Most co-op owners have never given much thought to the manner in which they took title of their apartments. But by overlooking this important aspect of such a significant purchase, some shareholders may have put themselves at considerable f…
One of the most common problems in co-op and condo management is the failure of building boards and staff to maintain accurate and accessible records of the past performance and activities within the building. Recording the minutes of board…
The terraces were crumbling and the board engaged an engineer to make a recommendation. When the engineer reported that the terraces needed several hundred thousand dollars worth of repairs, the board went through a bidding process with the…
In a recent decision, New York's second highest court ruled that the Hotel Des Artistes coop-erative did not have the authority to impose a 30 percent sublet fee on its shareholders. In Zimiles v. Hotel des Artistes, Inc., the judge requi…
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…
Anyone who has spent time serving on the board of his or her co-op or condo knows that it is a job that no one can do alone. Even if you have the most conscientious group of board members, the job is too time-consuming for a group of volunt…
While real estate brokers live by the old adage, Location, Location, Location, accountants define their relationships with the real estate community with another phrase: Communication, Communi-cation, Communication. While cooperatives and c…
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…
All too often boards of co-ops and condos find themselves at the mercy of the conversion sponsor. Wielding his influence over the building and all its affairs, the sponsor's goals are frequently in contrast with those of the board and build…
Imagine that your building's sponsor has planted a friend or business partner in one of the units he owns in the building. This shareholder then decides to run for a seat on the board and with the help of the sponsor, wins. In addition t…