How is your reserve fund invested?
And what are your thoughts on safety, liquidity, and return.
I am Board President of a three year old new condo. We have been told that the city has been sitting on our sponsor's tax abatement filing all this time. Meanwhile, our own research has shown that owners in condos in the area that are even newer than ours have their abatements! Has anyone had this experience?
Has anyone negotiated a retainer for legal help? We have a 20 unit condo and were thinking it would be easier (and maybe cheaper) to deal with a lawyer with a monthly retainer as opposed to as needed (and on the clock)? We are a small condo-- 20 units. I would be curious to know what fees others are charging and how this has worked out for coop/condos using this method of support?
Thanks in advance, JES
Does a person who is not listed on a deed as a unit owner who lives with the unit owner able to particpate at a BOD directors meeting? Can they bring problems to the boards attention or complain on behalf of the unit owner? Is it different if the person not listed on the deed is a spouse or domestic partner as opposed to just someone living together?
Mark
Our managing agent has told us Board members that if the Coop is making the necessary repairs to a room in a shareholder's apartment, that shareholder is not legally entitled to a partial maintenance abatement if he or she vacates that room. He said the situation would be completely different if the shareholder vacated the room because the Coop refused to make the necessary repairs. Is our managing agent correct?
Our prop lease states that the sponsor may vote in one Board member if he owns over 24% of unsold shares. usually he has only voted himself in. there are no other restrictions. this is all that the lease states in reference to this.
Ok so last year our board president , for the first time since the bldg went coop, voted all the sponsor proxies - in order to elect his own slate and keep out a person whom he, the board president, personally did not like.
sounds wrong, no? how is this a fair election?
our coop just got a big 'failure to maintain' elevator violation where it had to be closed down as it was a hazard. who is responsible fr seing that the elevator is properly maintained? the managing agent and superintendent?
also - doesnt the city automatically nspect elevators x amount of times a year
Can anyone recommend a good company to install new front doors and locks (maybe electronic) for a coop building. Prefer a company in North Bronx or Lower Westchester.
Our board is about to close on a mortgage refinance with a balloon mortgage that only requires payment of monthly interest until it needs to be refinanced again, in ten years.
Some board members and shareholders had wanted to amortize this loan, but the majority felt that this was unwarranted as paying this balloon off in future years may actually cost less based on the concept of the time value of money.
Does anyone on this forum have an opinion?
does anyone know if a roof deck , done right after a new roof replacement. constitutes a capitol improvement for tax purposes upon apartment sale?
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Our reserve fund is invested entirely in Treasuries and government agency bonds. Preservation of capital is absolutely critical, and in this financial market it is much more important that trying to get higher returns elsewhere.
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