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You're a licensed broker or a licensed salesperson?
You need to read up..........a lot.
I have two clients who are buying condo apartments in NYC and they would like me to manage it for them.
Each client will buy one condo unit. They are both foreigners.
I see a few banks are offering Escrow accounts with sub-accounts for security deposits but how do I go about rent collection and expense payment for each condo?
Advice would be greatly appreciated. It's a new field for me and would love to explore it in more depth.
TimeWarner Cable is the only broadband provider to this building. In the past year, we have had numerous Internet blackouts spanning several days at a time. If you value quality Internet access, this may not be the best building for you.
Actually I'm overjoyed! My washer broke a couple of months ago, and I've been sending the laundry out. No longer am I hostage to the spin cycle. And knowing us, it will take us years to get a new one, and by then the kids shall have moved on and the laundry will be far less.
I was advised by my building management group that 32BJ of the Service Employees International Union – which covers handymen, doormen and porters, may go on strike as of April 20th. What do you think about the likelihood of a strike?
I have a great floor guy
Email me at email@example.com
Does anyone else have anyone that they'd be able to recommend for flooring work?
Need to fix/restore/replace small parts of my beautiful oak floor (prewar bldg.) and the areas have to look seamless and blend in with the rest of the floor.
Any recommendations on who can do this?
My husband and I are looking to buy a property in NYC with his parents. We currently live in NYC ourselves and I am a citizen while my husband is a US permanent resident. His parents are citizens of Colombia and reside there. We are looking to purchase the apartment in cash with the majority of the money coming from his parents. Their accounts are held in the US.
We are looking to purchase a condo using an LLC. Has anyone dealt with a similar situation and has any advice? Or has recommendations for lawyers or accountants that are familiar with this type of transaction?
Not true! The garbage is picked up three times a day.Please don't post false statements online.
thanks. I find your post very informative.
I've sent several posts which have been ignored. It's important for people who are considering this building to know that there is a problem in controlling roach and mice. Other tenants / owners did not seem to mind as "it's New York" but it was well beyond any issues that we've observed in other buildings we've lived in. Management was indifferent to the problem. Sure, there is an exterminator but the hall trash bins are FILTHY and would remain full of open food containers for many hours.
Is there some reason that you would not post this comment?
If i remember correctly any project over $200.00 requires a license.
Can someone please tell me if a "handyman" needs to have a license to operate in NYC? If so, a link to the proper licensing bureau would be greatly appreciated.
Thanks in advance.
The internet offers great resources when it comes to making interior design pricing transparent. E-design sites are making it more affordable for regular people too. One great site that generally pays for itself by passing on all it's trade discounts to customers is Decorilla, http://www.decorilla.com/ . They provide clients with discounts to their favorite decor brands, color palette suggestions, and realistic 3D models with new furniture, and existing pieces, placed into an actual floor plan. The pricing is really clear and up-front with them too. Hope that helps.
As a former decorator I can tell you that the fee structures are really all over the place, but for larger NYC firms the following pretty much holds true (I worked at 4 of them and they were all the same).
1. Some sort of a fee based on the size of the job. We'd usually do a budget before starting a job and the fee would be based on that.
2. 15% - 18% of construction fee. The bigger the job, usually the lower the percentage.
1. Fabrics, upholstery and "designed" items (like custom furniture, etc.) 50% - 52% markup.
2. Anything bought at a regular store or at auction: 30% markup. Of course this changes as the dollar value of what you buy increases. If you are buying a $250,000 dining table, the commission usually drops.
3. Things bought at to the trade shops. Usually, the decorator buys at net and sells at retail. The markup varies depending on the shop.
5. Rugs are all over the place.
I think that the best firms show all of the markups on the estimates and invoices sent to clients. I know some firms try to hide the markups and I think that that causes more problems than it solves. Let's face it, an interior designer is a luxury and luxuries usually are not cheap. Goodness knows I'd hire one if I could afford it.
