HABITAT
NYC co-ops and condos face legal and financial challenges that have to be solved. Whether it's a question of how to raise more money, how to deal with angry owners, or the best ways to work with a building's accountant or lawyer, co-op and condo board directors have to make decisions. The collection of articles here will help your co-op or condo board navigate these waters.
The offering plan and contract of sale will determine who's responsible for the repairs.
Tax break would help buildings reduce carbon emissions and comply with Local Law 97.
How Co-op Shareholders' Ownership Status Affects Survivorship Rights
Written by Seth M. Sahr, Partner, Novitt, Sahr & Snow on May 23, 2024
Co-op shareholders must understand how shares are titled on the stock certificate, as different forms of ownership carry distinct implications regarding survivorship rights, and estate planning can streamline the share transfer process.
An appeals court has reversed the dismissal of one of the suit's four claims.
For Financial Stability, Co-op Boards Must Swiftly Address Delinquent Shareholders
Written by Carolyn Rualo, Partner, Adam Leitman Bailey, P.C. on May 16, 2024
Co-op boards must strategically approach maintenance arrears by familiarizing themselves with the proprietary lease terms, collaborating with legal counsel, and taking timely actions to uphold the financial integrity of the co-op.
On-time payment of monthly charges earns redeemable reward points.
License Agreement Essential for Facade Repairs and Building Renovations
Written by Gerard S. Strain, Partner, Goetz Fitzpatrick on May 09, 2024
Access to neighboring buildings for facade repairs and other renovations requires a license agreement, which includes architectural and engineering plans, a noise mitigation plan, and a license fee, with fees being reasonable and proportional to the complexity of the project.
Funding ploy could leave the city more vulnerable to critical breakdowns during hurricane season.
Some 25,000 shareholders would be spared from sharp rent increases when land leases expire.
Board Members Shielded by Business Judgment Rule in Co-Op and Condo Legal Disputes
Written by Eric Goidel, Senior Partner, Borah, Goldstein Altschuler Nahins & Goidel on May 02, 2024
The business judgment rule protects board members from legal challenges, except in cases of bad faith, self-dealing, criminality or other wrongful conduct, and D&O insurance is available to provide coverage for board members.
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