Page 3 - CooperatorNews NY February 2022

COOPERATORNEWS.COM COOPERATORNEWS — FEBRUARY 2022 3 TABLE OF CONTENTS Yale Robbins Publisher Henry Robbins Executive Vice President Joanna DiPaola Associate Publisher Hannah Fons Managing Editor Darcey Gerstein Associate Editor Pat Gale Associate Editor Shirly Korchak Art Director Anne Anastasi Production Manager Alan J. Sidransky Staff Writer Peter Chase Director of Sales Fred Marks Director of Sales CooperatorNews is published monthly by Yale Robbins Infomedia, 205 Lexington Ave., New York, NY 10016, (212) 683-5700. President: Yale Robbins, Executive Vice President: Henry Robbins. Subscriptions are available free by request to co-op and condo board members and homeowner associations. POSTMASTER: Send address changes to CooperatorNews, 205 Lexington Ave., New York, NY 10016. Yale Robbins Infomedia 2022. All rights reserved. Application to mail Periodicals postage rates is pending at New York NY. FREE Subscriptions for Board Members, Property Managers and Real Estate Decision Makers. To Subscribe, please visit us at: cooperatornews.com/subscribe B , M , L ..... By its very nature, life in a co-op or condominium community is different from living in a rental unit or a private home. While that statement may seem pretty obvious, many owners of co-op and condo units lack a clear understanding of what exactly those differences are, and how they determine the parameters of what residents can and can’t do in their units and in the common areas of their building or HOA. There’s also frequent on feeding the feral cats (and by extension the neighborhood rats), or the family who confusion about what physical, administrative, and maintenance elements boards and management are responsible for in a community, versus what falls to individual owners. C I ...... . If you live in a condo or a co-op, you most likely have heard the term fiduciary duty, usually in reference to the responsibilities and obligations of board members and management. But what is a fiduciary duty? In essence, it’s a legal relationship between two parties that gives one party the right to act and make important decisions on behalf of the other. Fiduciary responsibility is a cornerstone of both board and management service. Board members and managers alike must put their obligation to the corporation or association over personal gain—which means avoiding situations that could present a conflict of interest. D W D R .... If you live in, work in, or provide services for a co-op, condo, or HOA, you know that however harmonious a building or association is in general, there is always that one person—or perhaps more than one—who throws a wrench in the works. It could be the guy who seems to take pleasure in disrespecting the doorman, or the lady who insists lets their kids play basketball inside their apartment. These are the people who—at best—regularly suck up more than their fair share of energy and resources from the community, or—at worst—create an undesirable, unhealthy, or even dangerous living situation for themselves and their neighbors. We’re here to help. Comprised of experienced lenders with local market knowledge, Flushing Bank’s Real Estate Lending Team offers one-on-one guidance to help you find the most favorable solution to fit your needs. As a leader in NY commercial real estate lending, we provide competitive rates and a streamlined loan process so you can capitalize quickly. Email us at RealEstateLending@FlushingBank.com or call: OWNER-OCCUPIED 1-4 FAMILY Duplex, triplex or multifamily property Homes, condos & co-ops 1-4 FAMILY + COMMERCIAL SPACE INVESTOR-OWNED 1-4 FAMILY Put your real estate investment plan into motion. Small enough to know you. Large enough to help you. ® Patrick Akosah 718.512.2798 NMLS #674966 Jeff Cui 718.512.2816 NMLS #1689598 Patrick Dolan 718.512.2817 NMLS #1016524 Daniel Lee 718.593.8067 NMLS #64756 Christopher O’Hara 718.512.2809 NMLS #673112 Michael Pollis 718.512.2911 NMLS #1703994 220 RXR Plaza, Uniondale, NY 11556 • FlushingBank.com/lending Flushing Bank is a registered trademark FB 1147 (RMU) Mixed-use Real Estate AD Update (The Cooperator) v3.indd 1 FB 1147 (RMU) Mixed-use Real Estate AD Update (The Cooperator) v3.indd 1 3/10/21 1:50 PM 3/10/21 1:50 PM P ...... Q A...... S D