November 14, 2013
Few things are more important, so it's a topic worth revisiting: An effective co-op board or condo association needs to build and maintain good relationships with shareholders or unit-owners. Not only is this practical and pragmatic from a governing standpoint, but it makes living in a cooperative or condominium much, much nicer than where there's rancor, suspicion and even lawsuits against imperious, secretive or disrespectful boards. Here, three veteran property managers offer their real-life experiences on maintaining a good board / resident relationship.
Written by Frank Lovece on November 22, 2013
New York City Council has approved property-tax rates for fiscal year 2014, slightly dropping the rate for co-ops and most condominium apartments to 13.145 percent of assessed value, the lowest in five years. The new rates, approved on Nov. 14 after significant delays, apply retroactively to the tax year running July 1, 2013, to June 30, 2014.
Written by John Drake on November 21, 2013
In the midst of al the decisions a board might have to make about the day-to-day upkeep of a co-op or condo building, one of the more subtle fiduciary responsibilities can get forgotten: the need to maintain or, preferably, increase the market values of homeowners' apartments. Adding amenities, of course, is one way to do this. But are there also policy-driven ways you can consider?
Written by Frank Lovece on November 15, 2013
Updated Nov. 18 — New York City co-op and condo boards doing minor construction and renovation projects can now have their architecture and contracting professionals submit plans to the Department of Buildings for review and approval electronically, eliminating the time-consuming step of submitting them by hand to a borough office.
Called Hub Full-Service, under the aegis of the New York City Development Hub, this digital review and approval process impacts what the DOB says are 50,000 annual minor-construction applications known as Alteration Type-2 and Alteration Type-3 that are submitted each year by all categories of homeowners.
Written by John Drake on November 19, 2013
When a co-op shareholder or condo unit-owner living alone has either died or become incompetent or significantly incapacitated, and is no longer residing in the apartment, what should a board do? Whether you're in a cooperative or a condominium, you occasionally will be faces with requests for access to the apartment by a person claiming to be a close relative, boyfriend, girlfriend or legal representative of the owner. And even though the person making the request may be known to building staff or management, making them inclined to provide such access, you still should seek legal advice in this situation.
Written by Kenneth R. Jacobs on November 19, 2013
All boards have a natural tendency to protect the majority of their owners from the risky or disturbing activities of a few whose behavior may not fit the expectations of the community. However, evolving interpretations of state and federal laws grant additional protections to many of these persons, especially older and disabled residents, as well as families with children. Government and advocacy groups have also increased members’ awareness of their rights, forcing boards to adjust.
Written by Dean M. Roberts on November 14, 2013
Arthur Gussaroff, the late managing partner of our firm, had a good story. He said there were two types of clients — those that call you before they do things and those that call you after they have to do things — and that the latter tended to pay dearly for that mistake.
A good example of this would be two of our residential-cooperative clients that had similar difficulties with their managing agents, but who dealt with them in very different ways. In both co-ops, the boards continued to have ever-increasing difficulties with the site managers and their managing companies.
Written by Habitat Staff on November 12, 2013
Some condo and co-op boards have traditions — often informal and unwritten, so it's a stretch to call them "policies" — that only contracts above a certain dollar amount should be given to the board's attorney for review. But whether that threshold is $500 or $5,000, it's a mistake to use some arbitrary figure, since no matter how much money is involved, a vendor will naturally, and perfectly legally, write a contract that favors them should a dispute arise. Boards, equally naturally, have a duty to try to ensure the opposite. And since your building is the party that's laying out cash, one could reasonably argue that any disputes should tip in your favor.
Written by Arthur I. Weinstein on November 07, 2013
On several occasions boards have found themselves saddled with directors whose conduct, attitude and lack of professional understanding have made it difficult for the board to take care of business. I have found that there is no single way to deal with these problems. The New York State Business Corporation Law merely provides requirements for disclosure of conflicts of interest and methods to void contracts, but the issues of the obnoxious, ineffective, counterproductive director rarely rises to the level contemplated by the law.
November 07, 2013
Whether it's among condo or co-op board members struggling to reach a decision, or between a board and the unit-owners or shareholders over the direction of the condominium or cooperative, it's often not easy to reach a middle ground and find a practical solution. In this latest installment of our "Teachable Moments" series, a trio of veteran management executives relate three short, real-life stories of how boards confronted with conundrums were able to resolve their differences and keep their buildings moving forward.
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Co-op and condo board business broken down into bite-sized bits - 2 stories each week. Read now on all digital devices.
A free digital resource for co-op/condo board directors. Published twice a month. Read now on all digital devices.