Written by Jennifer V. Hughes on July 16, 2013
State and local bills have been introduced by legislators that would mandate that co-op boards given an answer on a prospective purchasers within a reasonable amount of time. In part one of this series, we laid out the issues; in part two, we looked at how such a program is working in Suffolk County. Here in part three, we hear what attorneys, co-op board members and others have to say about whether the law is needed, we track where these bills are at the moment, and we look ahead to some possible consequences of this proposed legislation.
Written by Jennifer V. Hughes on July 11, 2013
New York City and State legislators have introduced bills that would institute timelines for when co-op boards have to reach an admissions decision, with one bill that would mandate boards either give a reason why they rejected a potential buyer or swear that the reasons for rejection were not based on discrimination.
Are these reasonable? For a real-world example, we can look to Suffolk County, Long Island, which in 2009 enacted a co-op admissions law with both time clocks and required reasons for rejection.
Written by Jennifer V. Hughes on July 11, 2013
Devicka Doobay figured she had a great shot at a $170,000 Queens co-op when she applied in 2010. Her credit score was well over 700, her income more than $66,000 and her only debt a car loan for $15,000. However, when she got turned down without even an admissions interview, she had the nagging feeling it might have had something to do with her name. "Everything was good, I had all the documents, and they wouldn't even give me a meeting," she says.
Written by Sheryl Nance-Nash on July 09, 2013
With the spate of mass gun killings over the past year, some condo and co-op boards are expressing heightened concern about weapons in their buildings. Part 1 of this series established that boards may prohibit gun-ownership since the Second Amendment applies only to the government, not privately held corporations. Part 2 examined the issues involved in deciding whether or not to prohibit guns. In this final part, we look at gun questions a co-op board can ask at an admissions interview, and what steps condo boards can take.
Written by Ronda Kaysen on July 09, 2013
Hoarding is a mental illness, and condo and co-op boards need to treat hoarders with the same care and understanding as they would anyone with a mental-health issue. But that doesn't mean you ignore the safety, hygiene and vermin problems that hoarders bring about. Here are some tips.
Written by Sheryl Nance-Nash on June 20, 2013
After the recent mass-murder shootings at Sandy Hook and elsewhere, co-op boards have begun in earnest to consider gun control. Part 1 of this story established that boards may ask about gun ownership during an admissions interview and may prohibit gun-owners from becoming shareholders: The Second Amendment only applies to the government, not privately held corporations. In Part 2 we examine some of the issues faced by co-ops wishing to prohibit guns.
Written by Ronda Kaysen on June 13, 2013
Utter the word "hoarder" to any New York City property manager or co-op / condo board and you're likely to hear the story about the resident who wouldn't stop collecting newspapers, trash or cats.
Dealing with these troubled residents — and make no mistake, we're talking about a mental illness over which they have little if any control; it's not just some eccentricity — can cost a building thousands of dollars in legal and cleaning fees and take years to resolve. The first step to dealing with it is to understand as best as possible the very specific nature of hoarders and hoarding.
Written by Gary Porter on July 05, 2013
The controlling documents of most co-ops and condominium associations outline the requirement for the preparation of your financial statements. In addition, several states have minimum financial statement requirements. It's important for boards to understand that there are different levels to what a Certified Public Accountant (CPA) reports. Here's a primer for condo and co-op board members.
Written by Robert D. Tierman on July 04, 2013
The standard co-op proprietary lease provides: "Any consent to subletting may be subject to such conditions as the Directors... may impose. There shall be no limitation on the right of Directors... to grant or withhold consent, for any reason or for no reason, to a subletting." This means a co-op board can adopt a new sublet policy without shareholder approval. That ranges from limiting sublets to a certain amount of years during a longer span to barring it outright. It also includes imposing sublet fees.
But can a board adopt different sublet rules for existing and new shareholders?
Written by Frank Lovece on June 04, 2013
Sure, your doorman probably isn't gossiping about the people you're dating. And sure, that fellow co-op board member who wants you out isn't looking through security-camera footage to prove you're not cleaning up after your dog. And, surely, you as a parent aren't going to ask your board or management to let you see electronic key-fob data and confirm what time your teenager came home.
Except … what's to stop you?
Co-op and condo board business broken down into bite-sized bits - 2 stories each week. Read now on all digital devices.