Page 6 - NY Cooperator Expo April 2019

6 THE COOPERATOR —APRIL 2019 COOPERATOR.COM Thursday, April 11, 2019 The Cooperator Expo New York New York Hilton Midtown, 53rd St. & Ave. of the Americas, New York, NY 9:00 a.m. - 4:30 p.m. Learn about the latest building services from more than 300 exhibitors. Attend educa- tional seminars, get free advice from industry experts, and network with your peers at this leading real estate trade show in New York. For information and to register, visit www.coopexpo.com. Tuesday, April 16, 2019 Bisnow’s Multifamily Annual Conference (BMAC) Tri-State 2019 Manhattan Center, 311 W. 34th St., New York, NY 8:00 a.m. - 5:00 p.m. At BMAC Tri-State we will be diving into: ris- ing interest rates, and multifamily financing; development risks: trade tariffs, construction labor shortages, government regulations; sec- ond cities, the quest for the urban lifestyle and proximity to what matters; new technology, artificial intelligence and amenities; affordabil- ity; investment opportunity and trends. For information, visit www.bisnow.com. Saturday, April 27, 2019 CAI-CT: Condo, Inc. 1 JP Maguire Associates, 266 Brookside Rd., Waterbury, CT 8:30 a.m. - 3:30 a.m. The Business of Running Your Community Rates $50 for CAI members, $100 for non- members. Do you serve on the board of your association? Are you considering serving? Whether you are a seasoned board member, a recently-elected board member or unit owner wanting to understand more about how an association runs, this course is for you! For information: Ellen Felix ellen@caict.org, 860-633-5692. Thursday, May 2, 2019 CAI-Hudson Valley: HOA Condo Roundtable Educationals Homewood Suites by Hilton Newburgh- Stewart Airport, 180 Breunig Rd., New Windsor, NY (9:00 a.m. - 11:00 a.m.) Ruth’s Chris, Westchester Marriott, 670 Plains Rd., Tarrytown, NY (1:00 p.m. - 3:00 p.m.) Grab a seat with your group. Attendees choose topics and our industry leaders rotate table to table and provide answers. Wrap up with a summary discussion and some door prizes! No charge; limited to board members, manag- ers, and volunteers. To register: info@brain- erdcommunications.com or 888-445-7946. Thursday, May 2, 2019 Anderson Kill’s Co-op and Condo Group Presents a Seminar Series Part III: “Everything You Need to Know for Your Annual Meeting” 1251 6th Ave., 42nd Fl., New York, NY Registration: 4:00 p.m. - 4:30 p.m.; seminar: 4:30 p.m. - 5:30 p.m.; networking cocktail reception: 5:30 p.m. - 6:30 p.m. CLE approved: California 1.0 general, New York 1.0 PP, Pennsylvania 1.0 substantive. This program is appropriate for both newly-admitted and experienced attorneys. For information, visit www.andersonkill.com. CAL EN D AR Industry Pulse April-May Law & Legislation AG Announces Lawsuit Against Man- aging Agent for Allegedly Defrauding Seniors at Co-op New York Attorney General Letitia James announced on February 11 a lawsuit against Joshua Prottas, Working Realty, Ltd., and Midwood Co-op Group, LLC, for abusing his position as the managing agent of a coopera- tively-owned apartment building in Midwood, Brooklyn to defraud the primarily elderly share- holders on the sale of seven of the co-op’s apart- ments to Prottas and his entities. The complaint alleges that Prottas was able to obtain a below-market sale by withholding material information from and misrepresent- ing details about the transaction to the co-op’s board members. The Attorney General’s inves- tigation also revealed that Prottas allegedly hid a $100,000 commission that he collected from the sale by manufacturing false documents that were passed off as legitimate to the co-op’s accountant, and also filed false documents with the New York City Office of the Register. In its filing, the Attorney General seeks restitution and damages for the cooperative, disgorgement from the defendants, an order enjoining Prottas and Working Realty from acting as the co-op’s managing agent or broker, and other appropriate injunctive and equitable relief. Community Associations CAI Reports Record-Setting Membership Growth The Community Associations Institute (CAI) announced its 40,000 membership mile- stone recently in a news statement. CAI’s total membership of 40,389 includes volunteer homeowner leaders who serve on their association boards in homeowners asso- ciations (HOAs), condominium communities, and cooperatives, as well as community man- agement professionals and business partners serving these communities. The membership increase is a significant gain following the Oct. 1, 2017 announcement of CAI’s new membership dues restructuring plan for its Homeowner Leader membership type, which offers community associations the opportunity to sign up to 15 board members for only $250. Prior to Oct. 1, CAI membership totaled of 34,555. Since the Oct. 1 implementa- tion, CAI’s overall membership has experienced a 14 percent increase and a 34 percent increase for homeowner leaders. According to the 2017 CAI Member Needs Assessment Survey, 89 percent of CAI members responded that they’re likely to recommend CAI to their peers. Across all member types, the most important reasons for joining CAI include professional designations and certifications, connection to local CAI chapters, networking, and education. Trends New Yorkers Are Purchasing South Florida Condos in Response to New Tax Legislation Affluent New Yorkers looking to relocate