NYT: New Guidelines Could Make Co-op Renovations Tougher
Started by newmove1
almost 16 years ago
Posts: 57
Member since: Feb 2009
Discussion about
Look like coops that are for sale that already have been renovated nicely will stand to gain from these regulations. Many will pay a premium price not to renovate, and this will only add significantly to that price. Bad news for the contractors. http://www.nytimes.com/2010/01/24/realestate/24model.html?ref=realestate
I'm not convinced that's how this will play out. It sounds like a lot of these regs have already been adopted, if informally, and they seem to be focused most on combining two apartments together. Or did I misread this article?
Everything mentioned was pretty standard.
Not just about combining 2 apartments but about all renos. Here are the highlights:
"...paying more than they are currently accustomed to, starting with several thousand dollars for a reviewing architect or engineer hired by the board to provide %u201Cmuch closer review of the proposed plans and specifications before they%u2019re approved by the building.%u201D
"..will also call for increases in minimum insurance coverage and security deposits. Ranges under discussion for deposits alone run from $5,000 to $100,000 or, using another scale, a hefty percentage (say 10 to 20 percent) of the project"
"tougher standards on sound and odor transmission, both during and after construction"
"...assigns the renovator responsibility for ongoing maintenance and troubleshooting. This responsible-ever-after theme is carried forward into just about every other facet of renovation." "Maintenance of any %u201Caltered condition%u201D would be thrust squarely on the shoulders of the renovator, as well as full responsibility for any legal fees paid by a building in connection with the project."
"..monthly so-called facilities fees tacked onto a renovation to cover wear-and-tear and staffing expenses. ...fees already being levied by some buildings range from $500 to $15,000 a month, depending on the size of the renovation..."