of Information Act request asks Fannie Mae to release its ‘blacklist’
Two attorneys from Allcock & Marcus sent Freedom of Information Act requests to publicly release Fannie Mae’s semi-secret list of co-ops and condo bui...
by Jennifer White Karp
bank of 2 elevators at the base of apartment building lobby with pink walls
Board operations
How often does our board need to do a reserve study for our building?
A NYC condo or co-op board should consider doing a reserve study or capital plan every three to five years. This allows the board to figure out how to...
by Emily Myers
condo and office buildings in downtown Manhattan
Approvals (purchases, alterations, refis, subletters, pets)
There's a semi-secret list of NYC co-op and condo buildings that are off limits to certain mortgage lenders
More than 1,400 U.S. buildings have supposedly been added to the Fannie Mae unavailable condo and co-op list since 2022, and 39 of them are in NYC. He...
by Jennifer White Karp
Close-up view of some buildings and skyscrapers during sunset. Downtown Manhattan, New York City, United States of America. - stock photo
Finance
What is a co-op or condo assessment? How is it calculated?
Assessments are additional temporary increases added to your maintenance or common charges to cover a specific improvement or top up a co-op’s reserve...
by Emily Myers
Pipes with a valve that can be used for water or gas
Finance
Confused about how to comply with Local Law 97? Here are five steps your NYC apartment building can take
Your first step towards Local Law 97 compliance is to contact the city-sponsored NYC Accelerator program. Outreach specialists can give you one-on-one...
by Emily Myers
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Finance
Our board is negotiating the sale of air rights. Should shareholders with lot-line apartments be compensated?
Even though the shareholders who are most affected by the sale of air rights may want compensation for an air rights deal, it is not advisable to have...
Sponsored By Adam Leitman Bailey, P.C.