The letter we received in Dec 2019 was for 2019/2020. On top it says 2019/2020 CO-OP TAX BENEFITS.

Within the text of the letter itself, it states, "Enclosed is your Cooperative Abatement Report, which list each unit's exemptions and abatement benefits for tax year 2019/2020."

Hope this helps.

Thanks very much. So then those amounts - on that letter, would have been credited to eligible shareholders in the spring of 2020/ or by end of June 2020?

Yes.

Does your coop building president ask board members to sign fiduciary agreement which is written by property management? The agreement basically requests board members to abide by president's decision/majority votes. For example like below:

"I understand only the managing agent, the president, or someone appointed by the president has the power to conduct day to day business of the corporation".

When building president or majority board members pass a wrong decision, what shall a board member with disagreement do?

Have you asked whoever told you the abatement was being eliminated where they got their inside information from? If you find out, please share it with the rest of us.

In the meantime, try searching on "Is the NYC co-op tax abatement being eliminated in 2021?". That way you'll have your pick of concrete answers and can choose whichever is most suitable for your purposes.

Good luck.

This is the first that I'm hearing about this. Like Steven says, please find out the source of this information and share it with us.

It is from the coop's financial advisors who have "contacts in Albany" - that is the best I can find out. I can't imagine it is fully accurate as there would, no doubt, be an uproar. I have tried Google etc.
Has anyone heard hints of this? It may be that it is partially true but I cannot imagine they will not renew the abatement. Help.
Our coop raised the maintenance almost 7% in case it is true.

DM -There are many different tax abatement programs that are loosely called "Real Estate Tax Abatement'

There's the actual individual tax abatement which is distributed each year to co-op owners in the form of a maintenance credit. This is usually offset by the board approving an annual assessment that is approximately the amount of the abatement credit. This is the traditional Real Estate Tax Abatement. Another abatement intended for seniors is STAR.

There are other tax abatement programs intended for developers and co-op corporations. These include the 421-a tax exemption and the J-51 abatement program.

The reason why these latter programs may be disappearing is the need for them no longer exists. One program encouraged new development in underprivileged areas. Another was to prod landlords into upgrading core building services and structures.

Please ask your financial-advisor-with-benefits exactly which tax abatement is not being renewed in 2021. As you noted, there would be a huge uproar if the seminal Real Estate Tax Abatement were actually allowed to die.

Please let us know what you find out. Thanks!

Thanks for the info but my question was very specific. It concerns only the cooperative/condo annual abatement.

Financial adviser heard it from his contacts in Albany. Sounds like the horse told me to bet on #7 in 3rd race. All kidding aside, I just filled out my abatement for the next 2 years. I would call 311 they will put you in contact with people who handle this question. You can also check the internet. It sounds like something is fishy, the reason I say this is your managing agent distributes the money to all share holders who has claimed the abatements. Best of Luck

Real estate tax rebates for coops are not abatements, which are limited in time and phase out. It sounds more likely that abatement programs will end for new developments.

Hi DP,
I requested a copy of a breakdown list from the D.O.F. via email. It shows the exemptions I will be receiving and the co-op abatement. Hope this eases your concerns

Excuse typo DM

From attorney Stuart Saft on 3 June 2021: "I am pleased to report that the Legislature just passed bills extending the Co-Op/Condo Tax Abatement without any changes. Now it just needs the Governor’s signature. "

If it's a pipe that supplies steam and water to your coop it is the coops problem to fix and repair all damages.
I would also contact your insurance company to come and inspect the damage as the coop insurance company should also be contacted via the managing agent/board. Best of Luck

Who is ultimately responsible should be spelled out in your Proprietary Lease. There is no law or regulation governing damages, so you will be guided by your PL.

The first thing I would do is take photos of all the areas with damage. Get a lot of pictures ranging from long distance views to establish the relationship of the damaged area(s), to close-ups of each damaged area. Take lots of pictures from all distances and angles. Film is cheap, and you never know when one angle and lighting condition shows something that other pictures don't.

Take pictures of all appliances, clothing, decorations, artifacts, electronics, etc that were damaged by the burst pipe. You will want to submit them as part of your claim. If any had value as collectibles you'll want to get the receipts or appraisals to verify their value.

Next, contact *your* insurance carrier who has your individual co-op/condo owners' insurance policy, and open a file with them about your loss. Schedule an appointment with the adjuster they specify for as soon as possible.

