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…
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…
In a few months, the hot summer weather will be just a distant memory, and all that time spent trying to get cool will be behind us. Instead, co-op and condo residents will be turning up the thermostat for some soothing warmth. Now is the …
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…