Upstairs neighbor's leak into my unit made my unit uninhabitable. After 4 months, the building is taking responsibility for their ceilings, walls and floors. They will replace missing bathroom wall tiles and parquet floor tiles but after 60 years the replacements will not match what the remaining tiles. I was told the insurance company doesnt care if it doesnt match. My coop will look terrible.> Join the conversation Comments (2)
Knowledgeable replies requested:
I'm fed up with the managing agents of my coop repeating "We can't FORCE someone to wear a mask." I reply, "I understand" (although I really don't, but that's another story). So I beg them to post more stringent signs, even with little chance of enforcement. But I'm wondering if anyone's seen up-to-date (as in Feb. 2021) legal requirements for mask-wearing in apartment (e.g. coop) buildings.
I am seeking some advice regarding a situation that has stumped me as a potential buyer of a coop unit in Queens.
Me and my wife are under contract to purchase a coop as our primary residence. Our mortgage is approved and the customary board package was submitted, after being duly reviewed by both real estate agents, in early October 2020.
By way of background, I am a bank employee and my wife is a self-employed attorney who fully owns her own legal practice. Our credit scores are excellent and we've had no issue securing a mortgage. However, between the two of us, we do own 9 investment properties, including a coop we rent out in Queens. Anticipating an issue, we included a very detailed analysis of our debt-to-income ratios in our board package which also had the customary tax returns etc. etc.
It has been over 4 months and the board has yet to grant us an interview. Initially, the management company didn't even pull our credit and ask for any information. However, in mid January, they would occasionally ask a question, say every two to three weeks. It is clear from the little communication that we've had with them that they are stumped by my wife's self-employed income. We've re-submitted portions of tax returns highlighting her income along with a Profit and Loss statement and a letter from our CPA. We have also offered to meet (via Zoom or in person or over the phone) with the board or the management company to explain our financials which are very strong. However, there has been no response. We haven't been declined either but the occasional message from the management company is that they are still analyzing our financials.
To make matters more puzzling, the sellers have also been calling the management company and have received no response.
This is a major coop in Queens, which I would rather not name, and I doubt that they have never seen a self-employed purchase applicant befpre
There is no way for us to know if the management company is stalling or is it the board. There have been other sales in the coop since October. Our frustration is that even if the board or the management company is not clear about our finances, they should simply grant us an interview and ask us questions and then make a decision. Or the management company can just talk to us.
As long time coop owner and the president of my own little coop (though that is irrelevant), I know this situation is not typical. Any ideas on how to move this forward? Apologies for the long post and thank you for your advice.
My next door neighbor, who happens to be Board president and involved in my vetting subtenants sent me the following email today:
"It would be a good time to close the books, in advance on your move, on the loan that I made to you for the new fence five or six years ago. If you could settle this up as soon as possible so that there aren't any outstanding issues before we begin arrangements for new tenants.
As you may recall, the amount outstanding, after .....".
It is true that she paid for the building a new fence between our yards with the arrangement that I would repay her a certain amount each month. I only made a few of those payments. She has never said a thing about it in all the years since.
I am OK with coming up with a payment plan and repaying her. However I object to the implication that the repayment of this personal loan has anything to do with "beginning arrangements for my new tenants". This seems to be conflict of interest in terms using her capacity and clout as Board president to satisfy a personal arrangement that should be dealt with outside of the board structure.
Can you please advise me on how I best handle the issue without being coerced in this way?
This letter comes every December to managing agents. It lists the breakdown of the abatements and expansions amounts per eligible unit. - BUT does anyone know what the dates are for - EX the letter sent in Dec. 2019 - was it for the benefits to be given qualified apartments in the fiscal year 2019/2020? Or for the upcoming fiscal year 2020-2021?
Pls only answer if you know. Thanks./
Does anyone have a recommendation for a good management company that can handle a small co-op in Prospect Heights, Brooklyn?
Seeking a checklist. Thank you Robert> Join the conversation
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