Condo, co-op boards face tough post-Sandy funding choices

New York /
Oct.October 18, 2013 03:17 PM

Condominium and co-op boards faced an uphill struggle in the immediate aftermath of Hurricane Sandy, but now they are dealing with even dicier questions. The big question is whether to direct funds towards protecting against future storms or making aesthetic improvements that lift a building’s market value.

Boards are also going toe to toe with insurance companies, who in some cases balked at coughing up the cash for temporary fixes necessary to get buildings back online after Sandy. Such costs took a bite out of buildings’ overall budgets, scaling back funds for fixes like finishing lobbies or landscaping.

“We felt it was our fiduciary responsibility to hold off, go slower with the repairs and forgo a lot of the cosmetic stuff as long as we were addressing systems issues,” Cynthia Reich, condo board president at Coney Island’s Brightwater Towers, told Crain’s.

Equally touchy is the question of how to pass along expenses to residents that boards not eligible for FEMA grants incurred post-Sandy.

“We are going to have to assess, and some of our neighbors are upset,” Audrey Pheffer, Queens County clerk and president of her Rockaways condo board, told Crain’s. [Crain’s]Julie Strickland


Related Articles

arrow_forward_ios
Fairway at 480-500 Van Brunt Street in Red Hook and the O’Connell Organization's Greg O’Connell (Credit: Google Maps)

Fairway landlord: Private-equity owners ruined Red Hook store

Fairway landlord: Private-equity owners ruined Red Hook store
Mayor Bill de Blasio and subway damage caused by Hurricane Sandy (Credit: Getty Images)

Program to rebuild Sandy-damaged homes needs extra $92M

Program to rebuild Sandy-damaged homes needs extra $92M
Army Corps of Engineers Commander Lt. Gen. Todd Semonite and flooding caused by Hurricane Sandy in 2012 (inset) (Credit: Getty Images)

A $119B seawall still might not protect Manhattan, critics say

A $119B seawall still might not protect Manhattan, critics say
Plans for NYC’s storm-surge barrier raise environmental concerns

Plans for NYC’s storm-surge barrier raise environmental concerns

Plans for NYC’s storm-surge barrier raise environmental concerns
Hamptons Cheat Sheet: Hamptonites spend big to secure properties amid MS-13 fears … & more

Hamptons Cheat Sheet: Hamptonites spend big to secure properties amid MS-13 fears … & more

Hamptons Cheat Sheet: Hamptonites spend big to secure properties amid MS-13 fears … & more
Coney Island Hospital moves forward with $738M renovation plan

Coney Island Hospital moves forward with $738M renovation plan

Coney Island Hospital moves forward with $738M renovation plan
After Sandy, buildings flood city’s most vulnerable neighborhoods

After Sandy, buildings flood city’s most vulnerable neighborhoods

After Sandy, buildings flood city’s most vulnerable neighborhoods
Developers are soaking NYC’s waterfront areas with new construction

Developers are soaking NYC’s waterfront areas with new construction

Developers are soaking NYC’s waterfront areas with new construction
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...