New York's Cooperative and Condominium Community
Several shareholders of our coop have inquired to have the buildings name changed. Has anyone ever dealt with this kind of action?
The issue seems to be "out with the old, in with the new" to set a different direction for the coop than has previously been chartered. It would seem silly, but many have gotten on the band wagon.
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Our coop has no name other than its street address. We have at least one shareholder who wants us to call ourselves "The Bromingfield" or some such, but whenever this issue is raised at our annual meeting, it is invariably met with rolling eyes and are-you-kidding looks from the other shareholders.
That said, it might not be unreasonable to consider a name change if (a) you've just done a major overhaul of the building and want a snazzy new name to attract buyers, or (b) your building is named something really awful like "Hitler House."
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I haven't, but many aspects of Coops are governed by the NYS Business Corporation Law. Regular business corporations change their name (e.g. Apple Computers is now Apple Inc.) so I can't imagine it's that hard for a coop to do. I would think the Certificate of Incorporation would have to be changed.
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Corporation names are registered with the State and you will be engaging your counsel if this is being changed. However, unless a name in a municipality may be extremely well known, you may not need to request a formal name change.
Although the NYT article cited below refers to commercial buildings, I can see how this may be similar to residential buildings and why certain individuals may wish to change the name of the building where you live.
http://www.nytimes.com/2006/04/05/business/05name.html?fta=y
Finally, I said a while ago, that a shareholder who puts $200,000t to change the doors of the co-op not expected to be paid back, perhaps should have his/her name be part of the building. (Just a joke!!!)
AdC
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Who is responsible for the wax ring, flange or lead bend repair and subsequent repair to bathroom tile floor?
The wax ring is shareholder's responsibility. Why? Because without a wax ring, a toilet (shareholder owned fixture) cannot be set into the lead bend. The wax ring acts like a gasket.
The lead bend - This is infrastructure. Connects the stack with the hole on the floor of the bathroom. The led bend is securted to the floor of the bathroom with the flange. When the lead bend fails, the co-op replaces it and changes the wax ring at no cost to the shareholder.. Please note that the toilet must be removed so that the new lead bend is fastened to the flange.
Flange - Co-op responsibility. This is the end of the infrastructure plumbing. I"t "grabs" the lead bend and secures it to the floor of the bathroom.
AdC
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Unless you damaged the bathroom subflfoor for which you are responsible, you may repair the tiles with common original tiles to provide evenness when setting the toilet. Remember, tiles are the responsibility of the shareholder as it is not co-op responsibility. The co-op is responsible for subflooring. This is an area of great misunderstanding and sensitivity when a floor is chopped or damaged and expensive tiles or flooring are placed by shareholders. Shareholders need to have extra tiles for contingency situations such as the one you describe.
However, watchout for double tiles, i.e., a tile floor placed on top of the original tile in the bathroom. This is a shortcut that creates problems. In other words, the new tile may have elevated the floor under the toilet and created a separation between the toilet and flange that now requires a double wax ring. This problem sometimes creates water leaks.
Another shortcut that you may see is the second flooring was placed around the toilet, i.e., the tile person did not remove the toilet to place the second flooring, thus surrounded the toilet with the new tiles. If these surrounding tiles around the toilet were chopped to remove and reset the toilet, I would refuse doing anything. After all why take responsibility for shoddy work. In my view, a shareholder short changed the work with unprofessional work. Thus, they should pay the consequences of a poor election.
AdC
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Thanks ADC. Are you saying that the Corp does not have to replace the floor tiles?, just provide a level surface for the new tiles to be adhered to? When we change shower bodies, we replace the tile-why the difference?
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I said, "you may repair the tiles with common original tiles to provide evenness when setting the toilet". If the shareholder has stock of the expensive tiles and you are using a contractor or someone to repair the chopped floor, rather than using common tile, you use what the shareholder supplies. However, the co-op should not pay for fancy tiles. The shareholder should be able to claim the loss through their its personal insurance.
Regarding your shower body, the answer is the same. To replace a shower body, your plumber needs to break the wall behid the tiles and break at least 8 to 10 tiles. Once the shower body is changed, you need to repair the wall behind the tile and you only need to cover with common tile. If the shareholder used fancy tiles, he should claim the loss through personal property insurance or provide the person who will restore the wall behind theh tile with the fancy tile to complete the job.