and save on taxes are buying up South Florida luxury condos. CBS Miami reported that tax re- form legislation passed in Congress in 2017 is pushing New Yorkers to snap up properties in the Sunshine State. According to the article, “A person who makes a million dollars a year…\\\[is\\\] now paying $40,000 more at income tax time. For the person who makes $10 million, it’s cost- ing them $400,000 a year.” Said Barry Horowitz, a CPA with accounting firm Withum: “People are just saying they want to get out of here in droves because the dollars involved that we are losing, tax-wise, is not worth it to stay,” Study Finds That Selling an Expensive Manhattan Condo Can Be a Money Loser If you are a member of the filthy rich whose tendency is to buy Manhattan luxury con- dos mainly for investment purposes, expect to take a possible loss, according to Curbed. Citing a StreetEasy study based on Department of Finance records from 2014 to 2018, of 66 luxury condos that were bought and resold in midtown Manhattan, about 39 percent of them were sold for a loss. Some of the possible rea- sons buyers purchase and sell at a loss include avoiding taxes, and as a way for foreign buyers to hide money from their home governments. Grant Long of StreetEasy told the New York Post about the study: “In New York, real estate behaves like a luxury good. It’s like fancy cars and expensive handbags. It’s purchased to make a statement. But it’s also highly cyclical and sub- ject to whims.” Report: January Home Sales Spur Optimistic Outlook for 2019 NYS Hous- ing Market The New York State housing market showed signs of optimism to start 2019 as new list- ings and pending sales improved from a year ago, according to the housing market report released on February 28 by the New York State Association of Realtors (NYSAR). In a news release issued by the organiza- tion, new listings rose 8.2 percent from this time last year while pending sales also showed an increase of 3.9 percent from January 2018. The Federal Reserve provided good news to home buyers as interest rates did not rise in January, which could potentially attract more buyers to the housing market in the coming months. The median sales price continued to appre- ciate as the calendar turned to 2019. The state- wide median sales price was $278,000 – an increase of 5.8 percent from the January 2018 median of $262,853. January 2019 closed sales decreased by 8.0 percent from a year ago to reach 8,436. The months’ supply of homes for sale showed a slight climb to 5.4 months’ supply, which is up 1.9 percent from January 2018. A 6-month to 6.5-month supply is considered to be a balanced market. Inventory stood at 60,501, an increase of 1.1 percent compared to January 2018. Across the state, Allegany County experi- enced the highest number of new listings in January compared to the same time last year while Franklin County saw the most closed sales. News Tenant Accused of Harassing Neighbors at Brooklyn Co-op A tenant at a Bay Ridge, Brooklyn co-op building is allegedly terrifying his neigh- bors, CBS New York reported. Alexander Makarovsky has been accused of bizarre, men- acing behavior – from knocking his neighbors’ doors in his underwear at night, to knocking at another neighbor’s door while holding what appeared to be a knife. Makarovsky was report- edly arrested for the latter incident and subse- quently released. The building had been trying to evict Makarovsky, but that might prove dif- ficult, according to a tenant rights expert, since Makarovsky is a rental tenant who is subletting from the apartment’s owner. As of this writing, Makarovsky was expected to appear in hous- ing court. Neighbor Mike Cullen told CBS New York: “I have to kind of open the door, look both ways and make sure there’s not some maniac standing there with God knows what in his hands.” Two More NYC Condo Buildings to Dump ‘Trump’ Sign In one week alone, two New York City condo buildings will be going ‘Trump’-less, anoth- er indication of President Donald Trump’s unpopularity in his home state. The Washington Post reported that the residents at 220 Riverside Blvd. voted to remove ‘Trump Place’ from their building on February 22, based on an email sent by the board that the paper obtained. It read: “Of the 83 percent \\\[that\\\] voted, 74.7 percent voted to remove the signage, and 25.3 percent voted not to remove the signage.” Earlier, 55 percent of the owners at 120 Riverside Blvd. in Manhattan had also voted to take down the ‘Trump Place’ sign off of their building’s facade. The move followed other buildings that have disassociated themselves from the Trump name following the election of Donald Trump as U.S. president in 2016. Development Hudson Yards Condo Is Getting Ready for Business The New York Times profiled 35 Hudson Yards, the new luxury hotel-condo hybrid whose apartment sales are expected to launch in mid-March. Currently under construction, the 72-story tower will contain 143 apartments— each selling for an average price of $11 mil- lion—accompanied by such amenities as a gym and lounge. Spearheading the project’s devel- opment is Stephen Ross of Related Companies, who said in an interview with the Times about the booming neighborhood where his tower is located: “It’s not just a building. You’re really buying into a lifestyle. Everything you want is right here.” 2019 PULSE/CALENDAR continued on page 49