Any transfer of ownership of a cooperative unit will require the cooperative corporation to cancel the old stock certificate and issue a new one. Many see this step as a simple clerical task, and often it is the managing agents that keep th…
Everybody complains about money. It doesn't matter if you're a millionaire or just getting by from paycheck to paycheck--everyone is on the lookout for money saving possibilities. The same holds true for co-op and condo owners and share…
While there's certainly no shortage of affluent co-op and condo buildings in New York City, it's a fact that a significant proportion of buildings are home to residents of more modest means--buildings for whom large capital improvement proj…
Today's economy is one, which has economists using words such as "perplexing" and "conundrum." Making predictions as to what the economy will do next week is difficult--trying to predict what will happen six months or a year down the road i…
In New York City, many co-ops and condos use a practice called a "flip tax" in order to boost building revenue. As most co-op and condo owners know, a flip tax is a fee paid to the building, either by the purchaser or seller, each time an a…
Back in 1955, when the flight to the suburbs was going full blast and many city neighborhoods were deteriorating from lack of money and municipal attention, the Mitchell-Lama bill, named after State Sen. McNeil Mitchell and New York Assembl…
Borrower must be age 62 or older No monthly payment is required Must obtain co-op board approval in most cases Proceeds can be used for any purpose No financial reports, credit history or medical reports requir…
Some co-op boards and their attorneys are reluctant to allow their tenant-shareholders to obtain reverse mortgages. They tend to apply a forward mortgage criteria and a forward mortgage mindset to such a request - but this type of thinking…
The New York City Department of Finance (DOF) utilizes income and expense information to estimate a property's market value, which in turn is used to calculate the real estate taxes levied thereon. The DOF culls this information from a var…
With New York City rebounding from a sluggish economy and resulting budget deficit, Mayor Michael R. Bloomberg reached a budget agreement with the City Council that includes a $400 dollar property tax refund to city homeowners, who bore the…