Forum Archive: Management

I know no two buildings are the same, and I got some great info on the Co-Op board here, but I thought I’d cross post here as well:

I am new to the Board on a coop in Bay Ridge. We have more than 60 units in our building.

I am wondering what the ‘typical’ reserve fund in our area looks like? (on the other forum, I heard 6mon-1 year operating costs as one option)

Also, I am curious if it’s typical, when refinancing a coop, to enter into an agreement that binds us to keep our reserve fund at the bank issuing the mortgage?

As the sponsor owns the management company, I am wondering if we should consider hiring our own accountant to review the books? I have no sense of any impropriety on the part of the management company, but it strikes me as a conflict of interest. That we use the same accountant and lawyer that the sponsor put in place decades ago also makes me a little uneasy…

Any comments would be appreciated!
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Has anyone else used this company? We have been having problems and I am interested in hearing if others have as well.

I am looking for recommendations for a management company for our 24 unit condo in Clinton Hill. Our building is about 15 years old, and we’re looking for a reliable and honest management company to help us – we recently hired a terrible company and are trying to dig our selves out from the mess they created. Thanks!

Our building received a proposal from a laundry company that is offering us 50% of the collections (card system). Ignoring the merits of installing our own machines versus using a laundry company, does anyone know if 50% is par for the course? Also, how do we know what’s really being collected? It would seem to be pretty easy for them to provide bogus figures.. Thanks for any insight.

Any recommendations for finding a sublet? We’re going to be in between homes for a few months (over the holidays)

I’ve looked on craigslist and it seems to be all scams/crap

Is there someplace new that people are using?

Does anyone have experience with Guardian Property Management of Brooklyn/ Common Sense Properties LLC. Their website is managebrooklyn.com .

I recently moved into a building this company manages and am a bit thrown off and confused about their company, who they are, and the services they provide. I have had a negative experience over the phone with someone there, and cannot find any kind of information about the owners, managers or the company online aside from their website, which doesn’t say much at all.

My condo’s management company just sent out a letter to owners demanding proof of homeowner’s insurance with $500k liability and $2mm umbrella. Is this reasonable/normal/acceptable? I’ve never heard of a management company or board demanding it before.

Does anyone know of property managers that specialize in small 6-12 unit apartment buildings in Bushwick?

I am on the newly formed board of a 10 unit condo association. The first unit was sold in July 2009 and there will be only one unit left after this month. My question is about the payment of common charges by the sponsor following the sale of the first unit. Should the sponsor be contributing its proportional share of common charges for each month until all units are sold?