November 07, 2014
For such a relatively rare real-estate instrument, ground leases have been in the news a fair bit lately. And now the shareholders of Trump Plaza, at 167 East 61st Street in Manhattan, are getting news they might prefer to live without. As Bloomberg Businessweek reports, the family that owns the land beneath the 31-year-old luxury co-op wants to sell it — and the $185 million that the co-op board offered could hit some residents with an assessment of more than $1 million each. “People are calling me to stop this from happening,” said attorney Adam Leitman Bailey, principal of his namesake firm, who has been contacted by some owners wanting to keep the sale, and the assessment, from happening. But equally concerning is how much the ground-lease rent would go up another, outside buyer. In that scenario, the board projects, a monthly maintenance fee of $2,100 would increase to $9,800 when the lease resets in 20124.
Written by Frank Lovece on November 14, 2014
A doorman who helped save the life of an elderly tenant trapped in her apartment for two days with a broken hip. A porter who collapsed on smoke-filled stairs after having helped get residents out of their apartments during a fire. An engineer and former New York City Department of Buildings inspector who became the super for a six-building, 1,700-apartment complex. They and 18 other city residential and office workers each took home a prize as the best in their categories in the 2014 Building Service Workers Awards.
Written by Frank Lovece on December 20, 2013
The St. Tropez Condominium at 340 East 64th Street in Manhattan appears to be a nice place to live. The historic 34-story building — famous in real-estate circles as the first condominium in New York City and probably New York State, completed a year after passage of the state's Condominium Act of 1964 — sits in the tony Lenox Hill neighborhood of the Upper East Side, and boasts a pool, a gym, a garage, a roof deck and a children's playroom among its amenities. According to one survey, its 301 apartments sell for an average of nearly $2 million each.
So why would its condo association hold a homeowners meeting in a vacant commercial space with uneven floors rather than in a nice, safe community room or somewhere similar? Because it just seems that if the board members had only asked themselves that question they could have avoided all the unpleasantness that followed.
Written by Frank Lovece on August 15, 2014
Just when you think you've heard every claim a New York City shareholder can make against a co-op board, along comes a shareholder who makes an allegation so out of left field, it's not even from the Yankees' or the Mets' left field but from the left field of, I dunno, Dodgers Stadium in Los Angeles.
The claim? That a co-op employee owed him a fiduciary duty to take his side in a dispute ... because they were sleeping together.
October 14, 2013
Recent news affecting co-op / condo buyers, sellers, boards and residents. This week: Can we talk? I mean, what kind of world is it where a comedy icon who personally takes on the work of being condo-board president has to deal with some broad who's $200,000 in arrears and throwing insults like Don Rickles in drag? Oh, please. Elsewhere, some condo boards want to act like co-op boards when it comes to admissions. And there's a twist in the Dakota Apartments discrimination case. For boards, we've news on a big battle in the New York Attorney General's fight against illegal hoteling, and watch out! There are toilets exploding in Brooklyn! Actually, it's not funny — one co-op shareholder needed 30 stitches. Still, it's kind of funny. But not really.
September 08, 2014
Joan Rivers' tragic and untimely death not only deprived the world of a comic genius but also — can we talk? — a condo board president. And she surely would have liked to have known that her and her board's long-running battle with eccentric resident Elizabeth Hazan, who owed $200,000 in arrears, has ended. The story has more twists than a European road — Hazan had signed her apartment at The Spencer over to a Belize-based corporation, a judge in November forbade her access to the place, and much more went on — and the insults got extremely personal on both sides. But the day of Rivers' death, just before she passed, the New York Daily News reported that her board and Hazan reached a settlement after three hours of negotiation before a judge. It's nice to think of Joan, out there somewhere, having the last laugh.
March 10, 2014
Recent news affecting co-op / condo buyers, sellers, boards and residents. This week, why didn't anyone tell Co-op City's residents there were outbreaks of Legionnaires' Disease? Why did a community board recommend a restaurateur's liquor license over the objections of people living in the same building? And why did a smokers'-rights group butt out of a condo forum? Plus: You can't take your kid's stroller into the passenger elevator? Seriously?
January 27, 2014
Recent news affecting co-op / condo buyers, sellers, boards and residents. This week, the battle over emotional-support dogs gets even more emotional at East River House, as the feds get into the act. Elsewhere, condo and co-op boards might want to partake of a new program teaching doormen to recognize and report elder abuse. And some in City Council push for property-tax rebates. Plus, co-ops try to more like condos and vice-versa, a new affordable housing program will fill a long-empty condominium in The Bronx's Mount Hope neighborhood, and Ronan Farrow (pictured) may be your new Upper West Side neighbor.
January 13, 2014
Recent news affecting co-op / condo buyers, sellers, boards and residents. Lots of board news this week, as a condo board in Tribeca files a lawsuit to keep a Crunch gym out of its building, and the co-op board of Co-op City fails to have its residents pass a five-year cable-TV lock-in with Cablevision. Experts answer whether a co-op board can force out a registered sex offender, and whether a building might gain air rights anew after selling them years ago. Plus, co-op prices go down, condo prices go up, and Drew Barrymore buys an apartment.
December 31, 2013
The largest condominium in New York went smoke-free, boards crawled their way toward formal gun and privacy policies, buildings NIMBY'd restaurants and board prez Joan Rivers won a court battle. And, of course, some things remained constant, like the ubiquitous push-pull between residents and boards. All this and more helped make up the year in co-op and condo news … and we've got the quotes to prove it!
Co-op and condo board business broken down into bite-sized bits - 2 stories each week. Read now on all digital devices.