Written by Tom Soter on June 27, 2012
The latest from Albany: mixed signals, missed opportunities, and a hope for future change. Those are all the ingredients that go into the co-op and condo tax abatement stew that has been simmering for so long it’s all but evaporated. The short story is that, for the moment, the tax abatement that 360,000 city taxpayers count on each year is dead. The price of burying it? Some $430 million in additional taxes.
June 25, 2012
Recent news affecting co-op / condo buyers, sellers, boards and residents. There's no other news more important this week than New York State legislators and Governor Andrew Cuomo letting the co-op / condo tax abatement expire. This, in a state where every other form of residential property gets an annual cap on tax increases. But there's a sliver of a silver lining — read the second article below and contact your representatives.
Also this week, New York City condos go on the warpath to collect arrears — read about some of the tactics now becoming commonplace. Plus, what's with all those condo boards acting like co-op boards, requiring hundreds of pages of buyers' financial data? A broker breaks it down. And did you know boards can't stop residents from operating day-care centers in their apartments?
Written by Stuart Saft on May 24, 2012
In 1964, Governor Nelson Rockefeller enacted the New York State's Condominium Act, and the rest of the U.S. followed. But since then, the other states and even Puerto Rico have modernized their laws. Twenty-five states even use the Uniform Condominium Act and others the Uniform Common Interest Ownership Act, while New York has remained loyal to a law that is inadequate.
Written by Curtis G. Kimble on April 06, 2012
Committees are an invaluable tool in condominium associations and cooperative housing corporations, where it can be hard to get enough volunteers sufficiently capable of dedicating the time, attention and skills required to serve on the board. As well, since it's often effective to have a small board, having committees can extend the board's reach, ability and effectiveness. This allows the benefits of a smaller board without sacrificing the distribution of workload that comes with a larger board.
Written by Judy Cook on February 17, 2012
As co-op / condo property managers know, know the Federal Fair Housing Act (FFHA) requires cooperatives and condominium associations to make reasonable accommodations for shareholders, unit-owners or other residents with physical or mental disabilities. Often these requests revolve around assistance animals, a term synonymous with "companion animal," "service animal," "therapy animal," etc. Accommodating such requests is generally considered "reasonable," under FFHA.
But what happens when the service animal is a "dangerous breed" of dog?
Written by Heather Graham on February 10, 2012
What are the responsibilities of the board?
Written by Jennifer V. Hughes on January 26, 2012
Co-op board president Michael Kaplan puts it bluntly about the condition of the HVAC system at the Garth Essex, a 346-unit co-op in Eastchester, a town in New York's Westchester County just north of New York City. "The equipment was from the 1960s. It was failing. We were repairing it all the time. To a certain extent, we had even started to reach the limit of what we could do with repairs. We were running on borrowed time."
The solution: the board swapped out the aging dual-fuel boilers for newer models, which lowered their bills through increased efficiency. But they also reduced costs by completely changing the way the building was heated and cooled and provided hot water.
The end result? The co-op reduced its water consumption by 25 percent and its costs by half. Fuel usage has dropped by 53 percent, and maintenance costs to the HVAC system have plunged 40 percent.
Written by Steven Sladkus on November 29, 2011
Two shareholders began a legal action against one of the co-op boards I represent as an attorney, and against four of its individual directors. They were challenging the cooperative corporation's alleged refusal to approve an alteration to their apartment.
Written by Bruce A. Cholst on November 23, 2011
A condominium unit-owner seeking to combine his two contiguous apartments carved a five-foot-wide opening in the wall. This opening was not only constructed without the board's prior knowledge or approval, but also in violation of its rule prohibiting wall openings of greater than four feet in width. This rule was enacted upon the advice of the condominium's engineer, who warned that wall openings of a width in excess of four feet posed a threat to the structural integrity of the building's load-bearing walls.
Engage, enrage, ask questions and give answers with your community of board members. Submit your questions and comments here!
Thinking of buying a co-op or condo? Already bought, and not sure how co-op/condo life and rules work? Learn all about purchasing a place and living in your new community. It's not like renting, and its not like owning a house. What's it like?