Greenberg & Brennan, CPA's, P.C.



Certified Public Accountants



352 SEVENTH AVENUE
SUITE 207
NEW YORK, NY 10001

TELEPHONE: (212) 370-1488
FAX: (212) 370-1513
A PRACTICE LIMITED TO COOPERATIVES AND CONDOMINIUMS

We are a firm located in Manhattan that specializes exclusively in common interest realty associations. Our practice is limited to Cooperatives, Condominiums and Condops. We currently represent 125 buildings, 102 of them are located in the borough of Manhattan. Our firm is a professional member of the Council of New York Cooperatives and the New York State Society of Certified Public Accountants, of which John Brennan had been a member of the Real Estate Committee. He has also had the benefit of many years of hands-on experience working as controller in coop and condo managing agents' offices.

Albert Kushnirov has nearly 20 years of experience in the real estate industry, specializing exclusively in representing cooperatives and condominiums. He serves on the American Bar Association Condominiums and Cooperatives Subcommittee. He is also a board member of his own homeowners' association, has for many years served as the Treasurer on boards of cooperative buildings, and is familiar with the issues Boards currently face.

We have extensive experience involving buildings with commercial income and newly formed condominiums, as well as 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 and advised on any 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 condominium clients have taken full advantage of Revenue Ruling 70-604 that allows homeowners associations to apply their excess membership income against future assessments. Our firm has obtained excellent results in numerous IRC Sec. 277 audits of our cooperative 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 we are most tenacious in arguing a case.

We take pride in the fact that we have established an exemplary reputation with our clients and would be pleased to offer you their recommendations upon request.