My co-op has limited on-premises parking consisting of garages and parking spaces. As such there is a waiting list for shareholders seeking on-premises parking. A board member maintains a garage for storage purposes only which is in violation of the House Rules. The board member is aware that he is in violation yet refuses to relinquish his garage claiming that as a shareholder he has a right to the garage. Can the Board & Managing Agent force the board member, or any shareholder, to relinquish the garage? Additionally, can a fine be assessed the the board member for each month he is in violation of the house rule?>> Join the conversation
Our co-op, located in Nassau County, recently revised the House Rules providing a categorically aligned table of contents and indicating fines for each violation. The board relied on house rules from other co-ops located in Nassau County along with input from the managing agent and co-op attorney to ensure compliance with the proprietary lease and any other regulations effecting the co-op. We have recently learned that courts have ruled in favor of shareholders when fines for house rule violations have been assessed. Can you discuss this issue?> Join the conversation Comments (1)
My Co-Op, the largest In NYC, recently past a regulation requiring homeowner insurance with minimum dwelling coverage of $25,000 and personal liability coverage of $300,000. Noncompliance of this regulation will result in a $25 a monthly fine for every month without insurance.
The Co-Op claims that the Master Insurance Policy covers build out up to the interior walls, stock kitchen cabinets and bathroom fixtures. The Co-Op also claims that the insurance requirement was to ensure that those units with extraordinary upgrades beyond stock quality be covered.
I inherited my unit from my parents. NO improvements were made to our unit for over 40 years other than painting and normal replacements. There were NO valuable upgrades.
Why should I be forced to purchase insurance when the the Master Policy covers the build out? I am perfectly fine living in an apartment with stock cabinets and fixtures.
Now, our Co-Op has been grossly mismanaged. For our 5 1/2 room unit, the Co-op fixed a $250,000 resell price. This sell price is unattainable unless the unit is renovated to include fancy upgrades. I believe that this is the motivation for the board to institute this regulations- force owners to renovate and upgrade to maintain minimum resell value.
After shopping for HO6 insurance, I find it more advantageous to paid the $25 penalty per month than to purchase insurance. I would be saving hundreds of dollars!! All HO6 insurance includes coverage I don't need- personal property, loss of use, personal liability, medical and others to numerous to name. And, I can't strip these extra coverage of and just buy what I need which is the dwelling coverage of $25,000. If I were allowed to purchase just the dwelling coverage, it would be about $100 a year and I would be fine with this.
I do not need personal property insurance as i can easily replace these items. I don't need personal liability insurance because I have an umbrella policy.
My question is this. Can I just pay the fine?
Thanks in advance for any suggestion.
I'm beginning my second year as President of the Clinton Hill Apartment Owners Corporation ("Clinton Hill Coops") and am interested in starting a group of fellow coop board Presidents for regular meet-ups to discuss issues we are all facing, best practices etc. If anyone is interested please contact me!> Join the conversation
My spouse purchased our coop in NYC back in ''85. I moved in sometime in '91, and we married years later. He is the shareholder -- my name was not added to the lease. We set up a Will in the early 90's which leaves me the entire estate.
Should we have my name added to the lease regardless? I've been reading it could cost above 2,000 to do so. Should my spouse, predecease me, will I need approval from the board to remain in our coop. Will they need to see my financials as if I were a new owner? Our mortgage is paid, so it would be just maintenance? Thank you in advance - I'm so lost so I thought I'd start here.
Thank you for all the input. It has been very informative. As I am a relatively new board member, there are procedures that I'm unaware of. At my co-op there is a Capital improvement Committee (CIC) that has made arrangements for sub metering without the entire board voting. I have made several requests for a vote by the board to no avail. Should the CIC proceed without bringing this matter for a vote before the entire board, what recourse do I have? Also, I believe the CIC is being advised by our attorney that this is legal. My belief is based on the fact that when I bring up a motion for a vote on sub metering, she is the most vocal opponent. Should we become sub metered as a result of this erroneous legal advice, can you advise me as to which agency I file a complaint against the attorney?> Join the conversation
I joined the board of my 38-unit condo in December, and I'm looking to meet board members of similar buildings to share ideas with. I'm particularly interested in ways to engage and communicate with elusive or remote owners.
Anybody in the Boerum Hill / Fort Greene / Park Slope area interested in grabbing coffee and sharing experiences?
The co-op I live in is considering sub metering. At one of the meetings with an EN-POWER representative, he stated that before we could implement sub metering we would need shareholder approval. However, one of the other board members remember differently and states the rep never indicated shareholder approval is required. My questions are, do we need shareholder approval before proceeding? And if so, is this a legal requirement? Thank you.> Join the conversation Comments (4)
Our building (a 13 Unit Pre-war) is about to install a new passenger elevator. Building has a manual freight elevator which must be run by the super at an hourly rate. However the freight does not open on one of the units - which is on the 12th floor. The family is this unit will have to relocate during the installation of the new elevator, this may take as long as 3-4 months (if all goes well).
Can anyone offer some sound advice on this project as well as advice on the Unit that must relocate.
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