The New York Association of Realty Managers holds virtual and in person events throughout every month, and graciously invites co-op and condo board members to participate. Scroll down to see what is in store in the next several weeks.
This legislation requires that all NYC cooperatives and condominiums with assessed value that averages $60,000 or more per unit wishing to have qualifying residents participate in the co-op/condo abatement program in Fiscal 2023 (which begins July of 2022) must pay prevailing wages to all building service employees. The Department of Finance will have to create a mechanism for all those building to so attest. This affects many buildings in Manhattan and a number in Brooklyn. The prevailing wage in those boroughs is the wages and benefits received by members of 32BJ through their Residential Agreement. If your building uses other labor, now is the time to check on your current costs and see if you face difficult decisions regarding labor costs vs. foregoing the abatement.
The Existing-Home Sales data measures sales and prices of existing single-family homes for the nation overall, and gives breakdowns for the West, Midwest, South, and Northeast regions of the country. These figures include condos and co-ops, in addition to single-family homes. 2b1af7f3a8