8027 Third Avenue, Brooklyn, NY 11209
tel: 718-238-4300 fax: 718-238-9060
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The Problem

Do you get financial reports that are too difficult to read and understand, or do you often hear "our system can't do that "?

Our Solution

Our records are computerized, using the UNIX operating system. This is a state of the art network. All of our programs and reports and reports are custom written and designed, and can be easily modified to fit your reporting requirements. You will never hear "our system can't do that" again.

The Problem

Are your real estate taxes increasing at an alarming rate, or do you feel they are out of control?

Our Solution

We employ the services of one of the largest legal firms in the NYC area, whose practice is specialized to handle challenging NYC tax assessed values. Their fees are based upon a small percentage of the actual taxes reduced and they have saved NYC taxpayers millions of dollars. Let them work for you too.

The Problem

Do you understand the legal and financial relationship between the sponsor and a holder of unsold shares, the Cooperative Corporation, individual owners, and rent controlled/stabilized tenants? Have coop funds been used to repair a sponsor owned or vacant apartment?

Our Solution

Each of these groups has rights and obligations, both legal and financial that can affect each other. For example, if a tenant shareholder sells or leases an apartment he will need board approval, yet the owner might only require the consent of the managing agent. So it might be possible to have a buyer rejected by the board, but accepted by the managing agent. Additionally, certain work that the sponsor did, either in conjunction with the co-op corporation or not, might benefit the co-op through a series of real estate tax abatements, under the J-51 program. The sponsor should be obligated to comply with the tax abatement department to facilitate the reduction proceeding. Additionally, in the event of water damage, fire, etc., affecting different apartments (sponsor owned vacant, sponsor owned occupied, and individual owned) as well as common areas (walls, floors, ceilings, etc.) owned by the co-op corporation, each entity has to bear their related financial burdens, and share in the insurance reimbursement) less the deductible amount). Who gets what? Do you get actual replacement cost, depreciated cost, or pre-agreed values?

The Problem

Do you feel confident that your underlying mortgage, insurance policies, and outside vendors are competitively priced given today's economic times? Is the property insured at the right amount, to avoid co-insurance, or is the property insured at the value determined years ago, when perhaps the property was worth a different amount?

Our Solution

We will examine your mortgage terms and report to you any possibility of refinancing, and will forward your insurance policies to our agents for review. We utilize one of the nation's leading companies and because of our volume can generate substantial savings. Ditto for outside vendor cost implementation. All of this, of course, is at absolutely no cost to you.

The Problem

Are you plagued by maintenance arrears, foreclosures, etc.? Are you being cheated out of your right to timely income collection? Are you taking vendor discounts? And have you ever had penalties for late payments?

Our Solution

We highly recommend the imposition of late fees on maintenance income, which has two benefits. First, it provides an incentive to pay timely, and second, in the event of foreclosure, banks typically pay late so that a great deal of additional income can be generated.

The Problem

Are you reporting FICA wages, DBL and workmens'compensation on wages not subject to tax, i.e. are you overpaying payroll taxes?

Our Solution

The tax law specifically excludes certain wages from payroll taxes, i.e., sick pay. Do your records accommodate sick pay exclusions? Ours does.

The Problem

Is your physical plant (i.e., boiler room elevator shafts, room and cab, roof, lobby area, entranceway, and grass/shrubbery, etc.) inspected periodically to catch problems before they occur, or are you throwing away good money because you're always making emergency repairs?

Our Solution

Our maxim is "an apple a day keeps the doctor away". Periodic inspections by our staff and our vendors can preclude expensive repairs later on. Periodic maintenance is always cheaper than replacing major components.




Copyright © 2002 Narrows Management of Bay Ridge, Inc. All rights reserved.