Page 9 - CooperatorNews New York Expo May 2022

COOPERATORNEWS.COM COOPERATORNEWS — MAY 2022 9 Representing residential and commercial property owners and management companies throughout the metropolitan area for over forty years.  General Representation of Cooperatives & Condominiums  Mortgage Refinances & Condominium Loans  Landlord-Tenant Proceedings  Real Estate Litigation  Transfer Agent  Foreclosure  Bankruptcy Proceedings  Attorney General Filings  Land Use & Zoning  Closings Contact: Email: Websites: Eric M. Goidel, Esq. egoidel@borahgoldstein.com directorprotector@borahgoldstein.com www.borahgoldstein.com www.directorprotector.com Manhattan Office l 377 Broadway New / York, NY 10013 T: (212) 431-1300 l Queens Office l 108-18 Queens Blvd Forest Hills, NY 11375 T: (718) 263-6611 l l See us at Booth 1009 ing and abide by street cleaning rules. “If the structural problem threatens the build- ing itself—say there were support columns that were compromised—structural support would have to be implemented immediately.” In the event the space is leased to an in- dependent operator—a very common ar- rangement in New York City—the co-op or condo would still be responsible for the initial inspection, any follow-up visits, and any re- pairs or corrective measures needed to bring the structure into compliance. “The Depart- ment of Buildings will hold ownership re- sponsible—not the operator,” says Alker. “If the board elects to pass along the costs of the repairs to the operator it will depend on the lease and what it says.” Moving forward, Alker expects new leases will reflect this and include provisions to pass along these costs to garage operators. n NEW LOCAL LAW... continued from page 8 related with that state’s median home price. In less expensive Southern and Midwest states, sales pric- es remained at or a few percentage points below list prices. However, Rocky Mountain, New Eng- land, and West Coast states tended to experience average sale prices that were 2–3% above asking. The data used in this analysis is from Redfin. To determine the locations where homes sold most above asking in 2021, researchers at Porch calculated the average sale-to-list percentage for 2021. In the event of a tie, the location with the higher percentage of homes that sold above ask- ing was ranked higher. Researchers also included the percentage of home selling in less than two weeks, the median sale price, and the year-over- year change in price. The analysis found that in the New York metro area, 40.6% of homes sold above asking price in 2021, with an average sale-to-list percentage of 100.4%. Here is a summary of the data for the New York-Newark-Jersey City, NY-NJ-PA metro area: • Average sale-to-list percentage: 100.4% • Percentage of homes that sold above asking: 40.6% • Percentage of homes pending in <2 weeks: 29.1% • Median sale price: $554,118 • YoY change in median sale price: +15.6% For reference, here are the statistics for the en- tire United States: • Average sale-to-list percentage: 101.2% • Percentage of homes that sold above asking: 47.5% • Percentage of homes pending in <2 weeks: 52.6% • Median sale price: $371,847 • YoY change in median sale price: +17.0% For more information, a detailed methodol- ogy, and complete results, you can find the original report on Porch’s website: https://porch.com/ad- vice/cities-where-homes-are-selling-most-above- asking n COVID, WFH.... continued from page 8 garchs or their family members\] are placed the asset to better understand the nature of the limitations of their powers in their very on a list of prohibited individuals, such as the freeze and ascertain whether it affects own bylaws. Most condominium boards can that maintained by the OFAC, which ad- ministers and enforces economic and trade of whether it is a cooperative corporation or allowing the purchase to proceed. Their oth- sanctions against targeted foreign countries condominium, to the extent a board has any er option is to purchase the apartment on the and regimes, terrorists, international narcot- ics traffickers, those engaged in activities re- lated to the proliferation of weapons of mass perform diligence to make certain the ac- destruction, and other threats to the national tions permitted or taken do not violate any develop, and its consequences and ramifica- security, foreign policy, or economy of the such freeze.” United States. “We also see instances where the govern- ment may ‘freeze’ an asset,” Hakim contin- ues, “and we would, in either event, perform condominium boards may have a hard time diligence and reach out to relevant parties, preventing a purchaser on any OFAC list or title companies, and the agency which froze who has had his or her assets frozen due to the subject property. Obviously, regardless only issue a waiver of a right of first refusal, control over the transfer, we would counsel terms in the contract—which most cannot the board to err on the side of caution and afford to do. Co-op vs. Condo While generally, cooperative boards can, some of the wealthiest and most exclusive with few exceptions, reject any applicant in building communities. New York City for any or no legal reason, As the situation in Ukraine continues to tions continue to emerge, the ripples from across the Atlantic may even be felt here, in n SANCTIONS... continued from page 8