This is no doorman building. We get management to bring in security during the hours of open house. All sign in and the seller has to pay the Co Op for this service.

there were quite a few postings on curbed about people going to open houses and stealing from the seller. They were now instructing sellers to put any jewelery, watches , any thing small in a different location. However not all the items were small, i think they caught a couple that were stealing larger items from the open house.

I never really trusted brokers to begin with. LOL

Nick(ed)

We do not allow OPEN HOUSE. No one is allowed in without the broker or the owner.
No posting of signs on polls etc.

An open house means the potential buyer gets to look at that apartment that is listed and scheduled for an open house. They should not be wondering your building without management/board approval. Your Super/Resident Manager needs to be proactive in setting the rules unless directed otherwise by the manager or the board. This is a breech of security, for all you know it could some kook!! Your building is not a rental, so they should stop treating it like one.

In a building that I manage all unit owners/brokers have to register their open house with management. We ask for the broker(s) name(s) and that is given to the door staff along with the notice of the open house. If someone attempts to have an open house with registering, we do not allow potential buyers in. It's a hard stance but it has worked well and unit owners accepted it. In a non-doorman building we do something similar but we pay the Super extra to be present during the open house and we only allow open houses from 12-6pm.

We do not permit an open house of any type at any time for any reason.

Hence, no issues, no folks wandering about, no security concerns.

When showing an apartment either the seller must be present or must authorize entry.

The real estate broker is required to sign-in and sign out.

Good 'Ole FDNY!
I would contact the building next door and ask them to ensure that it is included in thier claim.. then follow up to make sure it happens.

Good Luck
~AR

Interesting subject and I now have a further related question. Our downstair door wells are locked from the ground floor but can be opened from the inside of stairwell. We had an incident many years ago that an assailant entered the residential floors and held a man and his family up with a gun.

Question:- there have been a few callouts to the building by the FDNY for faulty gas monitors to three different apartments. The FDNY do not wait a second for somebody to get a key to unlock the stairwell doors and rightly so they do a great job.The stair well doors and frame are badly damaged.

TO ANSWER THE INITIAL QUESTION:-Don't worry present all billing/claims to the adjoining building and if you had overtime staff present, remember claim everything to them for any extra costs to your CoOP or Condo.

Absolutely, Your shares count..
I’m not asking about the decisions themselves because I have seen this scenario many, many times, but not without proper correction as the end result.
If there are only 2 Board members making these decisions, where is the rest of the Board? Why are they silent? Do you have any allies? And the managing Agent? He/she can be liable also for decisions that are knowingly detrimental to the buildings fiscal health.
There is a thing called fiduciary responsibilities which every Board member and managing agent are required to uphold...

~AR

Well, we're not sure a third BM is not moving out, and the fourth BM goes with the majority all the time. Met with SHs today, and, of course, they want to call a special meeting. Problem is, a lot of irrevocable financial damage is being done on a daily basis. Told what we really need is an injunction but that is expensive.

Also, you said you need 25% to call the meeting, how much do you need to have any type of vote at that meeting, is it the same? probably its more... You'll need proxies and real bodies there.
No damage is irrevocable. It's your investment and you need to now dig in and bring the stock prices back up by getting proactive, longer term thinkers in the Boardroom and management.
'Best
~AR

My other Board members are partially responsible for the situation that is calling for the Special Meeting so Shareholders can attempt to get full disclosure. Under Business Judgment Rule it seems Board can do whatever they want in terms of fiduciary duty -- even giving a vendor preference over the financial stability of the corp.

That could a little high, depending on location; but esp. for personal property, unless the individual has a boatload of jewelry/valuables.

If you're talking about the building replacement cost, it needs to cover materials and labor to reconstruct the apartment exactly as is, with comparable materials (not as you wish it would be). If you now have a high-end reno, buy coverage accordingly. Personal property would include furnishings and appliances, I think (check your policy).