Hope that helps.
flat fee and they typically get a discount off the price of the goods that they retain. I would highly recommend Robyn Bishop as a designer. She has worked with a bunch of my clients and has done a great job and is reasonably priced.
ROBYN PAYNE BISHOP INTERIORS
I purchased the embody chair which I love but do not remember if I was able to get a discount
It was actually round 50% a couple years ago on the Eames lounge chair. Not sure if it's changed. I think it varied a bit depending on the Herman Miller product.
We have been working with the following attorney for Law Department challenges.
Yan Margolin, Esq.
Attorney at Law
Office: (212) 964-6200
Wow, could not agree more about Jordan Cooper. They are my management company and have botched quite literally every transaction I've had with them - ones that have cost me thousands because they did not have a sublet package for my building when I needed it and thus I lost the renter while I waited a week for them to find it. They also billed me incorrectly for sublet fees for 2 years and were total asses when they realized it and sent me a huge bill without explanation or apology.
Awful. Jordan Cooper are awful.
FirstService Residential is terrible. When there is a problem and you need them, they don't answer your phone call, don't read your email. Terrible!!! Stay away from them! I worked with them 2 months ago, so hard to get somebody to talk with. TERRIBLE!
First Service Residential never picked up the phone. It was very difficult to deal with them. I switched them after 2 months when I realized I could not get my apartment in NYC to be managed as I wanted it to be. I've been working with XL Real Property Management since then and have 0 complaints, they are doing a great job!
..btw I’ve worked with Vision Group in the past and had the worst experience ever! That’s why I recommended working with XL Real Property Management. Good Luck!
Could anyone recommend a company besides Terminix or Orkin? It's a 3 floor commercial building with a basement in Mount Vernon NY. Never had pest problems in last 10+ yrs but one of our tenants saw a rat this week.
Thanks as always for any help.
where's the heat
I always tip the handyman on the low end and then provide a tip when he does work for me, which is usually 3 or 4 times a year. Everyone else is tipped based on what they do for me, how long they have been on the job, and how pleasant they are. I don't believe in tipping everyone in a specific category the same amount. I do believe in tipping everyone though.
Whatever you do, don't take advice from a Canadian whose life's experience is suing in small claims court and playing hockey non-stop, and who turned traitor to his home country.
Kit, you chose to click on the grayed out comment. That is where hostility came from. Just ignore the grey.
1 resident manager = $100
1 asst super = $100
4 handymen @ $50 = $200
6 concierges @ $50 = $300
4 doormen (perhaps $100 each to the one or two who really are helpful to you regularly, and $50 each to the others you may not deal with much or at all) = $300
9 porters @ $50 = $350
....and I tip the primary mail delivery person = $20
Grand Total = $1,370 (if you decide to tip all four doormen evenly because you think it's a problem not to do so, add another $100 to the total so all four receive $100 each and your grand total will be $1,470)
I was just reposting what inonada posted. I'm not hostile to you, and most if not all normal people aren't. Inonada simply believes that widows are assholes if they live in big apartments and should be penalized.
But back to the question, tip based on the level of service. And then allocate it based on the # of people who provide that service. So if 100 doormen and porters and handymen, less per doorman. If one doorman who lives there 24/7/365 and is also the porter and handyman who fixes your toilet, he (or she) gets it all.
I think you are being quite reasonable.
I'm the Exec. of my relative's estate. This is the final year and thus the income tax forms will be more complicated than before because Schedule K-1 will have to be generated and filed and given to each beneficiary, as well as comparable NY income tax forms (and some of the bene's are NY residents while some are not). The previous years' estate income tax returns were not that complicated, as no income was previously distributed nor required to be currently distributed, and they did not involve Schedule K-1. However, for the "final" return, I would like to use a good accountant, experienced in doing this, who would do this correctly and hopefully not charge an arm and a leg, as there are about a dozen beneficiaries to whom the income was distibuted in percentage shares.
Does anyone have a recommendation for a good estate income tax accountant, preferably in Manhattan?
