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Problem Solved! For Co-ops and Condos
From building repairs and maintenance, energy upgrades, insurance, lobby redesigns, accounting and financing - the challenges facing co-op and condominium board directors are endless. In this series, Habitat Magazine editors interview New York City experts to learn how problems have been solved at their client co-op and condo buildings. We take a deep dive into the issues being confronted, the possibilities for solutions, the costs, the challenges, and the outcomes. Habitat Magazine, founded in 1982, is the trusted resource for New York City co-ops and condo board directors. Visit us at www.habitatmag.com
Problem Solved! For Co-ops and Condos
The Terracotta Trap: Why the 'Obvious' Fix Isn't Always Right
When a century-old building's terracotta cornice started cracking, the board faced what seemed like a straightforward fix: replace the damaged sections with new terracotta. But a closer examination of the numbers told a different story, says Michael Wolfe, president of Wolfe Realty Services, who consulted with the board. The cornice work cost $750,000, and the total project totalled $1.2 million when scaffolding and mobilization was factored in. By thinking ahead, this building avoided spending another $300,000-$400,000 on future mobilization costs when those terracotta patches would inevitably fail again. In this episode, Wolfe shares why it might pay to spend more upfront — sometimes the "obvious" solution isn't the smartest one — especially when you're planning for the long haul. Habitat’s Carol Ott conducts the interview.
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