To address the problem of steeply escalating taxes on co-ops and condos, the Council of New York Cooperatives and Condominiums (CNYC) created the Action Committee for Reasonable Real Estate Taxes in February of 1990. During their study and…
New York City real estate is governed by a number of things: available housing stock, the economy, state legislation, and quite often by major legal cases argued in the courts and then applied by proxy to building communities all over the …
In this and in future columns, I will be examining decisions of interest to co-op and condo boards and suggesting what valuable lessons can be learned from these legal decisions. Theresa Merolo v. Board of Managers of the Hill at Grasm…
Co-op and condo boards often become involved in disputes with contractors and subcontractors who perform work either on the building's common areas, or within individual apartments for a shareholder or unit owner. A mechanic's lien and lie…
Mayor Michael R. Bloomberg presented a $45.7 billion budget plan for fiscal year 2005 and awarded property owners a $400 tax rebate to thank New Yorkers for their sacrifices in helping the city weather its fiscal crisis. "New York Cit…
Mayor Michael R. Bloomberg last month vetoed the New York City Childhood Lead Poisoning Prevention Act, which was intended to replace Local Law 38 and correct lead-based paint hazards in housing, schools, day care facilities and playgrou…
Property owners will now be responsible for the maintenance and repair of public sidewalks in front of their buildings following passage of legislation that transfers liability from the city to the owners of multi-family dwellings. Ma…
1960: New York City becomes the first municipality in the country to ban sale of lead paint. Nationwide restrictions on the manufacture and use of lead-based paint did not come into effect until 1978. 1982: Local Law 1 of 1982 - New …
The City Council will meet to adopt a new lead paint abatement law following a state Court of Appeals decision July 1 that invalidated the current Local Law 38. The council's Committee on Housing and Buildings will convene in mid-September…
Scenario: A shareholder or unit owner suddenly demands an inspection of the board's "books and records." Since the board is not guilty of financial impropriety or the squandering of funds, it has nothing to hide. Nevertheless, the b…