New York's Cooperative and Condominium Community
May 16, 2014
Some condo boards are struggling to pay their association’s bills, and are turning to legal machinations to get lagging apartment owners to pay their monthly common charges on time, or even at all. But one Long Island condominium is using a new strategy to collect from deadbeats: filing a lien against the unit, and then foreclosing on the lien.
April 21, 2014
Recent news affecting co-op / condo buyers, sellers, boards and residents. This week: Seriously? Mark Andermanis, board president of the subsidized Mitchell-Lama co-op East Midtown Plaza, jumps ahead of others to score a four-bedroom apartment — reserved for families of six, which, additionally, he does not have — and when he won't budge, an alert shareholder sues him. But he gets to keep the primo place because the shareholder doesn't have standing to sue ... and while the co-op board, perhaps, could, here's the thing: He's the co-op board president! Does this sound proper or right to anyone ethical? The good guys do win one, though, when a developer who refused to fix a Long Island condominium complex is permanently barred from selling condos. That's something, at least.
And then there's another reason for condo and co/op boards to be wary of Airbnb....
Written by Sheryl Nance-Nash on May 30, 2013
Unit-owners were vocal about the loan. "Some didn't want the debt, period," recalls Patrick Niland, president of First Funding of New York, the mortgage broker for the transaction. "There were a series of very intense meetings. At one, there was an exchange that almost came to blows."
Written by Patrick B. Niland on April 05, 2012
Your first question has a simple answer: yes. Ever since August 1997, when New York Governor George Pataki signed an amendment to the 1964 Condominium Act, condominiums and homeowners' associations have been able to borrow money for repairs and capital improvements. Terms range from 5 to 10 years, with either floating or fixed interest rates. Amortization rarely exceeds 10 years (although I recently arranged a 15-year fixed-rate loan), making every loan self-liquidating over its term. As "collateral," lenders take an assignment of the association's right to collect common charges from the unit-owners.
December 27, 2013
Gandolfo ("Dolf") Ferucci has served on the board of the 66-unit Smith Street Gardens in Freeport, Long Island, since the mid-1980s. He moved into the 56-year-old building around 1982, and bought in as an insider when the building went cooperative in 1986. The apartments have very large rooms, he notes, and most residents are elderly and middle-income. Here, talking with Habitat Associate Editor Aparna Narayanan, the co-op board veteran discusses lessons learned over 25 years.
Written by Frank Lovece on December 10, 2013
A change in the processing of the New York State School Tax Relief (STAR) program may cause nearly half of New York City's homeowners, including co-op shareholders and condo apartment-owners, to miss an average $280 property-tax break due them.
For the first time since the STAR exemption was enacted in 1997, homeowners under 65 years old who are already enrolled are now required to register with the State in order to continue receiving it. Previously, enrollment was automatic so long as the taxpayer continued to own the residence. As the Dec. 31 registration deadline approaches, 53 percent of City homeowners have registered, compared to 66 percent statewide.
November 26, 2013
A past installment of our Teachable Moments series looked at disaster preparedness and recovery. With scientists predicting more such extreme weather as superstorm Sandy, and with New York City's history of electrical blackouts, terrorism and other disasters — as well as lesser incidents like road-choking blizzards and plumbing-destroying cold snaps and ice storms — it's worth listening to two experienced property-management professionals as they each share a real-life story of how they spearheaded co-op / condo readiness and remediation.
Written by Ronda Kaysen on September 05, 2013
At 51 Fifth Avenue, the co-op board came into possession last year of a 2,000-square-foot two-bedroom apartment overlooking a church. The board enlisted a broker who told them to put the apartment on the market for $1.5 million as is. That's when the property manager stepped in and put a stop to it.
September 20, 2013
After two devastating North Atlantic storms in two years, heavily hit insurance companies are becoming increasingly cautious. What can co-op boards and condominium associations expect in the coming months in terms of rates and coverage? Habitat spoke with independent insurance broker Michael Spain, third-generation head of Long Island's Spain Agency, for his views on current trends.
Written by Frank Lovece on September 13, 2013
Lido Beach Towers, the historic, 184-unit complex in Nassau County, Long Island, is appealing a decision by the Federal Emergency Management Agency (FEMA) that resulted in the condominium receiving only $8 million in flood-insurance coverage despite suffering what FEMA acknowledged as $32 million damages from superstorm Sandy.
The reason for the $24 million difference? According to the condo board's attorney, just a $20,000 missed premium that the board wasn't even aware of due to simple lack of communication.
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