Remember, if there is a water leak that is determined to be part of coop responsibility and the wall was covered with a very expensive wallpaper or special decorative paint, the co-op is only responsible to repair the damage in a professional manner and prime the wall, but is not required to replace the wallpaper or repaint the wall in the original decorative manner. The shareholder claims damages through personal insurance.
AdC
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The delivery people of a major online grocer give our doormen and porter a hard time about using the basement entrance. Our porter keeps the lobby in great shape, and the wheels of the handtrucks leave tracks. Unlike the neighborhood stores, this company sends different people each time so the doormen have no relatinship with these strangers. Even if they use the basement entrance, they pop out of the building through the lobby. Banning that company would only punish innocent shareholders, in my opinion, but we're unsure what to do. Yes, I know it's the porter's job to keep things clean, but it's frustrating for him to see his hard work undone. Any suggestions?
the tenants must come to the basement to pick up the items. from this particular delivery company. If they are not home then that is a differnt story. however, if the tenant is at home, they must come to the basement. Either that or the handtruck is eliminated in the basement and the boxes must go up by hand. usually they are not that heavy. many times the reason the fresh direct people like to go to the actual doors of the tenants is to get a tip.
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Thanks, ST. That's a good suggestion. If the delivery people can carry the boxes w/o the handtruck, it's fine to use the lobby. Our concern is protecting the lobby not any sense of snobbishness about keeping delivery people out of sight.
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If the spouse of a Boar Member attempts to sue a coop for a frivilous lawsuit, say a "slip & fall" - should the Board member resign ? Something seems like a conflict of interest here.
When we updated our Proprietary Lease in 2006, an amendment successfully passed that requires a Board member to resign if s/he or an immediate family member is suing the Coop.
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The board member must recuse himself/herself from any information, deliberations or decision-making relating to the subject.
Unfortunately, it takes some types of individuals not to even think that the spouse is placed in evidence in such a situation. Also, the BM whose spouse is suing may not be registering that she/he is placed in a highly vulnerable position in front of other residents by not stepping down. It's just hard to think about it!
AdC
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Coinmach does not service our machines well enough, they're old and we'd like to learn about other vendors. A small building, we only need 2 washers and dryers. Anyone know of a good lead? And, how do we find out if we have a contract with COinmach anymore? We changed managing agents and can't find contract, COinmach has refused to send us a copy as well.
We use Service Directions Inc
They are OK
http://www.servicedirections.com/index.php
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Try Metered Appliance Company of Woodside,NY We had them for seven years and probably will renew with them. We got rid of Coinmach.
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important: make sure whatever laundry company you chooses, renovates your laundry room (for free of course) - new floortiles, paintjob, table & chairs etc. also use side loading machines only and not top loaders - will save big $ water charges.
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Goodness, we had a terrible time with Metered Appliances. Laundry card system frequently screwed up, and the company ignored calls from residents and management. We got out of our contract after only a year; we're now using MacGray and are happy with them so far.
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The ONLY problem we had with Metered Appliance was with the money card. They solved the problem by putting in two money machines so that we had a spare at all times,at no cost to us. They responded to all service call within 24 hours. We found them good, and are in the process working out the details of a new contract.
One thing for sure we would NEVER use Coinmach.
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We just renewed our contract with Hercules. They have been very attentive and helpful.
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We use Fowler and are reasonably happy with them. That's not a glowing recommendation and is not intended to be, but there have been no disasters.
Your Coinmach contract is a problem and it sounds like you need to ask your lawyer about it. In particular, are you saying they won't even tell you when the contract expires?!
One key point: we insisted on a "Management Agreement" with Fowler rather than the standard contract, which gives us more leeway and gets rid of the objectionable clauses in most laundry contracts. The "Right of First Refusal" clause has been invalidated by the courts (Google the 2005 NYT article called "A Ruling on Contracts for Laundry Rooms"). Interestingly, the losing party in that case was Coinmach.
Automatic renewal is another headache you'll need to discuss with your lawyer. I *think* they have to send you written notice at renewal time, but I'm not sure.
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NB - Contracts state that you must give your laundry co written notice within a certain time (e.g, 90 days) if you won't renew them. We gave Coinmach proper notice and went with Hercules this year, in fact we sent them 3 letters since Dec. They said they never got them, couldn't read the signed receipts we faxed them, wouldn't respond to calls from us or Hercules to remove their machines. The transition took much longer than it had to.
Our coop attorney finally called our rep and confirmed by email and letter to him that if they didn't remove their machines by (date), we'd uninstall and store them, and if they wanted them they had to come get them by (x date). That finally worked.
