Category: Q&A

Q&A Q&A: Co-op Rules v. Sponsor Units
2007 Mar Q&A: Co-op Rules v. Sponsor Units

Q Our building is 75 percent shareholders, 25 percent sponsor units (renters). The  sponsor units fall under the Emergency Tenant Protection Act (ETPA) of 1974. My  question is, doesn’t everyone in the building, shareholders and sponsor u…

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Q&A Q&A: Altering Meeting Minutes
2007 Mar Q&A: Altering Meeting Minutes

Q I would like to know if the board has the right to alter minutes given to the  shareholders, because there were questions raised at meetings that they would  not answer and are left out of the minutes. Are there any regulations governin…

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Q&A Q&A: Asset Transfer on Death
2007 Mar Q&A: Asset Transfer on Death

Q For estate planning purposes, my wife is the sole owner of our co-op. A recent change to the New York State law permits assets to be transferred on death by use of a “Transfer on Death” designation. Like a trust, this avoids probat…

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Q&A Q&A: Dual Role as Director & Broker
2007 Feb Q&A: Dual Role as Director & Broker

  Q I am the president of a co-op board in Gramercy Park. One of our directors has recently become a licensed salesperson. When announcing this to the board, he indicated that he would recuse himself  going forward from interviewing any …

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Q&A Q&A: Right To See Project Documents
2007 Feb Q&A: Right To See Project Documents

Q My co-op is about to engage in a multi-million dollar upgrade energy project. The board president has decided to not let myself (a newly elected member of the board) and any shareholder access to review the documents on this project. …

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Q&A Q&A: One More Unit Co-op Conversion
2007 Feb Q&A: One More Unit Co-op Conversion

Q I am the vice president of a board in a 10-unit co-op located in Queens with an unoccupied residential basement apartment that was originally a live-in super’s apartment. We, the board, are exploring the possibility of renovating it an…

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Q&A Q&A: Developer-Led Construction Projects?
2007 Feb Q&A: Developer-Led Construction Projects?

Q Should a real estate developer be involved in construction projects in his or her building or is it more feasible to let an independent general contractor with no ties to the developer do the actual construction works? —Cu…

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Q&A Q&A: Right to See Project Documents
2007 Jan Q&A: Right to See Project Documents

Q My co-op is about to engage in a multi-million dollar energy upgrade project.  The board president has decided to not allow me—a newly elected member of the board— and any shareholders access to review the documents on this project. How…

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Q&A Q&A: Transfer on Inside Sales
2007 Jan Q&A: Transfer on Inside Sales

Q If a building decides to adopt a transfer tax, can they impose a tax when an apartment is sold to an outsider but exempt from the tax when selling to an insider? The apartments that have been combined with other apartments, (three …

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Q&A Q&A: Without Board Consent
2007 Jan Q&A: Without Board Consent

Q Three shareholders organized the development of 861 square feet of unused courtyard space behind their building, after having surveyed the building for interest (57 percent of shareholders responded—of which 70 percent were in favo…

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