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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
When a Management Transition Goes Quietly Wrong
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A management company transition should be routine: the old firm hands everything off, the new one takes over, and life goes on. But Carl Cesarano, principal at Cesarano & Khan, has spent 36 years watching these handoffs quietly unravel, leaving boards scrambling months later when the annual audit comes due and nobody can locate records. Boxes get shipped, stored, and forgotten. Agents blame each other. And suddenly a building that's been operating for decades finds itself unable to produce a basic financial statement.
Cesarano breaks down the questions boards rarely think to ask during a handoff, and why a treasurer's diligence in the first few weeks can make or break an entire fiscal year. It's a study in what happens when "we'll sort it out later" becomes the plan, and a roadmap for making sure your building doesn't end up in the same bind. Habitat's Carol Ott conducts the interview.
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