October 14, 2013
Recent news affecting co-op / condo buyers, sellers, boards and residents. This week: Can we talk? I mean, what kind of world is it where a comedy icon who personally takes on the work of being condo-board president has to deal with some broad who's $200,000 in arrears and throwing insults like Don Rickles in drag? Oh, please. Elsewhere, some condo boards want to act like co-op boards when it comes to admissions. And there's a twist in the Dakota Apartments discrimination case. For boards, we've news on a big battle in the New York Attorney General's fight against illegal hoteling, and watch out! There are toilets exploding in Brooklyn! Actually, it's not funny — one co-op shareholder needed 30 stitches. Still, it's kind of funny. But not really.
Written by Bill Morris on July 23, 2014
Exploding toilets sounds like the punch line of a joke. But to the residents of Caton Towers, a 283-unit high-rise co-op in the Kensington section of Brooklyn, it was no laughing matter. A string of recent toilet explosions in the building injured three people — and now the co-op is facing three lawsuits.
The worst part is, that's not the worst part. Because of the three lawsuits, the Federal National Mortgage Association, popularly known as Fannie Mae, is now declining to back mortgages in the building, causing half a dozen potential sales to fall through.
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