Case Studies

Pristine Financial Management & Much-Needed Peace of Mind

Financial peace of mind. That’s what 252 West Owners Corp. President Lynn Carroll and Assistant Treasurer Howard Musk wanted for their self-managed, six-unit brownstone co-op on 102nd Street in New York.

Over the years, self-managing the co-op had become increasingly time consuming for the small group of owners. Then, a former owner who had served as treasurer for nearly 20 years moved away, leaving Lynn and Howard to handle all the financials themselves.

“It was working okay, but not great. You can’t do it all and keep up with all the regulations and everything else you have to consider,” Lynn said. “We wanted to hire a financial manager because we wanted to lessen our risk of inadvertently doing something wrong. We knew what we needed, but we didn’t know where to find it.”

Righting the Ship & Moving Ahead with Confidence

A few years ago, Windsor Tower Condo (WTC) was in a perilous position all too common in buildings: their management company was negligent and mishandling funds. The situation created a precarious state of affairs for the building, as banks wouldn’t lend to them and vendors were chasing the building for payment.

After electing an entirely new board, and firing the management company, they set to work self-managing and trying to repair the damage. “The new treasurer and I realized we needed to find someone we could trust,” Jennifer said. “We were in no way going to hire another management company, as we’d had three or four and each brought more distress.”