Any recommendations for a managing agent? We are a small (under 25 units) residential building in Manhattan. New construction, fully occupied, part-time super, typical "new-building" issues. Very active board that is willing to go the distance to work closely with the managing agent and to run the coop efficiently and effectively.
We inherited our current managing agent with the building and they are unresponsive to our needs, unwilling to step up their performance, and arrogant to boot!
We are looking for an agent that specializes in small buildings and the related issues of budgets, expenses, maintenance, insurance, etc.
Any suggestions will be greatly appreciated!
Our Board is breaking our ByLaws in informing a SH that they cannot name a proxy to attend the SH meeting.
It is clearly written in our BL, that SH can appoint a Proxy --- and we have a 20 year history of Proxies attending meetings and asking questions. There are no qulifications for the Proxy -- or any restrictions...
Adding to this, this SH has taken a strong stance on an issue not popular with the Board, and if this matter comes up for a vote -- they would prefer not to have his vote counted.
We want a legal opinion from the CoOp lawyer, and were told that the SH have a right to ask for this, and that this is covered in NYS Coperation laws,... but fully expect the Board to nix this request...Anyone have any experience in this???
Legal definition of Proxy:
proxy n. 1) someone who is authorized to serve in one's place at a meeting, particularly with the right to cast votes. 2) the written authority given to someone to act or vote in someone's place. A proxy is commonly given to cast a stockholder's votes at a meeting of shareholders, and by board members and convention delegates.
What's your building's policy on permitting staff to do "side jobs" for building residents, aside from prohibiting such activity on building time? Have you taken any specific steps so as to attempt to insulate the building from liability in the event a bad repair causes damage or injures someone?
I am a board member, and our board president has stated that we have an informal confidentiality policy that must be followed. what is the official confidentiality policy for board members by law? He argues that ANYTHING said at a board meeting should not be shared with shareholders. I think this is a violation of our rights and of shareholder rights. Certain things like shareholder information, liability concerns, etc. are not for public consumption. But other issues that are already public can be shared and in fact I believe should be shared. Our by-laws say nothing about confidentiality - what is our legal responsibility to confidentiality, and what can and should be shared with shareholders?
Our coop board is considering setting minimum sales prices for apartments in our building. Has any other coop done it or considered it and decided not to? Is it legal? Do you have to have something in the proprietary lease or bylaws permitting such a thing? Under what circumstances is it desirable/justifiable? How do you go about setting minimum prices? What do you do if the shareholder can't find a buyer willing to pay as much as the minimum price?
This is from today's NYT. There must be only one manager in a coop according to the Business Laws. Question is what are the:
all input welcome.
Can Sponsors Employ Their Own Managers?
By JAY ROMANO
Published: March 23, 2008
Q In a co-op, must the managing agent for the co-op and sponsor-owned apartments be the same?
A “This is an interesting question because it may seem, in practice, that the law on the issue is ignored,” said Andrew Brucker, a Manhattan co-op and condo lawyer. He said that under a section of New York State’s General Business Law addressing issues governing the conversion of rental buildings to co-ops, all apartments occupied by nonpurchasing tenants must be managed by the same agent who manages all the other apartments in the building.
Yet many sponsors who own unsold apartments have someone else who deals with those tenants. “The sponsor typically hires someone to collect rents from the tenants, to pay maintenance to the co-op and to deal with any tenant problems they may have,” Mr. Brucker said. “Although the law seems to indicate that there can be only one managing agent in a building, this is not the way most buildings with nonpurchasing tenants operate.”
Our Board has just denied a S/H the right to have a proxy represent him at the S/H meeting. This right of a S/H is covered in our By-laws, and in our 20 year history -- we have always alowed proxy's.
This S/H cannot attend, and has been very vocal on a position strongly opposed by four board members. Two B/M objected and pointed out the law and legal def of a proxy --but they have been ignored.
The By-Laws are a Coops Constitution and is set in place to protect the S/H, and can only be altered by a vote from the S/H.
We know about getting the S/H to vote, but we need more backing. Any advice as to where to turn? A/Gs office? Any contact names.
Thank you,,, Alice
Really? Did you read your proprietary lease and found the exact item where such a restriction is stipulated?
As ST told you, you may mail it to the shareholders, do what politician do by standing outside the elevators in the lobby or mailboxes and meet residents or post your own flyer on bulletin boards if one or several are available throughout the buildng.
You may enlist some neighbors who may be willing to spread the voice on your ideas for the board, etc., invite people to your apartment or meet people over the laundry room.
Finally, have a good presentation for the night of the elections so that co-shareholders know why you are running, what attributes or behaviors characterize you as a team player, effective delegator or good collaborator. Remember 1/4 of the people are leaders; 1/2 collaborators and 1/4 empathizers. You need a good blend on the board to have an effective board.
Good luck on election night!
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