Category: Law & Legislation

Law & Legislation Protection Against Sponsor Default
1996 Dec/Jan Protection Against Sponsor Default

When a conversion sponsor fails to meet his financial obligations, the result can be a default on the underlying mortgage, one of the most destructive catastrophes to strike a co-op. Even a default on the sponsor's maintenance obligations c…

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Law & Legislation Change is Good!
1995 Oct Change is Good!

Times change and your building's house rules should change along with them. A decade may have passed since your house rules were first written or last updated. In that time, the City has passed stringent new anti-smoking and recycling law…

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Law & Legislation A Small Victory for Co-ops?
1995 Sep A Small Victory for Co-ops?

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…

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Law & Legislation Derivative Lawsuits
1995 Sep Derivative Lawsuits

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…

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Law & Legislation Reacting to Sponsor Default
1995 Jun Reacting to Sponsor Default

tarting in the mid '70s and continuing through the latter part of the '80s, New York City was engulfed in the co- oping craze. As prices spiralled upward, owners of residential property were cashing in by converting buildings from rentals…

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Law & Legislation Big Trouble at Big Six
1995 Apr Big Trouble at Big Six

Trust. It's a word often heard when board members and shareholders of Big Six, a 982-unit co-op complex in Woodside, Queens, talk about their former managing agent, Richard Stone, and what they think went wrong. Essentially, they say, we…

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Law & Legislation Rights of Inheritance
1995 Mar Rights of Inheritance

Several months ago, I wrote an article for this column detailing the circumstances under which a cooperative board could legally discriminate against those wishing permission to either occupy or purchase the stock and lease of a cooperati…

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Law & Legislation Provide Disabled Access
1995 Feb Provide Disabled Access

In a September 1994 decision applicable to many cooperatives and condominiums in New York City, the Appellate Division, Second Department, has determined that a cooperative housing corporation's refusal to expend funds to install a wheelc…

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