Co-op boards and building managers across the five boroughs are losing sleep over the demands.
The loony law, to take effect at the end of the year, spells financial ruin for, which are home to more than 800,000 apartments.
Building managements, including at my Upper East Side high-rise, have grappled with the law’s ramifications since the city finally spelled out its precise requirements and thresholds at the end of 2022 after leaving them in suspense for a year and a half. “I’ve been the board president for 25 years and never had an issue that actually kept me awake at night.”
“The city is out of control,” said Robert Friedrich, board president of the Glen Oaks Village co-op on Union Turnpike in Queens.Shareholders would foot the bill — if it’s enough to satisfy the city’s environmental overlords — in the form of huge assessments or a whopping 30% hike in monthly maintenance for every apartment, Schreiber said.
“I’ve been the board president for 25 years and never had an issue that actually kept me awake at night.”Glen Oaks is home to over 10,000 residents in 2,900 units in 134 buildings. “Our buildings have 96 boilers” that would all have to be replaced, Friedrich said. “We’d have to spend $24.5 million for new boilers we don’t need.
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