Check your legal position with your attorney and don't take any nonsense from Coinmach or let them waste your time. They'll give you a lot of excuses, if they reply at all. They did this to us, and I know other bldgs that had the same problem. Hercules renovated our laundry room, they'll been very attentive, and we're very pleased with them. Our prop mgr said some of his other bldgs use them and never had any complaints about them. Another laundry co I've heard of that's supposed to have a good reputation is Sepco.
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1) if Coinmach cannot produce a contract then you are free and clear. anyhow you could threaten to sue them is they balk. get rid of them - they have a terrible reputation.
2) only 2 machines?? GET YOUR OWN ONES. seriously - get your own - research it - you can make good money for hte coop. and use the warrently onthe machines to have them fixed if they break. get very energy efficient ones and have a coinbox attached. you can do this!
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Coinmach provides service, going above and beyond the call of duty, in my experience as a board director and co-op resident of many years.
Coinmach is #1 for a reason. They get the job done. There are some unfair comments here by folks who don't or won't sign their own names. When someone Anonymous says a negative about Coinmach that's meaningless. That could be a competitor for all we know.
In fact all these comments negating or praising one outfit or another without context are without meaning. What size building are you talking about? What is the paper trail of unresolved omplaints? Why dont you get new machines? It takes two to tango I've always found.
So back up your words, or back off.
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Whoa! "Coinmach is #1 for a reason"? On what basis? Net revenue? Annual gross? Independent customer survey? This is such obvious company PR-speak, and it's clear to everyone here that you affiliated with the company.
"back up your words, or back off" is no way to speak to other people on this forum.
Messages like this have the opposite effect you're hoping for. People here take complaints with a grain of salt, and this thread has seen comments pro and con about numerous companies.
But I would never go with Coinmach now after such a transparent, defensive attempt at self-promotion.
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Dear Sir or Madam,
This confident analysis of what is obvious, clear, pr speak, impact of bt postings, etc. is interesting.
Unfortunate your main conclusion is incorrect. I am not affiliated with Coinmach. Just a satisfied customer. Whether or not you - whoever you are - go with Coinmach, or a competitor, is your decision.
Let's try to be helpful to this forum's participants seeking fair and balanced information (I'm not affiliated with Fox News either) and stay with the issue(s) at hand.
After all, it all comes out in the wash. Have a pleasant day!
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I notice you didn't answer my question: How do you "know" the company "is #1"?
What is the basis of that claim? I offered three examples of possibilities.
Did you perhaps read it in newspaper? A trade magazine article? Or, perhaps, a press release? Since no one outside a publicist says "Such-and-such is #1 for a reason."
Ask yourself how you "know" this supposed fact. Making vague and unsupported claims of market position shows an agenda -- and THAT is what's not "helpful to this forum's participants."
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We have had a difficult time with Hi-Rise Laundry Service. It takes numerous calls from the property manager, superintendent, and residents before they will send a service crew to repair a broken machine. Of course, other coops may have had an entirely different experience, but that's ours.
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We have had good experience with them. Like all laundry companies, they have their good and bad points, but in general, our residents are satisfied.
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Inspired by this thread, we've placed a great story by Elizabeth Jensen on our front page, all about how to negotiate a great laundry-room contract -- even if you're still in mid-cycle.
Check it out:
"Laundry-Room Contracts: How Not to Get Soaked"
on the front page through Wed., July 30, and permalinked at
http://www.habitatmag.com/publication_content/featured_articles_updated_three_times_weekly__1/laundry_room_contracts
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Where is the article now?
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http://www.habitatmag.com/publication_content/2006_november/web_exclusive_adaptations/laundry_room_contracts
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We bought our own coin op washer dryers thru this company much better service there website is selaundryequipment.com if this helps you
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Our Board is taking steps to reduce the building's energy and water consumption. In your experience, how (can?) do you convince individual shareholders to reduce their water and energy consumption?
would you consider an energy audit? the state subsidizes this and you will be guided through this process by professionals.
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Thanks, st. Yes, we have conducted an energy audit for the building, so the Board has been implementing actions, e.g. switching to compact fluorescent bulbs, that help the building save energy. I was thinking more along the lines of what AdC described, namely how individual shareholders can change their habits to reduce energy consumption. for example, she mentioned how some shareholders routinely call both elevators to save a few seconds despite causing more electrical use and wear & tear.
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DN, for the energy audit, did you go through NYSERDA? Did your managing agent submit the application/help with the application process?
