New York is an expensive town - on that point there can be little debate. Regardless of your means, the holiday season compounds the issue: there are gifts to be bought, travel accommodations to be booked, parties to attend, inclement weat…
It pays to have a competent, active board at the helm of a building community - a strong, stable board translates to better value for shareholders. But just how hands-on should a board be? Sometimes the daily management of a co-op or condo…
Two condos are the same price, in the same neighborhood, and are equally pleasing to the eye. What makes someone buy one and not the other? Amenities. One of the most important amenities for many homebuyers is an on-site laundry room. No o…
Oftentimes, co-op shareholders forget that their building is not only a home, but also a business. And while running a home is a big responsibility in itself, with financial, legal, and managerial elements, running a cooperative corporatio…
Every home is an investment, but for co-op shareholders - and, to some extent, condominium unit owners - their home is also part of a business. As with any business, good management can make or break it and in a co-op or condominium, a big…
A common problem facing condo associations, boards and managers is how to compel unit owners who fall behind in their common charges to pay their arrears. In a condominium association with only a few units, if even one unit owner falls beh…
In May, in a decision that has confused - and alarmed - some New York co-op shareholders, the New York Court of Appeals ruled that co-op boards had the right to apply the business judgment rule to vote so-called "objectionable tenants" ou…
No matter how a building's governing documents are worded, co-ops and condos have to hold board elections at regular intervals. More importantly, every effort must be made to let shareholders know when and where the elections will be held,…
Even among the closest friends, conflict is inevitable. It's no surprise then that the relationship between shareholders and boards can sometimes be contentious. Problems can range from small-scale squabbles to multi-million dollar lawsuit…
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…