Your Commercial Unit Owner May Be Secretly Costing You Thousands Every Year
Description
Surprise! You might be subsidizing your commercial unit owner's expenses. This eye-opening conversation with property management expert Greg Poverelli, senior property manager at Harlem Property Management, reveals a costly mistake that's bleeding money from countless condo buildings across New York City.
Many boards discover too late that their commercial units have been dramatically underpaying common charges for years — sometimes by tens of thousands of dollars The culprit? A dangerous mix-up between offering plans and actual governing documents that lets commercial owners off the hook for their fair share of building expenses. In this episode, Poverelli shares real examples, including one Harlem building that recovered $7,200 in a single special assessment and thousands more in ongoing monthly charges. He explains exactly how to investigate your own building using public records and discusses the possibility of recovering years of underpayments. Habitat’s Paula Chin conducts the interview.
How To Run Your Building: For Co-ops and Condos
United States
