I know this has been touched on before but I think it could be given a more in-depth discussion. we live in a coop with about 30% sponsor owned. we used to have one managing agent but the coop caught the sponsor's agent doing some naughty things and terminated. the coop then got a new agent but the spnsor kept the orgiginal agency. I just noticed the below statement the other day. it seems illegal to have 2 manang agents. (a similar quote appears in our offering plan) - ok so some could argue it is somehow cheaper to have 2 mng agents, (for the coop), but is that true? seems like it is bette rto have one agent to create better , more direct communication.
The statue is very clear,'' said Arthur I. Weinstein, a lawyer specializing in cooperative matters who is vice president of the Council of New York Cooperatives, citing Section 352eeee(3) of the state's General Business Law. ''It says that all dwelling units in cooperatives occupied by nonpurchasing tenants shall be managed by the same managing agent that manages all other dwellings in the building. The law applies to both units owned by the sponsor and those by individuals.''
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