We are a firm located in downtown Manhattan that specializes exclusively in Common Interest Realty Associations. This is a practice limited to Cooperatives, Condominiums and Condops. We currently represent over 100 buildings; most of them are in the borough of Manhattan. Our firm is a professional member of the Council of New York Cooperatives, for whom Mr. Greenberg has conducted seminars on the 80/20 problem, IRS SEC. 277 and capital improvement project (MCI) financing at the annual conference at Hunter College. Mr. Brennan has had the benefit of having many years of hands-on experience working as controller in coop and condo managing agents offices. Mr. Kushnirov, as President of the firm, is also the Treasurer of his own cooperative and is familiar with the issues Boards currently face. We are members in good standing in the New York State Society of Certified Public Accountants and Mr. Brennan had been a member of its Real Estate Committee. We have extensive experience involving buildings with a substantial number of sponsor-unsold units and the related problems involving maintenance arrears, SCRIE Liability, sponsor defaults and foreclosures.
Our professional staff is highly experienced in accounting for Common Interest Realty Associations. We maintain computerized general ledgers on a year round basis for most of the buildings that we audit. We analyze agents’ monthly reports and examine paid bills prior to entry into our system. This approach gives us the benefit of uniformity in the chart of accounts system for all of our clients. It also provides the basis for an early warning system because we are in an excellent position to make current analytical comparisons between our client buildings. Our narrow specialization allows us to have a better idea of what repairs, fuel, insurance, etc. should cost. We also have tracked many capital improvement projects as well as advised on many discrepancies and overpayments. Over the years we have developed an uncanny ability to find and return to our clients funds being held inappropriately by third parties (usually mortgage banks).
Our clients have benefited greatly from our ability to adapt the current tax laws to fit their unique situations. Our condo clients have taken full advantage of Revenue Ruling 70-604 that allows homeowners associations to apply their excess membership income against future assessments. The firm has obtained excellent results in numerous IRC Sec. 277 audits of our coop clients that involved commercial rents and investment income. We have also been eminently successful in NYS Sales Tax audits relating to major repairs and improvements. This record is accomplished by not only knowing the law, but also by developing creative ideas about how the law applies to our clients and by being very tenacious in arguing a case.
We take pride in the fact that we have established a high reputation with our clients and would be pleased to offer you their recommendation upon your request.