And if there's a lot of valuables (art, etc.), consider a rider.

We discovered that our policy was reversed - would have had little coverage for the physical structure and way too much for personal property. That also means we overpaid premiums by a LOT.

Now seeking refund.... good luck on that ; )

It sounds as if the person recommending $300,000 was talking about Personal Liability insurance.
A coop/condo/renters policy covers personal property (household furnishings, additions & improvements etc)as well as personal liability.
The personal property limit has to be set by the individual who knows what it would cost to replace his property as well as any additions & improvements to the apartment..
Students usually don't need more than $25,000 but that depends on what he/she has in the apt
$300,000 is fine for the liability aspect although I always recommend a higher limit which doesn't cost very much more.
Ask your broker/agent for suggestions and prices.

Hi,

We have a requirement for insurance coverage that includes "Loss Assessment" coverage. We were encouraged to put this into place based on the events at Castle Village after that wall fell down. We leave the amounts (limits) up to discussions between the shareholder and their insurance agent. We just require that the Co-op Corporation is a named insured (mainly for enforcement). We issue a $250 fine for lack of coverage. This fine is well documented as a “fine” and not an insurance purchase on their behalf.

I believe this is not permittable. In the evet of an emergency then yes we have the right to enter for the health and saftey of the building and its residents.
I work as a Resident Manager and in the buildings I have worked in and currently work in now that is the rule that we all respect, after all that is your home that you purchased. If it were a rental then the landlord could enter at anytime for what ever reason he could justify in inspecting his apartment. In a coop/condo things are different.

Just thinking out loud here... if the Board President is the head of the cooperative corporation, the co-op owns the building, and the co-op and its Shareholders have a Landlord-Tenant relationship (which courts have found they do; check your PL), then in any emergency, the duly elected representative/president is acting in good faith on the corporation's behalf and would have both the right and responsibility to enter an apartment to take reparative action on behalf of the co-op's safety. (And, as an employee of the corporation, tasked with dealing with emergencies, so does the super.)

We're not talking browsing or window shopping or malignant invasion of privacy, but taking action in an emergency.

I purposely posted the article to see if there were any situations where it would be permissable. The situations I am referring to would be at discrete times as the BP had his own set agenda to enter. As far as I am concerned this is illegal entry as he is/was in no way acting on behalf of the Coop/Condo

In a word, yes. Our former BP did enter at least one apartment to my knowledge when occupants of the apartment below complained of water leaking from above. No idea how he got the key. Although on the board, I didn’t really have much say about such matters at the time. Seems to me that the super/management company should have gone in. For whatever reason, though, the BP took it upon himself to enter the apartment. The VP and VP’s wife also entered the apartment at the time.

It’s a great question. What were the circumstances around your BP entering shareholders’ apartments?

i an sure the shareholder could start legal action iF this case was not an true emergency
unkless the super or residenbt manager ciuld not be summuned in a timeluy manner for the emergency, since resident mangers and suers have cells phones, woulds have to wonder why they couldn't be found, if a live in super, might look into why your having live in super if they cant report in, same with resident manager, there job is not 9 to 5.
as a ex public utility worker that had to be admitted to apartments in a line to locate the trouble. i would reqest the super stay with me of i would leave.
as far as a new bod member not having any say, i do not tink th courts woulds agree with you . protect your self, t next bod meeting nake a motion to place on minutes that you diasagree with such action and chck the minutes next meeting, you are liable if you know.

Our Shareholders felt more comfortable with the BP accompanying the super on an emergency call.

No BP or board member should have a right to enter someone's apt any more than a super does - only in an emergency or with a SH's advance permission.

No other SHs should be allowed to enter someone's apt either. We had apts with leaks, pests, sanitary issues, etc. and neighbors affected by them wanted to see for themselves that the issues were taken care of, even after we told them they were. One SH with damage from a leak refused to pay maintenance unless we let him see that the bathroom above him was fixed "to his satisfaction". This was resolved, and SHs were told that withholding maintenance could cause legal problems for them.