I have been under the impression that an audit through NYSERDA is not completely subsidized. Would you mind telling me what the cost was for the audit?
Thanks.
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Before my time, so don't know. However, the audit report was written by "Energy Management and Research Associates" (516) 481-1455. As mentioned, our Board is taking steps recommended in the audit to curtail energy use, but that's for things under the Board's control, e.g., the hallway lights. We need to better convince individuals to cut down on their water use. Too bad individual shareholders aren't directly metered for their own water & sewer charges.
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What's that?...
No, I'm not being facetious, but there is a need to bring reality by harping $$$ signs.
Example: Shareholders are complaining of higher and higher maintenance as a result of the crude oil crisis. Therefore, boards should take this opportunity to speak about the followoing:
1. Use of elevators: If your building has two elevators or more, it's practice for residents to put both elevators to work at the same time when they are trying to call for one. By pressing both bottons, the elevators begin working and twice as much electrical use is being used.
2. Hot water: If your building uses the boiler to produce water, let individuals know that fuel oil is being wasted if they have a hot water leak in their faucets.
3. Speak about doing savings related to water in general - constantly running toilets, long showers, allowing running water are issues that demand education. Also, in buildings with booster pumps, the pumps will work longer hours as a result of higher demand due to water waste.
4. Suggest home audits and builidng audits to capture wasted electrical, heat, gas, etc. By also including home audits, perhaps people may learn to know that they can personally benefit from an audit.
Unfortunately, our country has been blessed by niceties (not to say LUXURIES) that were outside the European societies until 10-15 years ago. Thus, our current economic situation may be a blessing to bring some measure of reflection regarding our excesses.
Good luck!
AdC
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We want to make some changes to our Proprietary Lease and wonder if we need to call a special Shareholder's Meeting to vote on these issues or if we can send out letters with ballots to each shareholder. We know we need a 66 2/3 percent of the vote to make these changes and are pretty sure we'll get them. Any advice as to proper procedure for having this vote as we want to make this airtight and legal. We want to insitute a flip tax, impose escalating late fees on arrears and maintnece, and change from cumulative voting to one unit=one vote. Thanks,
How big and cohesive is your coop? We revised our governing documents in early 2006, and it was tough to get the necessary votes. Our attorney said, correctly, that there wouldn't be much controversy about the changes; our biggest enemy would be apathy. Even with multiple memos, newsletter mentions, "town hall" meetings, there were shareholders who didn't bother voting. They didn't vote No; they simply didn't vote at all. I'm glad we amended our governing documents, but getting out the vote was tough.
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we only have 14 shareholders and I think the only ones who will not vote are the ones who do not benefit from the changes: the late maintnenance payer (1), the person who is going to move soon and doesn't want a flip tax, and the shareholder who has more shares in cumulative voting. Do you know if these votes have to be conducted in person or if we can have mail-in votes?
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In our particular case, the governing documents stated a special shareholders meeting is needed to amend the Proprietary Lease or the Bylaws (not the House Rules). However, a shareholder could hand in a proxy if s/he preferred. Our coop attorney said we had to be very meticulous about the amendment process as most amendments that get tossed out by the courts are invalidated not because of the content but because they were adopted in violation of proper procedures.
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Do any of you have any experience with condo or co-op buildings installing a metering system for heat for each apartment that , just like with electricity, has residents pay according to their usage. Our building, like many others, is predicting a huge jump in energy costs, especially heating. This would be one way for us to cut down our costs, and have a fair system for allocating costs.
This is a very good question. We have an old building and some apartments heat up very quickly and require very little heat whereas some of the lower floors have their heat on high all witner...
Anyone have any info?
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Most Steam heated buildings distribute the steam centrally. All areas are heated at the same time. In order for Heat Meters ( they do exist and are very expensive ) to work each Apartment or floor has to be on a seperate zone. This would require repiping the steam supply and return lines in the building, very costly and if not done properly it will be a nightmare with all kinds of problems such as banging, knocking and flooding the boiler.
On hot water heating systems it usually easier to zone off.
If one apartment is getting to much heat it can be corrected easly. On a steam one pipe system, by changing the radiator vent valve to a smaller size. The valve costs about $ 10.00 for a non adjustable valve and about $ 25.00 for a adjustable valve. This is somthing your supt can change. If this does not work than there is something wrong with the heating system and a professional should be called.