If any part of your apartment is unusable or uninhabitable, discuss with your insurance company what you should do. You shouldn't have to live with, say, a bathroom ceiling that is about to fall down.

*Do Not* discuss the loss with anyone connected with your board, their insurance carrier, and adjuster, etc. You have an obligation to allow your board's adjuster access to your apartment and all damaged area, but you are under no obligation to give a statement or answer any question no matter how innocuous. In those instances, simply refer them to your insurance agent or representative.

Make a copy of your Proprietary Lease. Your insurance agent will most likely ask for one so they know how to apportion responsibility.

This could become a slog, so be prepared to wait and deal with the frustrations. Good luck!
--- Steve

The coop management called in a contractor to estimate the damage and have started repairs ~30days after the incident. I did not have to go through my own insurance.

Glad to hear that the co-op did the right thing.

Congratulations on getting this resolved with a minimum of aggravation. You have a very good board.

We haven't had mold removed but got a very thorough report when we thought we might have a problem. We also got recommendations for avoiding getting mold. I don't know if this company does remediation but, if not, Gary will probably have a name for you.
Mr. Gary Jacobs
MOLD XPERTS NY
210 East 68th St., Professional Ste .1H
New York, NY 10065 USA
(917) 886-8135
(800) 282-9102
(garyjacobs@optonline.net)

Thanks, marym

Hi, I know that you're not looking for self-appointed recommendations, but my firm, EBMG, is exactly as how you'd describe what you are looking for.

We're heavily involved in tech, customer service, compliance, building plant oversight, etc.

You can check out my regular podcast: https://podcasts.apple.com/us/podcast/nyc-real-estate/id1316217394

We've been in business since 1996 and manage roughly 100 coops / condos in the five boroughs, with 25+ in Brooklyn.

Please shoot me an email if you'd like to connect - mblevine@ebmg.com

I would shy away from EBMG (Mark Levine) I know a couple of friends who this company manage there Coops. They start off as hands on then they slack off with poor managing and caring about shareholders needs. They can't even handle my friends 2 buildings. Both have over 125 families.
With a building of 400 families you need a company with diversity and man power that can handle all your needs. That will not tax on fees for every little thing that is needed, raise maintenance fees, assessments every year.
I would do research on Managing agents, interviewing and meeting people that the company manage. Check fees, performance, employees they have. etc. This is not an easy task and needs a lot of investigating before you choose someone who can do the best for your building. It is extremely important because you are trusting them in handling all your important needs. I would turn to the Habitat to see all the managing companies, rating, employees and performance. I do suggest you start a committee of board members to do all this research. You'll thank me at the end. Best of Luck.

Hey there, it seems that you're searching for a property management company that brings fresh ideas and new technology to the table with a level of service that stands out. It's important, especially as regulations are continually evolving and technology is transforming how we manage buildings.

With my experience in the industry, I can recommend looking for a company that leverages technology to bring more transparency and efficient service delivery - while addressing your other concerns like CMA compliance. You're looking for a company that has recognized that traditional management methods have become a bit outdated and have made significant changes to improve responsiveness and seamlessly integrate technology in their operations.

I'm working in property management for Daisy, and I can tell you we have several pre-war buildings in our portfolio that have significantly updated their operations since signing on with us. We have a system approach where we combine technology and exceptional service. We offer an app that helps residents do everything in one place and provides board members with real-time financials to see how the building is doing.

At Daisy, we appreciate the value of having an onsite dedicated manager, so we pair that with a team of industry experts who manage all aspects of your building from boiler repair, to resident issues, to board meetings and more. This is just a small part of how we try to fulfill the needs of our clients. You can check us out at www.joindaisy.com to see if our methods align with your vision for your building.

Take this topic very seriously. Every company says what you want to hear, but after 1yr., 5 yrs. where are you? When a management company disrespects your shareholders, there should be a morals clause in their contract. Management gets away with their actions ONLY if the board approves or backs them. I know a management company has many demands on them but if it's too much then close up shop because that is your business. Out of curiosity what management would you recommend? What is considered standard salary for management companies?

Firstly, the right to impose fines must be in the proprietary lease. If it is not, then they are unenforcable.

Secondly, I believe that sidewalks are public. What you should go out and write in chalk is that this is a dumb rule.

But what is the reason to impose such a rule? Was someone writing something offensive on the sidewalk?