Having a commercial space on the ground floor of your co-op building can be both a blessing and a curse. On the blessing side, the income generated by such a space can provide much-needed income for a residential cooperative, reducing sha…
According to a recent item published by the National Housing Conference (NHC), Representative Mike Lawler (R-N.Y.) has “announced a new sweeping legislative housing plan that looks to incentivize construction to produce more affordable…
The Background In a recent case, the Community Associations Institute (CAI) and several community associations sought a preliminary injunction against the enforcement of the Corporate Transparency Act (CTA). The CAI argued that requiring t…
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…