What boards ask us most.
Straight answers on cost, compliance, and changing managing agents in New York City. If your question is not here, call us at 212·268·0494.
What does a property management company do for a NYC co-op or condo?
A managing agent runs the building day to day on the board’s behalf: supervising staff and vendors, collecting maintenance and common charges, paying bills, preparing budgets and monthly financials, keeping the building compliant with city filings, and handling resident requests. The board sets policy; the managing agent carries it out and reports back.
How much does co-op and condo property management cost in New York City?
Most Manhattan buildings are billed a flat annual management fee, typically scaled to unit count and the complexity of the building. Sandberg quotes one all-inclusive annual fee, with anything outside that scope itemized in the proposal itself, so a board can compare bids line by line without hidden pass-through charges.
How do I switch property management companies in NYC?
Review your current agreement for the notice period, which is commonly thirty to sixty days, then give written notice and appoint a successor agent. Your incoming manager and our accounting department request the books, contracts, permits and violation history from the outgoing agent. Most buildings complete the transition within thirty days without interrupting payroll or billing.
What is the difference between managing a co-op and a condominium?
In a co-op, residents are shareholders in a corporation holding a proprietary lease, so the board has broad approval authority over sales and sublets. In a condominium, residents own real property and the board’s powers are narrower, usually limited to a right of first refusal. The financial reporting and compliance obligations also differ.
What is Local Law 11 (FISP) and how often are facade inspections required?
Local Law 11, now the Facade Inspection Safety Program, requires buildings over six stories to have their exterior walls inspected by a qualified engineer or architect and filed with the Department of Buildings every five years. Buildings are assigned to staggered sub-cycles, and unsafe conditions trigger immediate protection and repair obligations.
What is Local Law 97 and how does it affect co-ops and condos?
Local Law 97 sets carbon emissions caps on most buildings over 25,000 square feet, with penalties for exceeding them and limits tightening over time. Boards need emissions modeling, a forecast of penalty exposure, and a phased capital plan. We model exposure early so buildings can budget improvements rather than absorb fines.
Is my building too small for professional property management?
No. Small and mid-sized buildings often benefit most, because they lack in-house staff to handle filings, insurance, and vendor negotiation. Small and mid-sized buildings are the core of our portfolio, and they are the buildings larger firms tend to under-serve.
What should a board look for in a management proposal?
Ask who specifically will manage the building, what the fee covers and what it does not, how financial reporting is delivered, how compliance deadlines are tracked, and what the after-hours escalation path is. Ask for references from buildings of similar size and age.
Who do residents call in a building emergency?
A twenty-four hour emergency line reaches a member of our team rather than an answering service reading from a script. Emergencies are escalated immediately to the building’s assigned manager and to a principal of the firm, so decisions can be made without waiting for business hours.
Are management agreements long-term contracts?
Our agreements run annually and are terminable on 30 to 60 days’ notice by either party. We would rather earn the renewal each year than hold a board to a term it regrets. Boards are never locked into a multi-year commitment in order to receive our full scope of service.
What neighborhoods does Sandberg Management serve?
We manage co-ops and condominiums throughout Manhattan, including Greenwich Village, the West Village, SoHo, Chelsea, the Upper East and Upper West Sides, Harlem and Morningside Heights, along with selected buildings in Brooklyn.