After months of asking my coop's managing agent WHO made up our current Board, and her sending me the list which made no sense, she told me this: "The board has the right to appoint board members until the next annual meeting which has been postponed due to the pandemic."
1. Does anyone know if this is true (calling Steve247) or, where I can reference the law on this?
2. What about the fact that they did so without notifying any shareholders?
3. What about oversight?
So now, the Board is a too-tight group of buddies including two who previously served and were subsequently rejected.
• One had verbally threatened another shareholder in front of everyone (including one of the MAs) at a previous meeting. Her response to being questioned—on not doing her job as sec'y properly (e.g. never taking minutes, etc.)—was met with her saying: "I have friends. I can mess you up." The following year, the same woman was nominated by her friend but NO ONE seconded her, so she was not elected. Now, suddenly she's on the board again.
• And the other had to leave due to being in the press for sexual harassment against multiple women at his own company. HE is an investor and has never lived in the building—been renting his apartment for more than 11 years. When he was president of the board, he was so arrogantly sure of himself that he insisted he could negotiate a new mortgage/refi. Well, he wasn't able to deliver on his promise, so, in a financially compromised coop, we lost an additional $7,000 b/c that app. fee was non-refundable. Now, suddenly, he's on the board again.
To add to the issue is the following:
• At the last Shareholders' meeting, we couldn't elect a new board b/c we couldn't raise a quorum.
Please help. Informed answers, please. Many thanks!
Our 5 building complex with 200 units is searching for a company that specializes in the installation and management of outdoor, electric car charging stations. We are looking for an arrangement similar to our laundry business with Hercules, where the company manages the equipment and pays the complex a percentage of the revenue collected.
Any and all suggestions appreciated.
Is a coop board or management company legally obligated to inform shareholders when they get their assessment what that annual assessment will be used for? Ahead of time.
I live in a very compromised building—meaning 100+ years, not well kept up, needing so many crucial things (curb appeal is always the last on the list). We have very little reserve funds. I explain this only to acknowledge that emergencies come up all the time, where that assessment money might end up going. But I would like to know what the actual law is around this, what the protocol is... Are they required to tell us beforehand?
Looking for informed answers, please, rather than opinions.
I own a Co-Op in Harlem, while I am currently living in another state to take care of my ill father. I was recently subletting my unit to a tenant. However, in August, she moved out. Due to COVID, coupled with the illness of my dad, I do not feel comfortable moving back to NYC as I would need to commute back to care for him regularly. Unfortunately, my building is governed by some HDC regulation that only allows subleasing for 2 out of every 4 years. Does anyone have any guidance on this? I am pleading with my board to extend grace for at least one year. I love my apartment and do not want to give it up. But with the current situation and impending shutdown of the city again, I cannot risk the regular back and forth commute to my very ill father. Any thoughts on what I can do to delay this? I do not want to sell my unit!> Join the conversation
I am a shareholder in a coop that was formed in 1986. The sponsor still owns 64% of the shares. We have a board of directors 7 people, but we do not, have a majority of shareholders who live in the building on the board. Are there any other coops who have the same problems that we do. The sponsor still owning a majority of the shares, if you sell your apartment, you have to sell to a cash buyer because the banks won't approve mortgages for a sponsor owned coop, having to live in a building that is a majority of renters rather than owners. Also having very little say in what happens as far as repairs, the cost of repairs, when the building is run like a rental building. I bought this coop in 1989 with the hope of this becoming a real coop. What, if anything, have other buildings done to correct this situation?
I currently live in a 8 building co-op complex in Queens. My daughter, who is looking to purchase a co-op in the same complex, found an apartment that she is interested in purchasing. She found an apartment that has been on the market for a long time now. Apparently, the apartment was purchased by an individual many years earlier with a parking space attached to it. My daughter loves the apartment but doesn't want to buy the parking space. The management mentioned that in order for her to purchase the apartment the parking space has to be sold beforehand. Nothing can be done unless the parking spot is acquired hence the long duration on the open market for that apartment. Is this even legally correct and what are my options in moving forward?> Join the conversation Comments (1)
I'm trying to refi my mortgage to take advantage of the lower rate (not taking any money out).
My lender says the building management is using a website called 'Board Packager' - Here's a list of the fees the bank is asking me to pay to obtain documents:
2020 budget $25
2019 budget $50
2018 budget $50
Bank Questionnaire $250
$425 plus tax = $446.25
I'm pissed right now. Do I have a right to be?
Our co-op specifies a fine for upper units that do not follow the 80% carpet rule. To my knowledge this has has never been an issue until now.
A new shareholder is having this problem with a longtime shareholder above him.
The upper shareholder is up at 4 A.M. and very inconsiderate that there is person living beneath them.
The longtime shareholder is very friendly with board members and feels she is untouchable as far as rules and regulations.
The new shareholder sent a letter to the person above him as well as to the board of directors a month ago.
He explained that he is currently working from home and asked if she could be a little more considerate.
He has not heard back from the B.O.D. or the upper shareholder who has continued her clamorous behavior. Any help would be greatly appreciated
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