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We have a Board member who has, in emails to other Board members, accused a shareholder of disorderly conduct and intoxication in the past. She cited instances of this behavior, I believe, to justify her questioning guests of the particular shareholder. Is it ever appropriate for a Board member to email sensitive information about a shareholder? (I also do not know how accurate her accusations are.) Are we risking legal liability by allowing her to do this? Another issue is whether Board members should question visitors when we have security guards. Thanks for any guidance.
(1) Appropriateness of e-mail communications for sensitive information.
Unfortunately, a code of conduct and ethics is not a document that is easily found in co-op boards as a guiding document. In fact, I doubt if there is a board with access to one. Consequently, board members are left to their corporate experience and their moral values founded on their faith or ethics formation to guide their behaviors and to curb their tongues.
Since co-ops are essentially corporations similar to any publicly traded corporation, board members should conduct their business with the highest standards of integrity and business practice possible. E-mails are not private when writing on co-op matters to other board members, but they now belong to the corporation. In the event of a litigation, records and board communications among themselves and with the property manager and co-op counsel may be subpoenaed. Although the person being spoken of now may not be the subject of the litigation, all the e-mails are equally printed and reviewed. Derogatory language and expressions may be damaging to the co-op. Therefore, communications involving board members, property managers, co-op counsel or any other professional must be restricted to a formal business tone. Sensitive questions should be out of the e-mail communications unless a formal letter is being transmited.
Your co-op counsel may be a person to address or dictate how communications via e-mail should be conducted, what should be excluded, what to print and retain on file or burned onto a CD and what retention to assign and what to delete as soon as possible.
(2) Allegations: Obviously, if the comments seem improper, by all means speak up and bring the offending person to his/her senses. However, I would suggest doing your homework by first approaching individually other board members to find out where they stand with regard to these allegations and the manner in which the person expresses the allegations. Are the other board members equally uncomfortable as you are or are they somewhat uneasy? do they feel it's okay to speak freely without restrictions or do they feel it is necessary to stop this activity? Depending on the reception you get, you may have to do some persuasive work in order to bring them to see the issues. It would be tragic that in the process of bringing a higher standard other board members will end up taking aim at you for being too strict or hearing them they say, it's okay to express however you wish. Obviously, you want support from the rest of the board.
(3) Questioning Visitors: Who is anyone to question visitors of residents unless the visitors' public actions cause concern? While we may question eccentric fashions, extreme body piercing, extreme looks, etc, we cannot jump into conclusion as to the moral value of any individual. If a visitor behaves or uses objectionable language in public areas of the builidng in a reprehensible manner, then call the security guards, the police or write a letter to the shareholder if the gravity of the problem does not merit removal of the visitors from the building. If a shareholder does not like the action against their visitors while in the public areas, the house rules and proprietary lease probably say that shareholders are responsible for the actions of their guests. Do what you need to do, provide documentation to the co-op counsel and BE DONE!
Good luck!
AdC
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Margaret - I agree with AdC's comments about this. My two cents --
If your Sh doesn't do anything offensive in public areas, doesn't create undue noise or disruption in her apt, and no one complained to mgmt or the board about her, you have no reason to fault her conduct. If she drinks in her apt - even if she was in the lobby or elevator and smelled of alcohol -that's not a coop issue, as long as she doesn't disturb anyone, create a scene or damage anything.
If she is disruptive, mgmt should send her a letter saying her conduct is objectionable per coop rules and advising her to be guided accordingly in the future.
You said your BM questions her guests. Is it because they are disruptive or is your BM just asking them what the Sh does (or what they do) when they visit her? If the guests are a problem, that warrants a letter to the Sh too. But your BM has no business asking them what goes on in the privacy of the Sh's apt if they aren't causing any disturbance. If your BM makes accusations to the board about misconduct, she should present proof at a board meeting, not make unsupported claims to the board via email.
I would think that if this Sh's conduct is so disruptive, you, other board members or mgmt would get complaints from residents or you would be aware of it yourselves.
If your BM's accusations have no basis in fact and there is no proof of misconduct, your board president or coop attorney should tell your BM it's not a coop issue and to mind her own business. Maybe your BM is just a busybody who likes digging up dirt and in doing is wasting your board's valuable time. It's possible, just a guess on my part without knowing all the facts.
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our building stopped allowing washing machines after most board members had them) BUT now a sponsor has put a new one in an apt. he is fixing to rent! Can he violate the rules like this?
If the apartment is empty and sponsor plans to rent it, then call your coop counsel and have the counsel address this issue immediately.
