Page 25 - New York Cooperator January 2019

COOPERATOR.COM THE COOPERATOR — JANUARY 2019 25 Formerly known as Lipner, Sofferman & Co., LLP and Katz Viola Lebenhart & Mauro, LLP Over 50 Years Serving the NY Coop/Condo Community KVLSM LLP is a full-service accounting firm with a staff of professionals available to guide its clients through every facet of business and personal tax processing. The firm has been providing the highest level of professionalism and guidance to the New York coop/condo community for over 50 years. The firm’s services include, but are not limited to: Contact Ken Lipner: klipner@kvlsmcpa.com • 516-294-0400 • Financial Statement Preparation • Audits, Reviews, and Compilations • Mergers and Acquisitions • Tax Preparation • Cash Flow and Budget Analysis • Financial and Retirement Planning • CFO Services 415 Crossways Park Drive, Suite C Woodbury, NY 11797 Phone: 516-294-0400 • Fax: 516-938-0491 kvlsmcpa.com Cesarano & Khan, PC Certified Public Accountants PROVIDING PROFESSIONAL SERVICES TO THE COOPERATIVE AND CONDOMINIUM COMMUNITY Reporting on Financial Statements • Tax Services Budgeting & Consulting • Election Tabulation Services For additional information, contact Carl M. Cesarano, CPA 199 JERICHO TURNPIKE, SUITE 400 • FLORAL PARK, NY 11001 (516) 437-8200 and 718-478-7400 • info@ck-cpas.com cesarano &khan1_8 use this_:cesarano &khan 4 7/22/15 4:59 PM Page 1 NEW YORK HILTON MIDTOWN — THURSDAY, APRIL 11, 9–4:30 FREE REGISTRATION: COOPEXPO.COM IF YOU PLAN TO TAKE NOTES, WE HAVE ONLY ONE SUGGESTION. BRING A LOT OF PAPER. THE COOPERATOR EXPO 2019 WHERE BUILDINGS MEET SERVICES co-op’s responsibility; however, the spe- cific accommodations due to the spon- sor’s tenants needs will add additional cost. Is this additional cost the sponsor or the co-op’s financial responsibility? —Shareholder Who Needs to Know A “This letter presents two questions in one,” says at- torney Adam Finkelstein of the New York City-based firm Kagan Lubic Lepper Finkelstein & Gold, LLP. “First, who is responsible for structural repairs to an apartment within a coop- erative? And second, who is responsible for the cost of making accommodations for persons with disabilities within an apartment? “With regard to the first question, there are not enough facts provided to provide a definitive answer. But in many cases the cooperative as the owner of the entire building would be responsible for structural repairs under the proprietary lease. In saying this, however, there may arise certain situations where the cost of such repair is able to be charged back to the shareholder either as a result of their acts or omissions or that of their guests or invitees. “With respect to the second question, the answer depends on where the co- operative is located. Specifically under federal and state law, while a cooperative is required to allow reasonable accom- modations to be made to an apartment for people with disabilities, outside of New York City that cost is born by the person seeking the accommodation. In New York City it is possible that the co- operative must bear the expense as the city version of the federal and state law is more expansive. In this case, the person requesting the accommodation is a rent regulated tenant of the sponsor. There- fore, if the apartment is outside of New York City the cost of the modification is chargeable to the sponsor. If the apart- ment is in New York City, then the cost very well might be the responsibility of the cooperative if doing so would not cause the cooperative undue hardship.” Disclaimer: Th e answers provided in this Q&A column are of a general nature and cannot substitute for professional advice regarding your specifi c circumstances. Always seek the advice of competent legal counsel or other qualifi ed profes- sionals with any questions you may have regard- ing technical or legal issues. Do you have an issue with your board? Are you wondering how to solve a dispute with a neighbor? Can’t fi nd information you need about a building’s fi nances? Our attorney advisors have the answers to all of your legal questions. Write to The Cooperator and we’ll publish your question, along with a response from one of our attorney advisors. Questions may be edited for taste, length and clarity. Send your questions to: david@ cooperator.com. Q&A Married and on the Board: Confl ict of In- terest? Q Can married couples serve on the co-op board at same time? —Concerned Stakeholder “Unless specifically prohibited in the corporate documents or bylaws,” says at- torney Adam Leitman Bailey of Adam Leitman Bailey P.C., in Manhattan, “no legal prohibition exists to having a mar- ried couple elected onto a board. That being said, in my humble opinion the married couple will almost always be voting the same way, with the same in- terests to protect. Instead of having two independent, free-thinking voting mem- bers to benefit the building, the board will have every vote handicapped in favor of the married couple holding two votes. But it is up to the shareholders or owners to make the best decision for the build- ing.” n In defense of the program, an HPD spokesperson said, as quoted in the News: “While there is a lot of misinformation circulating about this program, it has proven to be very effective at incentiv- izing properties with severe operational, financial, and physical issues to improve their situation.” As Crain’s New York Business reported, deed scamming in low-income communities is still a prob- lem, in which a homeowner is deceived into signing away property in exchange for help to get out of foreclosure through such means as loan modifications. Both Adams and Cornegy urged for a post- ponement on property seizures, but Crain’s said that is unlikely to happen. TRANSACTIONS ‘Girls’ Star Is Selling Williamsburg Condo for $3M Lena Dunham is moving out of Brooklyn, the backdrop of her hit HBO series Girls, and into the West Village. Variety reported that the actress-writer has listed her three-bedroom/two-and- a-half bathroom condo in Williamsburg for $3 million. Offering views of the Williamsburg Bridge and the Manhattan PULSE continued from page 4 continued on page 26