April 14, 2014
Recent news affecting co-op / condo buyers, sellers, boards and residents. This might be a first: A rich developer is suing shareholders at the City-subsidized, middle-income co-op Madison Park Apartments just for complaining about what they called shoddy construction and repairs, including leaks dating to 2002. Since one of the defendants is a 68-year-old retiree on Social Security, we're guessing developer Donald Capoccia of BFC partners isn't figuring on them mounting an expensive defense. Gag me with a lawsuit.
Plus, a Central Park West condominium extends balloting time for an anti-smoking vote. Should it have? City Council members rail at the Fed for delayed Sandy relief funds. And we've reverse-mortgage realities, Airbnb telling people not to hotel illegally, and how to compile a great co-op board package.
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?