by Teri Karush Rogers
Is your building cash-poor? Consider selling off pieces of the roof for residents to use as private outdoor spaces.
Q. My co-op building has been hit hard in recent years by property taxes on top of a huge elevator replacement project. Our maintenance charges are already on the high side and we are trying to avoid another increase or an assessment.
Can you suggest some other alternatives for raising money that would be less painful?
For example, one idea that has been suggested is dividing up our undeveloped roof area and selling it to shareholders.
A. You’re on the right track, say our experts, who shared some common and not-so-common ways co-ops and condos are building up their coffers nowadays.
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