Written by Robert D. Tierman on December 27, 2011
You must first and foremost consider the shareholder's precise circumstances and thus the true motivation for making that proposal. If he has a loan secured by the apartment, he also probably cannot afford to pay that, and already might have attempted and failed to secure that lender's approval for a short sale. If that is the case, then in all likelihood the apartment cannot be sold under current market conditions for even close to the amount of the loan, let alone for any additional amount that the shareholder might want the co-op to pay.
Written by Robert D. Tierman on December 22, 2011
On one level, the stock that you own in your co-op is no different from the stock that you might or could own in Google or Apple. Your co-op is a corporation probably governed under New York State Business Corporation Law (BCL), the very same law that governs most New York business corporations.
Also, the co-op stock that you own is, in some sense, publicly traded. The brokers in either case would broadcast the availability and terms of sale of such stock to the public at large (although they do so, of course, by very different means, with real estate brokers using property-listing sites and stock brokers using stock exchanges and the over-the-counter market).
Written by Beth Brittingham on December 09, 2011
While co-op and condo boards choose to celebrate the holiday season in many different ways, the sense of community and camaraderie that results from coming together and helping others lasts all year long. Speaking as an experienced association manager, here are practical ideas that we've implemented successfully — as can you.
Written by Ian MacFarland on December 31, 1969
June 24, 2011 — New York struck a blow for clean air when officials declared that pollutant-heavy No. 6 heating oil would be banished from the city's oil burners by 2015. But an unwelcome surprise awaits condo associations and co-op boards and property managers preparing to upgrade their boilers: You may be faced with a much earlier deadline than you thought.
Written by Tony Cohen on August 12, 2011
A standard process of co-op boards and condo associations — the pro forma filing of "tax certiorari" appeals to get real estate tax refunds for the cooperative and for condominium unit-owners — just got better. A common problem for condo boards in particular has been how to find the right owner to give the refund to, since a unit-owner may have sold and moved away in the years between a board filing for the real estate tax refund and when the refund is actually issued. But now, a new database in New York City may put an end to the hunt by giving the hunted the information they need in order to contact the board.
Written by Alfred M. Taffae on November 17, 2011
As an attorney, a great deal of my time and efforts of late have been devoted to representing several "new construction" condominiums where board control was just turned over to the new unit-owners from the developer. As is unfortunately typical with new-construction condos and gut renovations, the unit-owners were encountering problems with the building's common elements because of poor construction.
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?