I own a cooperative unit in Brooklyn. A year ago, the original sponsor of the building sold his outstanding shares (51%), which he held on to since the building turned into a coop in the 1980's, to a single buyer. The buyer has assumed the role of "sponsor".
My question is this: Are sponsor rights transferable? Did this sale require review or approval from the AG's office? There are no amendments on file with the NY REFB.
Cooperatives may have been created as a form of affordable first time homeownership but how can we maintain them today? Shareholders haven't a clue as to what they bought and educational forums should be given to introduce them to the benefits as a investor. We cannot move forward or voice our opinions if we can't get a quorum for years. Our Board makes decisions about how our money is being spent without informing us . Dual boilers were installed with the set up outside the front windows of a elderly resident in front of the building. It looks hideous!! Could that jeopardize her health if fumes leaked out ? Governor Hochul would like to phrase out gas so where would that leave buildings that converted to dual boilers to save money. Where can shareholders get information to help fight to protect our investments without hiring a lawyer? We are left out in the cold because we have no where or any one to turn to. Please don't advise us to turn to our attorney!!!> Join the conversation Comments (2)
We have a small building, and many owners do not come to the annual meeting (we tend to barely make quorum). I think part of the problem is that the notice is quite boring: Roll Call; Financial Statement Review; Status of Capital Projects; Review of Expenditures; Q and A
I'd like to include items such as "Noise complaints" and "Issues with Surrounding Neighborhood." There are some safety issues in our neighborhood that I think everyone should be aware of. And I think a more detailed notice would draw in more attendees.
Any suggestions are welcome.
Must a coop board allocate and distribute all proceeds from property tax abatement to unit owners who qualify or can they be allocated to all residents equally. We have a number of residents who don’t qualify and therefore are charged an assessment while qualifying residents receive the credit. Their rationale is that by not distributing the proceeds equally to all, the board is not meeting its fiduciary duty to treat all residents equally and that non-qualifying residents are shouldering the financial burden to pay to qualifying residents. Has anyone seen a different approach to allocation/distribution of the abatement?
I'm a long term member of a board of a Mitchell Lama Co-op. I've recently discovered that another long time member of the board is setting the stage for her granddaughter to "succeed" to the board member's very elderly friend's apartment. The granddaughter is in her 20's and grew up in the building, as her parents also have an apartment in the building, but she definitely does not live in the building now, and hasn't since she went away for college. However, the board member has arranged for her granddaughter to be listed on the income affidavit of her elderly friend's apartment, clearly setting her up to succeed to the friend's apartment. I have brought up the issue with our property manager and other board members, but nobody wants to do anything about it because the board member is a well-liked long-term member of the board. I think it's totally unfair to the people on the waiting list if the granddaughter is allowed to jump them all and is given a Mitchell Lama apartment that she never lived in, just because her grandmother is a board member. Is there anything I can do, either now or when the granddaughter's succession claim is made, to prevent her from getting the board member's elderly friend's apartment?> Join the conversation Comments (1)
If a new shareholder has closed before December 31 of a year and the apartment purchased was owned by a shareholder who has been receiving the Tax Abatement - passed thru as a credit to maintenance fees, is the new shareholder entitled to the Tax Abatement when next passed thru to eligible shareholders in the following year?
I know that if the previous shareholder was NOT eligible, the new shareholder will NOT receive any Tax Abatement passed on in the first year after closing.
Please advise on NYC DOF policy.
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