In 2014, our NJ coop passed the following resolution in our 150 unit building.
l) The rental resolution was passed unanimously restricting further rental units until the
building is under the 30% guidelines set by Fannie Mae and Freddie Mac.
We are currently at 23%. Can we lower our rate again, by resolution, to 25%?
Where can I look to find info on how low we can set our rental rate?
I own a co-op in Westchester county and a few years ago, my upstairs neighbor's toilet was leaking into my ceiling and caused damage to my ceiling/wall. When the super went to inspect he told me it appear the neighbor had done his own renovation and laid new tile on top of the old and reinstalled the toilet and it was uneven, poorly done. After hounding the property manager to get him to address the leak they sent him a letter telling him he had to remove the second layer of tile and have a plumber repair/reinstall the toilet. It took 3 months of me again hounding the property manager to follow up and finally when a plumber shows up to check he simply flushed the upstairs toilet 20 times and since no water leaked during this flushing the owner refused to pay for plumbing repairs and property manager allowed him to send plumber away without resolving issue. They never notified me the plumber was coming or I would have been home for the visit. The property manager then sent the super into my apartment a few days later, without notifying me beforehand, to replace the damaged drywall. Few weeks later I get nasty letter from property manager saying they repaired my ceiling even though it was a shareholder to shareholder issue they weren't required to do and in the future I should handle it directly with the shareholder above as they are not responsible. Well, it's now the future and my ceiling has new water damage. My upstairs neighbor is clearly a jerk who takes no responsibility for any damages he causes me or others and I will not deal with him any more. He has also caused 2 bedbug infestations in the last year because he would not pay for professional exterminator and the latest financial statement shows a $35,000 increase in exterminator fees due to 6+ months of weekly inspection, treatment for common areas, etc. Due to his refusal to exterminate. (Property manager had to get health department to deem it unsanitary and slap notice on his front door to get him to let exterminator in).
If the property manager is aware that a shareholder is negligently causing water damage to another aren't they responsible to have that shareholder make necessary repairs? Should I contact my homeowner's insurance to repair my bathroom and let them go after his insurance? I really don't want to repair my bathroom yet until I know that there is a way to force the upstairs neighbor to make the necessary repairs. This is the 3rd time I need to replace this same section of wall due to this leak. Doesnt the warranty of habitability apply to co-op associations? My property manager is extremely nasty and basically claims they have no responsibility to address issues between shareholders.
This shareholder is a financial burden and giant PITA to everyone who lives here, doesn't the board have a responsibility to do something about him??
Any advice would be greatly appreciated.
Sorry for the lengthy post.
We are in a small coop (10 units) built in 1921. We have an outer lobby door and an inner lobby door. Our apartment buzzers are in the outer lobby, not on the front of the building. You have to enter through the outer lobby door to get to the apartment buzzers. The building has a rule that the outer lobby door must be locked after 9 PM--to keep out intruders who might decide to sleep in the outer lobby. This has happened a few times--once recently, unfortunately, when that door was left open. The problem is that emergency workers then do not have access to the building in an emergency. This has also happened, when we once called an ambulance late at night and forgot that they had no way to buzz our buzzer. They wound up rousing our neighbor, who let them in--we were too busy tending to the sick person to be watching the door. I was told that not having emergency access to a building via doorbell or buzzer is against the law in NYC--so I am trying to locate that law in order to force the rest of the board--I am Secretary-- to seriously consider going through the expense and trouble of installing a new system. (We are landmarked, so that is admittedly a hassle, but some similar buildings have done so--it's definitely possible.) Some of us are more worried about intruders in the outer lobby than about ambulances and fire trucks. They just ignore the concern. Does anyone have any advice on this?> Join the conversation
I'm the new Treasurer for a NJ coop and am reviewing admissions applications.
Our by-laws only allow us to deny a purchase based on poor financials. Do any coops out there have a minimum credit score they try to stay away from?
What do you consider when looking at the credit report?
Our in-house finance committee, made up of shareholders who review the management reports on a quarterly basis, discovered that the corporation has been paying the ‘Verizon FiOs’ package for the building super, including cable, phone and internet. The super has a cell phone which is used for work purposes, so the landline with the package would be for the super’’s personal use.
Just wanted to throw it out there - is this expense considered optional or required for the resident super? The Board is generally ticked off that this cost may have been passed on erroneously to the coop for quite some time. Please share your thoughts... Thanks!
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