This truth may not be self-evident, but in a co-op all shareholders are not created equal. Virtually every Offering Plan provides for a special class of shareholderscalled Holders of Unsold Shareswho are routinely granted privileges not e…
roperty management is a challenging field that appeals to quick- thinking, high energy individuals. Besides excellent number crunching skills, a good property manager must also demonstrate a keen knowledge of crisis intervention, not to m…
Board members don't always see eye to eye. In a tragic case in Boynton Beach, Florida, an argument over the number of votes needed for a quorum led to the accidental death of a 70-year-old board member. During a discussion about the upcomin…
In the 1980s, at the height of the conversion movement, many New Yorkers were thrilled because they were able to buy apartments at a great insider's price. But, for some, the dream of owning their own home turned sour. Imagine learning tha…
Several years ago, before relocating to Westchester County, I served as board president at my 112-unit co-op building in Manhattan. Like most co-ops, we had a history of occasional disputes between tenants and among board members. But, by u…
Who wouldn't love the opportunity to stay at home instead of schlepping into work every morning? Today, more and more people are given the opportunity to avoid the trek into the office and work at home. With babyboomers wanting to stay ho…
When you open your closet doors, are your clothes hung so haphazardously that you can't find your bright blue shirt? Does the pile of sweaters on the top shelf topple over when you pull one out? Are your shoes so scrambled on the floor th…
You don't have to be a gourmet cook to appreciate the value of a well-designed kitchen. Even if you and your loved ones subsist on take-out food and microwave dinners, the kitchen is still one of the most heavily used rooms in your co-op …
The financing of your co-op's underlying mortgage is one of the most significant factors in the fiscal integrity of your building. The size of the mortgage and corresponding monthly payments have a significant impact on the value of each …
In 1991, the American Institute of Certified Public Accountants (AICPA) issued its Guide to Audits of Common Interest Realty Associations, more commonly referred to as the CIRA Guidelines. Much controversy followed this event as professio…