1996 Dec/Jan
Focus on... Building-Wide Finacial Strategies

Finance New Lending Options for Co-ops
1996 Dec/Jan New Lending Options for Co-ops

In the first cold day of the season, a group of res- idents and politicians stood in front of the Griffin, a 199-unit co-op in Brooklyn, trying to stay warm. You're not cold are you? exclaimed Jeannette Gadson, deputy borough president of…

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Insurance Containing Insurance Costs
1996 Dec/Jan Containing Insurance Costs

Members of the insurance industry do not agree on much, but if they agree on one thing it's that insurance can seem like a very complex subject. For board members, there is one clear objective regarding insurance: to secure the lowest pos…

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Law & Legislation Protection Against Sponsor Default
1996 Dec/Jan Protection Against Sponsor Default

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…

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Law & Legislation Charging Legal Sublet Fees
1996 Dec/Jan Charging Legal Sublet Fees

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…

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