our managing agent
ABC Realty
152 West 57th Street, 12th Floor, New York, NY 10019
about ABC Realty
ABC Realty is a full-service real estate management firm specializing in the management of residential properties including rentals, co-ops and condominiums, as well as smaller commercial properties in the New York Metropolitan area.
ABC has been managing Riverbank South since June 2010.
our primary contact
Our primary contact is William (Bill) Flemm Favire who succeeded to the role formerly performed by Ralph Davis until the end of 2023.
William (Bill) Flemm Favire
other ABC Realty staff
While Bill is our main contact, in Bill’s absence, you can contact the following people:
Office
Lydia Rodriguez
212-307-0500 x225
lydia@abcmgmt.net
Accounting
Lynne Cassouto, Assistant Controller
212-246-2801, ext.218
lynne@abcproperties.com
ABC’s responsibilities to Riverbank South
Building Maintenance,
Repairs and Alterations
ABC is responsible to cause the interior and exterior of our building to be properly maintained and cleaned. ABC is therefore responsible for hiring and supervising all persons necessary for the efficient operation and maintenance of the property, including the super, exterminator and an elevator servicing company.
We expect ABC to physically inspect the property at least once a month.
ABC is responsible for ensuring that all renovations and material alterations to apartments are reviewed and approved by the building architect and the Board, and that all contractors are licensed and insured.
Collect Maintenance,
Pay Bills
ABC is responsible for collecting monthly co-op maintenance fees from unit owners. This responsibility also includes initiating legal proceedings or taking other necessary action to collect delinquent charges.
In addition, ABC verifies and pays bills received for services, work and supplies ordered in connection with the maintenance and operation of the building.
ABC also provides the Board with regular monthly statements which indicate all collections and disbursements.
Preparation of Financial
Statements and Budget
ABC is responsible for ensuring that financial statements are prepared in a timely fashion, distributed to the Board for review, and distributed to shareholders as required under the co-op’s Proprietary Lease.
Additionally, ABC arranges for the preparation and tracking of the annual budget and its review with the Treasurer and the Board. This may include preparing analyses to assist the boarding in evaluating co-op maintenance charges and capital assessments.
ABC distributes monthly financials to the Board, including a report of performance vs. budget.
Regulatory Compliance
Monitoring
ABC is responsible for monitoring whether or not our building is in compliance with all building codes, environmental laws, other local ordinances, and deed restrictions.
They are required to take all necessary acts to comply with all state, federal and municipal laws, codes, regulations, orders and violations.
ABC is expected to follow up on violations and to direct the super to remediate and rectify any issues.
Co-op Cost
Reduction
ABC proactively works to reduce the costs of the building. As a matter of course each year they retain a professional to appeal our property tax valuation basis via the certiorari process.
They obtain quotes of all capital projects and significant repairs to the building to ensure that the costs are the appropriate for the work required and within the budget.
Advise the Board and report at Board and Shareholder Meetings
ABC is responsible to provide the Board with advice regarding all matters pertaining to the co-op and to participate in the long-range planning for the building.
ABC is expected to report to the Board on key topics such as shareholder issues, financial performance, capital needs, building condition, co-op contracts, and regulatory issues.
ABC is responsible for arranging the Annual Shareholder Meeting and for notifying shareholders and distributing required documentation to shareholders.
Insurance Policies,
Permits and Registrations
ABC is responsible for procuring and maintaining insurance policies in addition to filing and renewing any required licenses, permits and registrations.
These tasks include maintaining DOB registrations for boilers and elevators in addition to facilitating DOB boiler, elevator and facade inspections.
We expect ABC to proactively review our insurance coverage from time to time to make sure it’s competitively priced and provides adequate coverage as desired by the board.
Maintain Books and
Records
ABC is tasked with maintaining a complete set of books and records and other documents pertaining to the maintenance and operation of Riverbank South.
These records include the history of repairs, complaints and how they were handled, paid invoices as well as inspection and registration records.
ABC is also the repository for Board and Shareholder Minutes and for keeping all related records.
ABC maintains all documents that Shareholders are required to file pursuant to the Lease and House rules. They also keep the amendments to the House Rules and are required to distribute them to Shareholders.
Manage
Professional Relationships
ABC is responsible to retain and manage the building’s attorneys and to interact with them on behalf of the Board if advice is required or litigation occurs.
ABC is responsible for retaining managing our accountant and overseeing the preparation financial statements and the budget. They are required to provide all information which the accountants need in order to prepare the statements. in a timely fashion for distribution as required.
ABC also retains other professionals such as the building’s architect.
What you as a shareholder should expect from ABC
Complaint Management and Resolution
Examples of such complaints include:
maintenance issues
breaches of House Rules
breaches of Proprietary Lease
issues with neighbors
unit owners leaving personal possessions in the hallways
illegal AirBnB rentals (e.g. per NYC specific short-term rental laws)
commercial use of residential apartments
after-hours construction
safety hazards
issues with the Super
Professionalism, Respect, Responsiveness
If you experience any of the following behavior, please advise the Board as it is not acceptable:
Being slow to respond or totally unresponsive to emails
Selectively responding to owner emails and complaints
·Failing to adapt to direct requests and feedback from owners
Writing aggressive, petty or negative emails in response to owners who complain
Hiring repair companies without fielding multiple quotes
Never actually coming to physically inspect the property
Tolerating sub-par work from the super or elevator servicing company
Responding to only the board and ignoring owners