Cooperative housing corporations are not exempt from income taxation. Like any other taxpayer, a housing cooperative must pay tax on its taxable income, i.e., its gross income less allowable deductions. Not all amounts that would seem to …
The City of New York, in its infinite wisdom, has classified properties into various categories. Class one properties consist of one-, two- and three-family homes and class two properties are multi-family residential properties including …
The certificate of incorporation, the proprietary lease (in some cases called occupancy agreements) and the by-laws are the three underlying documents that form the engine running your cooperative. The by-laws are considered by the courts…
If you've ever served on the board of a co-op or condo, the phrases capital improvements, emergency repair, asbestos remov- al and (these days, especially) lead paint abatement probably elicit particularly unpleasant associations. With ex…
With interest rates heading lower once again, now may be the ideal time to start hunting for a new underlying mortgage. But don't go off half-cocked. Board members who prepare well before entering the mortgage jungle always bag the bes…
Money. We all need it and want more of it. And just like any business your building needs to cover its expenses with its income. There are ways your building can make money without having to raise maintenance fees. Installing basement sto…
Earlier this year, a survey of co-ops and condos indicated a surge of litigation between boards and building residents. Such lawsuits can be very costly for both the resident and the building. One important deterrant to frivolous or unnec…
Co-op and condo owners whose boards are in favor of adding a rooftop deck, exercise room or play area should think twice before shooting down the idea for fear it will be too expensive. Imagine the time you'd gain in your busy schedule if y…
In New York City cooperative apartments outnumber condoM-miniums by about five to one, so apartment buyers sometimes feel they have limited choices. Frequently they opt for a co-op because they can't find a condo they really love. The …
Remember the early 1980s? Reagan was president, the national economy was strong, property values were skyrocketing and co-op sponsors were converting multi-unit residential buildings in the New York area faster than you could say offering…