Just as some SHs think they have a right to see any coop documents they want to see,some SHs think they can enter any building area, including other apts, if it suits their purposes. Not so.

Board members should not enter shareholder’s apartments unless give permission by owner. Board members come and go and others have their own agenda or vendetta against particular shareholders. Therefore entrance into Apt. can be no more than just an excuse. In my experience, when repairs were made to my apt. and super was authorized to enter with vendor, I found that the president had also entered my apt. with the super. Was it necessary for president to oversee super fix a flushometer? Entrance to Apts. should is by the super and managing Co.

Check your Proprietary Lease. It probably contains something like the following, from Paragraph 25 of our own lease:

"Right of Entry: The Lessor and its agents and their authorized workmen shall be permitted to visit, examine, or enter the apartment and any storage space assigned to Lessee at any reasonable hour of the day upon notice, or at any time and without notice in case of emergency, to make or facilitate repairs in any part of the building or to cure any default by the Lessee ...."

That's simultaneously broad enough for usefulness and restrictive enough to protect shareholders. There are lots of legitimate reasons why "the Lessor and its agents" might need to enter an apartment, but there are even more reasons that wouldn't fall under this clause.

You contact your building exterminator...ASAP What are you waiting for?

Our exterminator sets traps, puts out poison, bait, etc.

We still get rats from other buildings in the block.

Maybe the other buildings are not doing anything, in regard to exterminating. I would try reaching out to the nearby buildings and see what you all can do as a group to battle this problem. If your building is the only one doing anything it is a waste of time and money.

Good luck.

You may place poison as suggested in strategic places such as a hole in the ground. In addition, I would make sure that there are no entry points into your own building basement through open windows, holes from utility penetrations, etc.

If rats are seen outside, it would an event similar to seeing a cat, squirrel or skunk in your backyard. Wild and domestic animals share the space with us, humans. Consequently, don't be alarmed and protect your house from entry.

AdC

Try contacting Dumani Compactor, they do execellent work. Contact Name: Jorge Dumani 914-632-8387

Thanks, Mike!

The Cert of Incorporation is filed with NYS and you have to apply to them to get a copy. You can check on their FAQ web page for more information. Below is just an excerpt from the instructions.
Hope this helps. rs

http://dos.state.ny.us/corps/bcfaq.asp

"Copies of any documents (Certificates of Incorporation, Articles of Organization, Certificates of Amendment, etc.) filed with the Division of Corporations may be obtained by submitting a written request to the New York State Department of State, Division of Corporations, One Commerce Plaza, 99 Washington Avenue, Albany, NY 12231. The fee for a plain copy is $5, and the fee for a certified copy is $10. Copies of documents cannot be ordered through this site or over the telephone. The Department of State does not provide copies of filing receipts."

Thank you for your help and quick response. Your have been a great help.

Sincerely;

D

Also check with the DOB (Dept. of Buildings) and/or the AG. It should be on file.

Thank you for your feedback. You have been very helpful.

Sincerely;

D

Hi,

This is a great topic. From my perspective, here are some items to consider:
Have reserve funds
A great audited Financial Statement says wonders to a trained professional and in this city, a lot of casual users too. It says that the Board knows what it is doing and maintains the fiscal flexibility to handle unforeseen problems. If you dip into the Line of Credit, be sure to repay it by the end of the year.

Do not defer capital repairs/replacements
Who wants to buy into a dump? We replaced all of our windows with double glazed, argon filled, casement windows and new A/C's and added approximately $5k to $10k a unit in value, saving heating costs and increased our quality of life with reduced exterior sounds.

Encourage renovation before a sale
Talk to you shareholders about reinvesting in their units. Don't sell treasury stock units 'as is' – comparables matter. Discuss with your lawyer what you can and can't do here.

