Category: On The Board

In a market economy, price and value are assumed to be mutually reflective.  Investors expect that their assets - in our case real estate, and specifically co-op and condominium apartment units - not only maintain their value, but experienc…

Just as a ship cannot steer without its captain, a board cannot function effectively without its president. Serving as the administrative head, this volunteer position is vital for ensuring the smooth operation of a condo, co-op, or HOA boa…

Many residential co-ops and condos have commercial retail space or parking garages in their buildings–but frequently, these spaces are not owned or controlled by the condominium or cooperative.  In condominiums, retail space and parking ga…

As members of co-op corporations and condominium associations, we often hear the term fiduciary duty bandied about.  But what does it really mean to be a fiduciary? Stated simply, the term ‘fiduciary’ means trust. When a person managing the…

A community’s governing documents, including its bylaws and house rules, are like a country’s constitution and laws. They are—or at least they should be—‘living’ documents that like our state and national laws and constitution, occasionally…

In a recent decision, a New York City co-op was ordered to pay $165,000 to a shareholder over the board’s refusal to allow her to keep her ‘emotional support parrots’ - a judgment the U.S. Attorney for the Southern District of New York …

The presence of commercial space in a shared interest building can be a blessing for the community - and it can also be a burden. It can bring in much needed additional income to help defray the cost of running the building - but at the sam…

According to recent reports, the board of the Galleria — a luxury condo on East 57th Street - is suing noted illusionist David Copperfield for over $2.5 million to repair damage to a unit he owns in the building. Copperfield purchased…

Enacted in March of 2021, New York’s Marijuana Regulation & Taxation Act (MRTA), contemplated allowing home cultivation of cannabis as part of its purview. However, the practice was not to take effect until 18 months after the first recreat…

Benjamin Franklin famously said, “Nothing in this world is certain except death and taxes.” In the world of co-ops and condos, this truth is amplified. Along with the obvious impact on the deceased’s family and associates, the passing can a…