CNYC's Roundtable Series - August 2024

The Council of New York Cooperatives & Condominiums (CNYC) brings together seasoned real estate professionals to answer questions for NYC co-op and condo board members. Featuring: John Galetta, SuperStructures Darren Johnson, Bright Power Geoffrey Mazel, Hankin Mazel William McCracken, Moritt Hock & Hamroff Robert Mellina, Prisand, Mellina, Unterlack & Co Michael Wolfe, CNYC Board Member and questions submitted by board members What's your question? REGISTER FOR OUR E-BLASTS at www.CNYC.coop to receive notice of our next roundtable. QUESTIONS: 7:36 - What are best practices for sharing minutes and other information? 10:57 - What should a board do if a board member has been hired by their property manager or other professional? 16:09 - How can a building ensure that the source of their leaks has been addressed before signing off on a job? 23:28 - If a building changed its lightfixutres to LED fixtures, does it have to do anything else to comply with LL88? 27:40 - What are best practices for managing a reserve fund? 30:06 - What can a building do if they are in danger of defaulting on their underlying mortgage? 34:47 - What can a building do about escalating costs - particularly insurance? 40:21 - What happens if a minority of the board takes it upon themselves to approve purchase applications? 43:44 - If a building does not face LL97 penalties until 2035 is there action they should be taking now anyway? 47:55 - How much of a benefit exists if a buildng replaces windows with an energy efficient model? What should buildings be looking at? 53:53 - What do buildings typically charge for sublet fees? 55:20 - What are the job duties of building superintendents / resident managers? 58:41 - What advocacy can be used to address the expense of the Facade Inspection Safety Program (FISP) LL11? 1:07:46 -What should buildings doe about amending their governing documents - proprietary leases, by-laws, policies, etc.? 1:12:25 - Should a building that is currently on oil convert to gas or wait to convert to electricity, in light of LL97? 1:21:16 - What type of a review should a board do if they beleive their maintenance/common charges is higher than that of comparable coops/condos? 1:24:25 - What can a board require from a shareholder that requests to perform an alteration? 1:26:02 - Who should be signatory to a reserve fund? What is the general rule of thumb?