In June 1992, the board of directors of a 160-unit co-op in Port Chester, New York made the same decision that countless boards have made before and since: They rejected the proposed sale of an apartment within their property. However, in…

A co-op or condo that embarks upon the road to self-management is committed to undertaking the supervision and administration of the building without the assistance of an outside full-service property management firm. There are, however, va…

All too often boards of co-ops and condos find themselves at the mercy of the conversion sponsor. Wielding his influence over the building and all its affairs, the sponsor's goals are frequently in contrast with those of the board and build…

Imagine that your building's sponsor has planted a friend or business partner in one of the units he owns in the building. This shareholder then decides to run for a seat on the board and with the help of the sponsor, wins. In addition t…

Tom Marcossan laughs when he remembers joining the board as treasurer when his building went co-op in 1986. "I was stupid. I didn't read the magazines available or take advantage of any organizations out there. We were the first board the b…

To be, or not to be [taxed]? That is the question. It appears that William Shakespeare had been posing the same question that treasurers and other board members of New York co-ops have been asking their accountants for the past five…

A cooperative is generally organized as a so-called business corporation, just like, for example, IBM or AT&T. Accordingly, shareholders of a cooperative have the same rights as shareholders in other New York business corporations to init…

Just as the entrance hall of an apartment welcomes and sets the tone for the rooms beyond, a lobby creates an instant impression for anyone who enters, including guests and potential buyers. A lobby is a building's best foot forward and mus…

While there has been a lot of talk in the industry recently about energy conservation, it would seem that most board members and residents are not sure where to begin or how they should proceed. The Cooperator has uncovered several new pr…

The collapse of the New York real estate market in the late 1980s left dozens, if not hundreds, of co-ops unable to pay or refinance their mortgages. Many sponsors managed to have their plans declared effective with only 15 percent of the u…