Written by Frank Lovece on April 25, 2014
Mark Andermanis, board president of the subsidized East Midtown Plaza co-op in Manhattan, and his wife Sandra have three kids. Normally that means New York City can't give them a four-bedroom co-op since those are reserved for families of six. But the Andermanis family got one anyway. Not only that but they jumped ahead of another family on the waiting list for a larger apartment. And yet a court decided unanimously that the line-jumper could keep it. What's wrong with this picture?
April 21, 2014
Recent news affecting co-op / condo buyers, sellers, boards and residents. This week: Seriously? Mark Andermanis, board president of the subsidized Mitchell-Lama co-op East Midtown Plaza, jumps ahead of others to score a four-bedroom apartment — reserved for families of six, which, additionally, he does not have — and when he won't budge, an alert shareholder sues him. But he gets to keep the primo place because the shareholder doesn't have standing to sue ... and while the co-op board, perhaps, could, here's the thing: He's the co-op board president! Does this sound proper or right to anyone ethical? The good guys do win one, though, when a developer who refused to fix a Long Island condominium complex is permanently barred from selling condos. That's something, at least.
And then there's another reason for condo and co/op boards to be wary of Airbnb....
March 17, 2014
Recent news affecting co-op / condo buyers, sellers, boards and residents. This week, one of the world's richest condominiums has a big, circular driveway it won't let limo drivers use. Why should it? The NYPD looks the other way as a half-dozen or more limos idle daily in a no-parking zone, spewing fumes to other, less connected buildings. Very nice, 15 Central Park West. Meanwhile, rent-controlled seniors in a co-op are forced to evict their son, and a co-op board president admits that people were ahead of him in line when he took a four-bedroom apartment at the affordable-housing East Midtown Plaza. He doesn't have six people in his family like City rules say, but so what? He's just practicing to be the kind of people who live in 15 Central Park West.
November 26, 2012
Recent news affecting co-op / condo buyers, sellers, boards and residents. This week, uncertainty still abounds after the Department of Finance makes a claim neither New York City nor New York State will confirm about the possible extension of a crucial property-tax abatement. Plus, a court forbids a Mitchell-Lama co-op to privatize, Madonna is selling one of her apartments and a Financial District condo board gets sued for its actions, or lack thereof, in the wake of superstorm Sandy.
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?