New York's Cooperative and Condominium Community

Habitat Magazine Insider Guide



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

New York City

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.

Co-op apartment sellers can challenge improperly implemented flip taxes.

Con Edison wins approval for steep rate hikes through 2025.

Water rates increased by 8.5% due to a budget maneuver by Mayor Eric Adams.

Co-op boards have the right to enter into confidential settlements with employees.

Debate centered on Carnegie House, a co-op facing a stiff land-lease rent increase.

Some 25,000 shareholders would be spared from sharp rent increases when land leases expire.

Tax break would help buildings reduce carbon emissions and comply with Local Law 97.

Failure to provide accommodations can result in legal action and financial penalties.

The Habitat Group wishes our readers a safe and happy Memorial Day 2024.

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