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Some observations in a co-opJul 16, 2022

Hi

Would like to hear anyone’s thoughts on the below:

- is it appropriate for a Super to hire a relative to be a porter so then a direct report?
- is it appropriate that a Super buys a unit even though the co-op pays for his unit? So either he flips the purchased unit or has a relative live in it? So then becomes an employee besides a shareholder.
- is it appropriate that a managing agent purchases a unit in a co-op and then flips it?

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Some observations in a co-op - Steven424 Jul 17, 2022

Before responding to your individual questions, let me state that I see a number of potentially serious conflicts of interest. I feel your board will be well served to consult your attorney before allowing any of these transactions to take place. The legal requirements regarding conflicts of interest have recently been made more stringent so a consult would be in your best interests.

Remember, I Am Not A Lawyer!

- is it appropriate for a Super to hire a relative to be a porter so then a direct report?

I don't see anything inherently inappropriate, but a family relationship will definitely complicate an employment relationship. Especially if you're a union building with all the rules and requirements around discipline and termination. Related family members tend to let things slide a little more than non-related and you'll have to be careful the relationship doesn't build resentment.

- is it appropriate that a Super buys a unit even though the co-op pays for his unit? So either he flips the purchased unit or has a relative live in it? So then becomes an employee besides a shareholder.

Ask your attorney for advice. It will definitely be a complex relationship between the board and the Super and may require additional agreements such as occupancy and/or resale agreement.

- is it appropriate that a managing agent purchases a unit in a co-op and then flips it?

Up to the board if they want to approve the sale. MA can't buy without board approval so the board has final discretion if a sale is allowed.

I hope this helps.

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