Page 5 - CooperatorNews New Jersey Expo 2021

NJ.COOPERATORNEWS.COM COOPERATORNEWS NEW JERSEY —EXPO 2021 5 Yale Robbins Publisher Henry Robbins Executive Vice President Joanna DiPaola Associate Publisher Hannah Fons Senior Editor Darcey Gerstein Associate Editor Pat Gale Associate Editor Shirly Korchak Art Director Anne Anastasi Production Manager Alan J. Sidransky Staff Writer Peter Chase Director of Sales Fred Marks Director of Sales CooperatorNews New Jersey is published quarterly by Yale Robbins Infomedia. 205 Lexington Ave., New York, NY 10016, (212) 683-5700. President: Yale Robbins, Executive Vice President: Henry Robbins. Subscriptions are available free by request to co-op and condo board members and homeowner associations. POSTMASTER: Send address changes to CooperatorNews New Jersey, 205 Lexington Ave., New York, NY 10016. ©Yale Robbins Infomedia 2021. All rights reserved. FREE Subscriptions for Board Members, Property Managers and Real Estate Decision Makers. To Subscribe, please visit us at: NJ.COOPERATORNEWS.COM/subscribe TABLE OF CONTENTS Climate Change & Residential Communities......... 1 The reality of climate change is upon us. Weather patterns have changed, and seasons have been altered. We experience more intense heat, more frequent, destructive storms, wide-ranging wildfires, and more destructive cold. Tornadoes—the spawn of conflicting hot and cold air masses—touch down in places they ing is of course very different from living in a detached single-family home. were once almost unheard of. What was scientific prognostication only a few years ago has become reality. Managing Board Conflict .................. . 1 In a community association, it falls on the board to put out any fires that ignite among the property’s residents. But what happens when that blaze springs up between the board members themselves? A Look at Board Powers.................. . 1 When one buys a private single-family home, the homeowner is king or queen of the proverbial castle. When it comes to condominium and cooperative ownership, however, the landscape is more complex. Fire Safety Plans ....................8 When a crisis hits a multifamily community—or any other organization—the difference between a good out- come and a disastrous one is often a matter of simple preparedness. Residential communities in particular need to have a plan in case of an emergency, whether that takes the form of a fire or some other immediate crisis, such as a severe storm or even a public health emergency. Coping with Legal Cannabis................ 10 With the advent of legislation legalizing marijuana for both medical and recreational purposes in a number of U.S. states, many co-op and condo communities are now faced with a new quality-of-life issue. Apartment liv- The Bidding Process................ 12 One truism of home ownership is that there is always something that needs to be fixed or upgraded. That’s true in condo and co-op communities as well, both large and small. There’s always a roof to replace or a boiler to upgrade, or a lobby to refurbish. The challenge is finding the right contractors to get these jobs done efficiently and effectively at a cost that the building or HOA can handle. Pulse ............. 6 Q&A .............. 7 Expo Preview.............. 20 Expo Pull-Out Guide .............. 15 Marketplace ............... 31 Power your business forward with our HOA Premium Reserve Solutions. Put our expertise to work for you with: • The ease of dealing with one bank for all your HOA banking needs • A competitive rate of return to grow excess reserve funds • The security of knowing your funds are protected and secured by a surety bond cit.com/CABReserves Let’s get started. Nicole Skaro, CMCA 908.524.8741 | nicole.skaro@cit.com Funds in excess of FDIC insurance coverage limits are covered by a third-party issued surety bond. Such excess funds are not subject to FDIC deposit insurance. The surety bond providing excess coverage over FDIC insurance may be cancelled at any time upon 30 days’ written notice. Should a notice of cancellation be given, CIT will contact the client to discuss alternatives to provide for the continued safety of funds. May not be available in every state. Premium reserve products are for new money only (money not currently held by CIT Bank, N.A.) ©2021 CIT Group Inc. All rights reserved. CIT and the CIT logo are registered trademarks of CIT Group Inc. Deposit and loan products are offered through CIT Bank, N.A., the FDIC-insured national bank subsidiary of CIT Group Inc. MM#9903 See us at Booth 505