Maintain a moderate to a slightly-above moderate maintenance charge
Don't get into fiscal trouble and have so high a maintenance that it dampens your unit values. Don't have so low a charge that your complex looks like a 'hand me down' and your financial statements are on life support. A good rule of thumb is $1 per square foot per month. Go ahead, get the funds and paint that hallway! At the same time, invest in cost saving capital replacements that lower operating costs.

Encourage internal harmony
Internal recommendations work wonders. Make sure to encourage harmony between the staff and shareholders too. This makes for a better quality of life too.

Take a look at your property from the perspective of a prospective buyer
This is a big one. An uncluttered, professionally painted and clean lobby says a lot about what values the community has. Don't neglect the exterior - plant (and care for) some flowers near the building entrances. We get blinded to imperfections when we see them everyday. Walk in one day with a note pad and take notice like you are seeing the building for the first time. Write down what you see and make a plain for the manager and staff to correct and imperfections.

Get the renters out
Encourage owner occupancy – owners just care more, it's natural.

I think this is a great question and topic as well...
Steve has some valuable insights and tips.. thanks...
Another good rule of thumb is to budget about .75 cents per foot per year for exterior roof and facade repairs and LL11 and place this money into a special money market account for when its needed.

Green sells right now, look into green and energy saving areas that you can not only save money and the environment with, but it create great bragging rights because it raises eyebrows to say that you have solar power, or a green roof (these are great), or that you recycle the water from the roof drains for toilets... the windows were a great investment for Steve and can be for you also...
We have REAP Construction doing a roof deck, building windows and a front garden area for us at one of my buildings.

Adding amenities that do not cost much is another plus... storage, gym, playroom, arts & Crafts room, roof deck, etc...

~AR

I heartily agree with Steve and AR on this topic. I'd like to add to AR's note on doing things that don't cost much. This may seem petty, but it's surprising how little things cam enhance new buyers' opinion of a property. A few ideas:

-- If you have curbside trees in front of your building, fix the tree pits if they're bare or in poor shape. If you can't afford nice wrought iron railings, put some fencing or wooden borders around them. Don't spend a lot because they can be damaged easily (e.g, parking cars back into railings around tree pits). Also, plant flowers in the tree pits. This adds a cheerful, well-kept touch to the area.

-- Upgrade your lobby if it looks outdated or needs maintenance. Replace worn furniture, get new rugs or lighting, add a few live plants. The lobby is the first thing buyers see in a building, and first impressions make a difference.

-- Keep other common areas that buyers see in good condition (e.g, hallways, rec rooms). A fresh coat of paint or nice wall art helps. Also, make sure common areas are clean and bright. Paint apt doors if they have a lot of chips and scratches.

All the things that Steve and AR mentioned are important, but it's also important not to overlook the small stuff.

Hear, hear for all of the above. Maintenance, especially, is key - both above and below the surface.

And here, here's my two cents:

Much as New Yorkers value property values, they also value the feeling of being at home where they live. Good Board/Resident and inter-Resident relationships should be strongly encouraged, with clear communication, frequent or at least regular Resident social gatherings, a written and/or web communication vehicle, and attention paid to Resident concerns quickly and efficiently. Passing on information to new Residents about area take-out places, schools, wineshops, restaurants, hardware stores and grocers is a good way to make them feel at home (for larger buildings... have you tried arranging co-op/condo discounts with local merchants? a little value-added goes a long way, for both parties.) Impressions of comfortable, friendly, interesting neighbors and neighborhood, and of a good community in and out of the building, are important to buyers (it was for us, and I bet it was for you, too.)

Work with local realtors, too; show them your building before they ever set foot in it with a prospective buyer. Show off that new roof, or the new elliptical machine, or the new DVR security system, or the new laundry machines (something has to be new). Introduce them to the Superintendent staff. You want every broker possible to know your building well enough to talk about it comfortably and with first-hand knowledge; get them invested in promoting your building, and perhaps you'll have fewer undersells.

Finally, think outside the box. Always.