financing new boiler

anitayoga · January 2007

Our 10-unit coop on Third Street has to purchase a new boiler. We've contacted the NYS Energy Research and Development Authority (NYSERDA) because they have a residential technical assistance program, which may enable us to get a low-cost bank loan. How it works is that a NYSERDA inspector comes to your building and makes recommendations as to implementing environmentally friendly items. My question is: Has anyone applied for such assistance? We have to pay for this inspector but if we follow his/her recommendations, NYSERDA will pay $50 of the inspector's cost.

anonymous · January 2007

I would be more worried about the fact that a 10 unit coop building on Third Street doesn't have the money for a new boiler without having to take out a loan. Yikes!

And, no, never applied for this. We own in a 7 unit coop building and puchased our own boiler when needed.

nykittyny · January 2007

I am a little confused as well........do you not have any $$ in the reserves? How much is the new boiler, anyway.....$3 or $4K?

findcate · January 2007

Whoa. Public schools in NYC don't have textbooks, but the city will help underwrite a loan for a boiler for co-op owners in the slope? um, are you serious?

anonymous · January 2007

Sounds like assessment time to me.

dw438 · January 2007

Do the assessment and/or raise your maintenance. My 7-unit coop raised the maintenance slightly to pay for the new boiler. The installing company (Statewide) offered a loan at a competitive rate. We decided to keep the maintenance rise after the term of the loan was over, both to bolster the reserves and plant seed money for needed capital improvements.

jamzer · January 2007

findcate wrote: Whoa. Public schools in NYC don't have textbooks, but the city will help underwrite a loan for a boiler for co-op owners in the slope? um, are you serious?

Public schools don't have textbooks?

anitayoga · January 2007

Guest, We have $21,000 in our reserve fund. The new boiler will cost $9,000, according to Gateway Plumbing. Do you think that's a fair price?

anitayoga · January 2007

NYkittyNY, We have $21,000 in our reserve fund. The new boiler will cost $9,000 according to Gateway Plumbing. Do you think that's a fair price? We don't want to deplete our reserve fund.

anonymous · January 2007

Subject: new boilers

Is your boiler oil or gas?
If it's oil, keyspan as deals where they will give you a free boiler to convert to gas, and all you have to do is pay the installation costs.
If you currently have gas, alot of plumbers are coverting steam systems to water systems. This will save you a huge amount of money. The technology currently exists that they can use the same openings for new risers and the same radiators. A hot water system will cost over half what you currently pay with a steam system. The efficiency is amazing.

anonymous · January 2007

^^That's what we did. Got the deal from KeySpan to convert from oil to gas, we still had to pay money for a plumber-but, not what it would have cost. And, gas heats sooo much better. We are a 4 story building and it has worked well for us

nykittyny · January 2007

NYkittyNY, We have $21,000 in our reserve fund. The new boiler will cost $9,000 according to Gateway Plumbing. Do you think that's a fair price? We don't want to deplete our reserve fund.

Yes, that is a fair price, I mispoke before when I said $3K or $4K. My boss owns many buildings in the area, and he says what you need could cost anywhere between $9K and $12K.

dw438 · January 2007

NYkittyNY wrote:
NYkittyNY, We have $21,000 in our reserve fund. The new boiler will cost $9,000 according to Gateway Plumbing. Do you think that's a fair price? We don't want to deplete our reserve fund.
Yes, that is a fair price, I mispoke before when I said $3K or $4K. My boss owns many buildings in the area, and he says what you need could cost anywhere between $9K and $12K.

Good price for a gas-fired boiler.

anonymous · January 2007

anitayoga wrote: Guest, We have $21,000 in our reserve fund. The new boiler will cost $9,000, according to Gateway Plumbing. Do you think that's a fair price?

Isn't that what a reserve fund is for? For large expenses?

financing new boiler

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