Question 1

What does a co-op or condo property manager actually do?

Accepted Answer

Co-op and condo property management is business operations, not just customer service. A qualified managing agent handles financial controls, governance support, long-term asset planning, vendor coordination, compliance management, and risk mitigation. At New Way, we function as systems architects: we build the governance frameworks, operational guides, and knowledge systems that allow your building to run predictably and your board to make informed decisions.

Question 2

What is the difference between co-op and condo management?

Accepted Answer

Co-ops and condos have different ownership structures but face similar operational challenges. In a co-op, residents own shares in a corporation that owns the building. In a condo, residents own their individual units outright. Both require professional management for shared systems, common areas, compliance, and governance. New Way manages both cooperatives and condominiums across Brooklyn and Manhattan.

Question 3

Why is co-op and condo property management so expensive?

Accepted Answer

Co-op and condo management encompasses financial management, maintenance coordination, legal compliance, vendor oversight, crisis management, and board governance support. Much of this work happens behind the scenes: preventive maintenance, administrative processing, regulatory filings, and strategic planning. Poor or cheap management typically results in deferred maintenance, legal exposure, and declining property values, which cost far more in the long run.

Question 4

What NYC compliance laws do co-ops and condos need to follow?

Accepted Answer

NYC co-ops and condominiums must comply with several local laws including LL84 (energy benchmarking), LL87 (energy audits and retro-commissioning), LL97 (carbon emissions limits), LL11 (facade inspection and safety), LL152 (gas piping inspections), and LL126 (elevator inspection). Non-compliance can result in significant fines. New Way actively manages compliance timelines and coordinates with qualified professionals for all required filings.

Question 5

How do I know if my co-op or condo board is being managed well?

Accepted Answer

Good board performance is measured by healthy reserves, predictable maintenance costs, clear policies, and financial stability. Silence is not success; stability is. If your board is constantly reactive, under-informed, or relying on the property manager as an assistant rather than an advisor, the management model likely needs restructuring. New Way helps boards define real KPIs and build systems that create long-term accountability.

Question 6

What areas does New Way Property Management serve?

Accepted Answer

New Way Property Management serves cooperatives and condominiums across New York City. In Brooklyn, we manage buildings in Bay Ridge, Carroll Gardens, Williamsburg, Midwood, Prospect Heights, Brooklyn Heights, Park Slope, Cobble Hill, Boerum Hill, DUMBO, Fort Greene, Clinton Hill, Bed-Stuy, Bushwick, Greenpoint, Windsor Terrace, Kensington, Flatbush, Ditmas Park, Sunset Park, Bensonhurst, Borough Park, Gravesend, Sheepshead Bay, Red Hook, Gowanus, and Downtown Brooklyn. In Manhattan, we serve neighborhoods below 72nd Street including Greenwich Village, West Village, East Village, SoHo, Tribeca, Lower East Side, Financial District, Battery Park City, Chelsea, Flatiron, Gramercy Park, Murray Hill, Kips Bay, Midtown, Hell's Kitchen, NoHo, Nolita, Chinatown, Little Italy, the Upper West Side, the Upper East Side, Lincoln Square, Stuyvesant Town, and Tudor City.

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