The sponsor only has the rights specified in the conversion plan: read what are the sponsor's rights according to your plan and, if your rules prohibits washers, then ths sponsor must conform.
I don't think the installation of a washer falls under the renovation alteraation of units.
AdC
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it was a decision that they be banned more recently.
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Deina: If you have a leasing contract with a laundry room company, you should check your contract with them. These contracts usually state that during the contract term "other laundry services" cannot be used. It may also state that residents can't have washers & dryers in apartments during the contract term. If your contract doesn't say anything specific about machines in apartments, talk to your coop attorney. He might advise you that use of "other laundry services" is meant to include apartments.
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some apt. have laundry machines grandfathered and there is nothing with basement laundry co. saying they cannot. also you could not enforce that one. this has to do with the question that the sponsor must or must not obey the laws. he can rent without approval, etc. but can he have a laundry machine installed if it is not allowed?
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Our coop enacted a rule saying that machines aren't allowed in apts bec our contract with the laundry leasing co stipulated this. When our sponsor wanted to put machines in his apts, our attorney said he couldn't bec he doesn't need approval for apt buyers, etc. but he's bound by the house rules like all our Shs are. He didn't dispute it and we didn't have a problem on this.
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Read your conversion plan... does it mention anything regarding washers?...what about your proprietary lease? If washers are not mentioned, your Board has to rule washers out from the allowed appliances via the house rules. Another appliance that may be ruled out is the waste disposer under the kitchen sink due to plumbing issues.
Now, if the sponsor allowed washers while the buildng was a rental prior to conversion and the sponsor has a rent-controlled renter whose original lease specified among the appliances in the apartment a washer, a disposer, A/C, dishwasher, etc then the sponsor is obligated to provide the working appliances specified per lease. Consequently, the new House Rule regarding a washer or a disposer may not apply to that specific rent-controlled apartment as long as the original renter and/or legal occupants are in posession of the apartment.
In your particular case, the sponsor no longer has a rent-controlled apartment because it is vacant and rent control will not apply to a vacant apartment. The House Rules now can be fully enforced on the sponsor because the new renter does not fall under rent control and because the new lease will be signed while the sponsor is no longer in control of the building as the owner. The sponsor must conform to the new House Rules of the co-op.
Best bet is to get in touch with the co-op counsel to "enlighten" or "refresh" the sponsor's memory as the co-op exercises its rights. For your information, the privileges that the sponsor will retain are the following:
(1) The sponsor will not pay sublet fee if any instituted.
(2) The sponsor will have the right to alter the configuration of the apartment as long as it complies with any alteration policy, i.e., provide certificates of insurance, obtain building permits to do the alterations and even combine apartments if two adjacent apartments are vacant.
(3) Rent or sell without any board approval.
I hope I have provided enough information for you to have a conversation with your co-op counsel.
AdC
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Read your conversion plan... does it mention anything regarding wahsers?...what about your proprietary lease? If washers are not mentioned, your Board has to rule washers out from the allowed appliances via the house rules. Another appliance that may be ruled out is the waste disposer under the kitchen sink due to plumbing issues.
Now, if the sponsor allowed washers while the buildng was a rental prior to conversion and the sponsor has a rent-controlled renter whose original lease specified among the appliances in the apartment a washer, a disposer, A/C, dishwasher, etc then the sponsor is obligated to provide the working appliances specified per lease. Consequently, the new House Rule regarding a washer or a disposer may not apply to that specific rent-controlled apartment as long as the original renter holding the lease is living in the apartment.
In your particular case, the sponsor no longer has a rent-controlled apartment. The House Rules now can be fully enforced on the sponsor because the new renter does not fall under rent control and because the new lease will be signed while the sponsor is no longer in control of the building as the owner. The sponsor must conform to the new House Rules of the co-op.
Best bet is to get in touch with the co-op counsel to "enlighten" or "refresh" the sponsor's memory as the co-op exercises its rights. For your information, the privileges that the sponsor will retain are the following:
(1) The sponsor will not pay sublet fee if any instituted.
(2) The sponsor will have the right to alter the configuration of the apartment as long as it complies with any alteration policy, i.e., provide certificates of insurance, obtain building permits to do the alterations and even combine apartments if two adjacent apartments are vacant.
(3) Rent or sell without any board approval.
I hope I have provided enough information for you to have a conversation with your co-op counsel.
AdC
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Without revealing the name, what is the reason for the change? What are the thoughts of the shareholders?
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