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Please send me your advice, I live in a building where the sponsor was also the managing agent, secretary, accountant, and lawyer for the building. The previous board managed to change the managing agent, lawyer, and put a new independent accountant in. The sponsor got his "friends" to run against the board and since he still has 12 apts, they voted the old board out. Now the new board is composed of his friends, who he promised apartment to, and people that do not live here. Nothing has been updated in 25 years.
and its feared that every outsider that was hired will be fired and the building will revert to the "old ways" Please give me some advice and moving is not really an option as I dont know who would buy into this building
thanks
thank you for your response. we have been a co op for 25 years and I fear that we may end up with the ag's office except I would like to have all the majority of the owners together but with sponsor interference and offer of sweet deals.. I don't know how that is going to happen.
Read your bylaws/black book and house rules. You may be surprised by what you discover... Put every thing in writing. Keep every EMail,,, dont accuse,,, ask questions... such as ,,, is this legal... the bylaws state that........... We just got rid of our Mang ousted a BM who had been running the building as if he owned it... Stay focused on your objective, be persistance and with only one or two other SH you will be amazed by what you can do...
VP
Your first step is to read your offering plan cover to cover. Do not make accusations, document every question and then every response. Document minutes of every meeting. After you gather the facts from your offering plan of what you believe to be your legal rights, hire an real estate attorney. Ask for recommendations from others. Be diligent in your research.
excellent advice thank you.. I know there is a lot of work to be done...I hope these owners are not discouraged by the expense or work . ...
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Our building is dealing with something similar. How long has your building been coop? We are waiting a judge's decision on who is really on our board, as we hired a lawyer to help us fight this. Needless to say, that has been expensive. We are also working with local politicians to get help from the Attorney General's office. Who is your sponsor? What borough are you in?
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