The best rule of thumb for boards is to act as ethically as possible. That way, shareholders will never have a problem with the decisions the board makes, right? Wrong. We live in an increasingly litigious society, where shareholder…
The current sessions in both Albany and in the New York City Council are now well under way, and housing-related bills are very much a part of the mix. Some of the bills have been around for years in one form or another, but that doesn’t…
In addition to their boards and managing agents, co-op and condo communities depend on the many workers who take care of building maintenance and residents’ needs. Building staff, maintenance workers, the super, and other employees are a…
Co-op and condo owners often complain that their board doesn’t do enough, or that the board members aren’t involved as much as they would like in the administration and maintenance of their building. While a disinterested or apathetic board…
Co-op apartment buildings were originally formed in New York City to allow building residents to buy into and have a say in how their building was administered, as well as who their neighbors were, and what those neighbors were allowed t…
Daisy Okas works for the American Kennel Club and obviously loves dogs, so when she was looking for an apartment for herself and Olive, her six-year-old beagle, there was no negotiation—she had to live in a pet-friendly building. Wh…
Q One of our board members has been president for many years. She runs the building on a unilateral basis, giving out very little information about the business of the condo. Unit owners have little influence because the she is elected by…
Q I live in a Mitchell Lama co-op which is starting the process of privatization. We have a very large mortgage that has many years to go until it is paid off. We also have a large reserve fund for various contingencies. At a meeting r…
Q Our condo gives out gifts (in monetary form) to the employees of the building. The gifts go through the president of the board first. The president has created a separate bank account for employee gifts. Is this breaking any laws? Shoul…
New Yorkers are obsessed with real estate development. We all pause to stare at the listings in our local real estate office window, and everybody knows the average price of an apartment in Manhattan (currently $1.7 million). Citywide, m…