What is a working capital fund contribution for condos? Are these common in NYC?

Herrick partner, Andrew Freedland, was mentioned in a Brick Underground article explaining what a "working capital fund contribution" is, what it means for a buyer's closing costs and how buildings utilize these allocated funds. 

The article highlighted that a "working fund contribution" is a method that can assist condo buildings in raising money to pay for operations, or what a building specifies in its bylaws. 

Condo buyers in new developments are typically responsible for furnishing these contributions, although the cost varies. It’s possible to see a working capital fund contribution that’s a bit higher than the one- or two-month norm. Andrew noted that he has also seen contributions as high as six months of common charges. 

Read the full article in Brick Underground here.