This is from today's NYT. There must be only one manager in a coop according to the Business Laws. Question is what are the:
all input welcome.
Can Sponsors Employ Their Own Managers?
By JAY ROMANO
Published: March 23, 2008
Q In a co-op, must the managing agent for the co-op and sponsor-owned apartments be the same?
A “This is an interesting question because it may seem, in practice, that the law on the issue is ignored,” said Andrew Brucker, a Manhattan co-op and condo lawyer. He said that under a section of New York State’s General Business Law addressing issues governing the conversion of rental buildings to co-ops, all apartments occupied by nonpurchasing tenants must be managed by the same agent who manages all the other apartments in the building.
Yet many sponsors who own unsold apartments have someone else who deals with those tenants. “The sponsor typically hires someone to collect rents from the tenants, to pay maintenance to the co-op and to deal with any tenant problems they may have,” Mr. Brucker said. “Although the law seems to indicate that there can be only one managing agent in a building, this is not the way most buildings with nonpurchasing tenants operate.”
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Habitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
Search, by word or phrase, all magazine articles from January 2002 to present. You may print or email your results. Print subscribers receive free access to the Habitat Article Archive.