From no financial structure to a well funded reserve
How Daisy and the board built a budget and a funded reserve in the building's first year.
Gardens, BK
The problem
323 Lenox Road became a condominium through a sponsor conversion. The board took over a building that had never been run as one, so there was no budget to work from, no reserve, and no monthly reporting to inherit.
The building already had leaks. With no reserve, repairs of that size would have to be paid for by a special assessment or a loan.
Operating and reserve funds
Reserve fund
Annual budget and reporting
Maintenance
What we did
Audited the building
Daisy reviewed the building's finances, systems, and physical condition. The audit documented the leaks residents had been dealing with and pointed to the roof.
Reviewed costs line by line
Daisy went through each expense category and checked it against comparable buildings. That review produced the operating budget the building runs on today.
Separated operating and reserve funds
The building's money now sits in two accounts: an operating account for day-to-day expenses, and a separate interest-bearing reserve account.
Put the financials in front of the board every month live through the Daisy dashboard
Daisy runs a board meeting each month with the building's financials on the table. Between meetings, the board can see the same numbers live in the Daisy dashboard.
Put the reserve to work on the roof
The audit had traced the leaks back to the roof. The building brought in a consulting engineer to scope the repair and paid for it out of the reserve.
Saving against the market on insurance
Insurance is one of the largest line items in the building's budget. Brokers were quoting increases of 15% to 20% across NYC buildings for the 2026 renewal, and 323 Lenox Road saw one too. Daisy worked the renewal against the market, and the building came out at $752 per unit, below what comparable-size Brooklyn condos pay.
323 Lenox Road, BK
Condo, Flatbush, BK
Condo, Jersey City, NJ
Median, 47-unit condo
The outcome
323 Lenox Road now runs on a budget the board can see live on the dashboard and reviews together every month.
A capital roof repair project to address the leaks is in progress, funded from reserves. No special assessment, no loan.
Operating and reserve funds
Reserve fund
Annual budget and reporting
Roof repair project
"Daisy came in and replaced our previous management company, and the difference has been clear. For a young building still finding its footing, they helped us standardize our guidelines and brought real organization to how our building is run."
