First-Time Condo Buyers Beware: The Real Story Behind 'Affordable' Monthly Charges

Transitioning from a developer to a condo board can bring unwelcome surprises and stark choices. That was the case at a Brooklyn condo, when new management took over and discovered owners were paying only half the amount needed to cover basic operating expenses. The artificially low monthly charges—which had attracted many first-time buyers—were temporarily masked by reserve funds that were rapidly depleting.  Anes Radoncic, managing partner at VNYPM, tells the tale to Habitat’s Paula Chin, from discovering the shortfall to the board’s bold move towards financial stability.How To Run Your Building: For Co-ops and Condos