Well, I'm glad you are still on West 34th Street and you didn't move to Ottawa or Williamsburg or C0lumbia C0unty or West 67th Street.
fieldsy -- I never said I was leaving "now". I said "In case the Discussion Board just vanishes one day" I was saying my goodbye in advance.
It's because Patrick Quagliano decided to stock up on that hideous bleach he uses -- it's going off he market because most of the little old ladies who use it have died off -- and now the shareholders are paying the price!!!! Poor west 23rd street.............. Hang in there, things change you know.
See West34, I knew you couldn't leave.
Seems reasonable to me given the level of service.
I kind of agree. The maps move though on this version.
old...why don't admins realize how overwhelming the sentiment is??
100% old. I might cancel my subscription b/c I can't stand the new format
Oh come on aboutready, it's entirely inconsequential. But I still care.
You are really too preoccupied with the inconsequential details of my life. Get a grip.
AR, your husband benefitting from JPM's woes?
any new risks in law firm land?
That sounds loony.
Flood risk has little to do with what floor your apartment is on - it's a risk to the building, and the risk depends on elevation and distance from the rivers. BPC is in a flood zone because it's right on the water. The hillier parts of the UWS are not - if you have to walk down three long flights of steps and across a couple hundred yards of Riverside Park to get to the river, then the river won't be coming to you anytime soon, however bad the storm.
The FEMA map is here http://gis.nyc.gov/dob/fm/manhattan.htm I believe (I grew up in a little NJ town with flooding issues) that you can't even buy flood insurance unless FEMA rates you for it (and then you have to). Large swaths of Manhattan are not rated.
I'm in the process of purchasing a co-op in midtown west and have been told by several insurance companies that I must purchase flood insurance because my unit is on the 2nd floor. Apparently flood insurance is now mandatory for 1st and 2nd floor dwellings in NYC. Anyone have any insight on this? Thanks!
This was a major issue for me when it came to selling my condo in Soho. The quick summary... Building was first occupied after 2000. As all new condos seem to do they like to keep the monthlies low, so in this effort the board (or developer perhaps) purchased a bare minimum level of flood insurance. It turns out that FEMA requires $250k per unit for condos, no idea how co-ops work on this issue. Well during the bubble days banks didn't care or didn't notice that the building lacked adequate coverage, so nobody had problems financing. Now banks actually do the work, and finally caught up to the building.
I had a contract signed and ratified. A day before closing bank calls up purchaser and tells them they need to purchase additional flood insurance to cover the building's shortfall. Annual premium was something like $10-15k, so it was material. Buyer failed to close so I kept the deposit. Had to fight with the board to make them realize they were impeding my ability to transfer property. Extra insurance cost the building something like $25-30k a year, and since we had a healthy reserve it was no big deal. Took them three days to add the extra coverage. It was a very big hassle for me however, as I had already moved and was left with an apartment going back on the market after having been under contract, so definitely looked like there was a problem outstanding with the unit and/or building. Luckily got another contract shortly after it was relisted at same price, and since the building carried the proper amount of flood coverage at that point the closing went through fine.
Just a head's up to all potential sellers. Check out your building's flood zone and related coverage before you list! It can save you a tremendous amount of hassle. Purchasing the policy on your own is ridiculously expensive and you can't shop for it as FEMA determines the rate, at least in high risk zones.
And the follow-on head's up to current owners in high risk flood zones. If your lender discovers this issue in your building while underwriting a loan (purchase or refi) for any unit in your building you will likely get a nice letter in the mail telling you to purchase more insurance or the bank will purchase it for you and bill you for it. Not fun. Get on your board now to fix it.
Well, since I don't own and don't particularly care what happens to the building - that's the landlord's problem, not mine - I was quite surprised at how difficult it was to obtain. My policy excludes damage to the contents of my apartment due to flooding, which seems to be a standard exclusion for renter's policies. All I wanted was something that would replace the contents of my home in the event of a flood, which wouldn't have to be very much.
Instead, I self-insure with a hefty savings account.