Category: On The Board

1995 Feb Judging Board Performance By Ed Serken

Like most business corporations, co-ops rely on a board of directors to oversee operations and make decisions for the benefit of all shareholders. What makes a co-op's board unique is that itsmembers are responsible not only for the corpora…

Board Operations

1995 Dec/Jan Is Your Board Carrying Out Its Fiduciary Duty? By Bruce A. Cholst Esq.

One of the most distressing issues confronting board members is how to comply with their fiduciary duty to shareholders and unit owners. Although misconceptions abound as to the precise nature and scope of this obligation, a breach of the f…

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News

9/16/2024 Mandarin Oriental developers snag loan for unsold condos - Crain's

The Mandarin Oriental residences at 685 Fifth Ave. Developers of the Mandarin Oriental residences on Fifth Avenue secured an inventory loan to help with the cost of unsold luxury condos at the building.
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9/12/2024 Consul general to New York to answer questions over $9M luxury condo purchase - CTV News

After weeks of pressure, Canada’s consul general Tom Clark will testify on Thursday before a House of Commons committee about the purchase of his new official residence in New York that generated a lot of political attention over the summer. It will be the first time Canadians will hear from Clark after reports emerged in July that the federal government had bought a new $9 million piece of luxury real estate for him to live in. The condo is located within the world's thinnest skyscraper on "Billionaire's Row" in Manhattan.
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9/11/2024 NYC pied-à-terre guide: Top condos for buying a second home - 6sqft

Translating from French meaning “foot on the ground,” pied-à-terre is an apartment in New York City used as a secondary residence. It is only occupied part-time and is not the owner’s primary home. These part-time apartments can range from modest studios to luxurious condos, often used by people who regularly visit the city for business or leisure. We take a look at the most popular buildings in NYC for second homes, from newer condos like One High Line in Chelsea and the Ritz-Carlton Residences, New York, NoMad to more established buildings like the Plaza on Central Park South.
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9/10/2024 Mom shot in face, killed in front of son trying to defend husband from robbers in NYC condo building - NY Post

A 57-year-old woman was fatally shot in the face in front of her son while trying to defend her husband from a pair of robbers who followed him into their lower Manhattan condo building Monday night.
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9/9/2024 The Greenwich by Rafael Viñoly, NYC - E-Architect

We take a look inside The Greenwich by Rafael Viñoly, which is one of the acclaimed architect’s final projects in NYC. The 88-story tower features 272 residences and over 27,000 square feet of sky-high amenities.
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9/6/2024 Ex-election workers want Rudy Giuliani's apartment, Yankees rings in push to collect $148M judgment - ABC News

Two former Georgia election workers who won a $148 million defamation judgment against Rudy Giuliani asked a court Friday to award them the cash-strapped former New York City mayor’s apartment and other property as they ramp up efforts to collect on the staggering debt.
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9/5/2024 Northwind Lends $63M For 13-Story NYC Condo Project - Law360

Northwind Group supported the development of a 13-story, 54-unit Manhattan, New York, residential condominium project with a $63 million senior secured construction loan, the real estate private equity firm announced Wednesday. The condominium project is located in the borough's Gramercy Park neighborhood at 305 First Ave., and it's currently estimated to be finished in 2026, according to Northwind.
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9/4/2024 Tenant with three emotional-support parrots scores $165K in NYC co-op battle after she was kicked out over birds - NY Post

A bird-brained Gramercy Park co-op board that evicted a resident over her three emotional-service parrots has to shell out the whopping amount to her — and buy her pad at an above-market rate, according to federal prosecutors.
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9/3/2024 Creating an Artistic Buzz, One Real Estate Development at a Time - New York Times

Artwork has been part of urban projects for decades, but a new push from developers looking for ways to drive foot traffic has created a boom for the art world.
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8/30/2024 Flatiron Building owners aim to deliver 60 condos by 2026 - Crain's

The owners of the Flatiron Building are planning to convert the property into a 60-unit condo with ground-floor retail. The team behind the planned residential conversion of Manhattan's famed Flatiron Building has revealed new details about the high-profile project.
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8/27/2024 The Arconia From Only Murders in the Building Is a Real Manhattan Apartment Building - House Beautiful

Only Murders in the Building is back for a fourth season. Starring Selena Gomez, Steve Martin, and Martin Short—plus a fresh batch of guest stars that include Eugene Levy, Eva Longoria, and Melissa McCarthy—the runaway hit promises more mystery and comedy. But perhaps the biggest star of the Hulu series isn't an actor at all: It's the show's titular building given the fictional name The Arconia. That filming location is a real apartment building in New York City called The Belnord, and it's just as grand in person as it is on screen.
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8/22/2024 Trump Palace board sues over ‘reckless’ NYC Whole Foods, Five Below construction that allegedly caused leaks, floods - NY Post

Ongoing construction for a new Whole Foods and Five Below discount store is putting the tenants of Trump Palace on the Upper East Side at risk, its condo board said in a lawsuit. Demolition work caused flooding in the ritzy building’s basement, electrical room and garage, and drilling led to gas leaks that left its over 400 residents without working stoves and clothes dryers, according to the Manhattan Supreme Court filing.
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8/21/2024 NYC shocks the market with housing lottery for apartments under $175k—near Central Park - Fortune

New York City is planning to sell apartments on the Upper West Side of Manhattan just two blocks from Central Park for as low as $173,801.
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8/20/2024 Charging at Multifamily Properties - NYSERDA

There are more electric vehicles (EVs) on New York State roads than ever before. Forward-thinking building owners are installing EV charging stations as an attractive option for current and prospective tenants.
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8/19/2024 Brown Harris Stevens’ Stephen Kliegerman On Selling New Condos in NYC - Commercial Observer

With so much uncertainty surrounding New York City’s multifamily market due to policy changes and costs, many developers are hedging their bets with luxury housing.
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8/16/2024 Canada lists old NYC residence for $13M, surpassing cost of new luxury condo - CBC

Canada is selling its former Manhattan residence, which used to house its consulate general in New York. The 12-room, five-bedroom apartment located on Park Avenue was listed Thursday at over $13 million, which is expected to exceed the purchase of its new $9-million Manhattan condo located on Billionaires' Row.
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8/15/2024 Brown Harris Stevens’ Stephen Kliegerman On Selling New Condos in NYC - Commercial Observer

With so much uncertainty surrounding New York City’s multifamily market due to policy changes and costs, many developers are hedging their bets with luxury housing.
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8/14/2024 Fireproofing: 3 ways to protect your building from the financial costs of a fire - Brick Underground

When a fire strikes a New York City condo or co-op building, a board has to act fast to protect its residents and manage repairs. But it’s what a board does before a fire that will determine if they can meet the cost of those repairs in the aftermath of a blaze.
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8/13/2024 Former WeWork building to undergo condo conversion - Crains New York

A Midtown South office building that was once home to a major WeWork location will be converted to residential condos.
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8/12/2024 David Copperfield Sued by N.Y.C. Condo Board for Over $2.5M for Allegedly ‘Trashing' Manhattan Penthouse - People

David Copperfield has been hit with a lawsuit seeking over $2.5 million to repair damage to a New York City condominium he owns. In the lawsuit, which was filed on Tuesday, Aug. 6, the board of managers of the Galleria Condominium — a luxury high-rise located on East 57th Street — claim that the magician “trashed” his unit in the building before abandoning it in 2018.
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