Here's what's happening at Impact Management
NEWS ABOUT THE STAR CREDIT FOR HOMEOWNERS
Many of you are already registered for your School Tax Relief (STAR) Credit, and if you are, there's nothing you need to do at this time. But if you bought your home between May 1, 2014 and August 1, 2015, you need to register to receive your credit. Go to www.tax.ny.gov/starto register.For general information about the program, go here:https://www.tax.ny.gov/pit/property/star/default.htm.All homeowners meeting income requirements are eligible for their primary residence.
THE STATE IS ON THE PROWL
As seen in Habitat Magazine, December 2016
"To avoid Fines and audits, boards should treat independent contractors as employees." Stuart Halper from Impact Management weighs in on the risks of overusing independent contractors in place of employees.
THE RISE OF THE MULTI-LINGUAL MANAGER
As seen in Habitat Magazine, June 1, 2016
"New York is an ever-changing landscape, which is a beautiful thing, but you have to adapt,” says Stuart Halper, co-owner and vice president of Impact Real Estate Management which oversees 70 co-op, condo and residential buildings in New York City, Long Island and Westchester. “When ethnic populations and neighborhoods change, so do shareholders and board members. It can be very hard for managers who only speak English to relate to immigrants, especially if they’re first generation. You’ve got to flow with the tide and accommodate them so you don’t get left behind.”
TOTAL SERVICES FOR COOP AND CONDOS
Cover Feature in Mann Report
“Who is your management company? Who can you recommend?” More and more, cooperative and condominium board directors, talking to friends and neighbors on other buildings’ boards, are asking these questions. The reasons vary. Their building’s current management company may have become so large that the phone calls – and problems – of owners, shareholders and renters are going unanswered. A construction issue may be going unsolved. The building may be falling behind in its basic upkeep."
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NYC CO-OP OWNERS PRICES OUT BY SOARING MAINTENANCE FEES
Newsday, Featuring Stuart Halper
Spiraling maintenance fees at co-ops are becoming a major headache for some owners — driving some of them to cheaper pastures. Annual maintenance fees per room on the East Side rose from an average of $3,457 to $5,606 from 2001 to 2011, according to the Council of New York Cooperatives and Condominiums. On the West Side, fees jumped from an average of $2,784 to $4,671 per room over the same time frame.
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DEALING WITH OBJECTIONABLE BEHAVIOR
Managing the Unmanageable
Even before the landmark “Pullman” case in 2003 in which a co-op board and shareholders voted unanimously to evict an especially troublesome and disruptive shareholder from their building—New York co-op residents have grumbled about “objectionable tenants” and how to deal with them. The term “objectionable” is subjective, and the behavior that can fall under that label ranges from constant noise and offensive cooking smells to ranting at and even assaulting neighbors or board members in the lobby.
ABOVE AND BEYOND MANAGEMENT
It’s been said before, but bears repeating: while there are certain similarities, every co-op and condo building in New York City is different, and every building community has different needs, expectations, and amenities. Those expectations and needs may change over time as well—what works for one community for a few years may not work so well as building demographics shift and redesign themselves.
MANAGEMENT IN CRISIS
Every property manager has a horror story or two—or three, or four, or forty-seven—about the sub-zero winter night when the boiler in a 400-unit high-rise went kaput, or what happened when the sprinkler system decided to turn on for no discernible reason and drenched several newly-remodeled hallways, or the spring rainstorms that helpfully revealed the dire condition of the building’s World War II-era roof by flooding the penthouse owner’s collection of Picassos. Even the best-maintained buildings sometimes experience what might be called maintenance meltdowns, and when disaster strikes, it’s up to the management, board and building staff to get things under control and back on track as quickly as possible.
THINKING OUTSIDE THE BOX
Creative Financing Strategies for Your Co-op
While there’s certainly no shortage of affluent co-op and condo buildings in New York City, it’s a fact that a significant proportion of buildings are home to residents of more modest means–buildings for whom large capital improvement projects, emergency repairs, and major maintenance increases may constitute a significant financial hardship. For those buildings, price is definitely an object, and oftentimes board members and managing agents are hard-pressed to come up with creative ways to increase revenue. For those willing to do their homework and get creative, however, there are many methods by which middle- and lower-income buildings can increase their cash flow, build up their reserve fund, and stay solvent, no matter what the economic climate
HELPING YOUR CO-OP OR CONDO
Weather the Gathering Economic Storm
Navigating the finances and ensuring the fiscal stability of your cooperative corporation or condominium association has never been an easy task. Certainly, New York’s residential community has been through some challenging times, and looking immediately ahead, the coming 12 to 18 months are likely to be among the most challenging for the city as a whole – and for residential co-ops and condos in particular.
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RESTORING HONESTY AND INTEGRITY TO REAL ESTATE MANAGEMENT
Going solo, doing it your own way, the right way. That’s what the three principals of Impact Real Estate Management decided to do. When the three met five years ago, they all had the same idea. They agreed many in the management business were providing consumers with inferior service; not to mention the indictments for corruption that had recently rocked the industry. Mismanagement was running rampant; they decided to do something about it.