Written by Lisa L. Colangelo on April 19, 2017
Cost of terrace repairs cut almost in half after a new engineer is hired.
Written by Marianne Schaefer on March 22, 2017
Affordable HDFC co-op learns a lesson about the pitfalls of going it alone.
Written by Lisa L. Colangelo on February 15, 2017
“Milestone” capital projects under way at nation’s oldest limited-equity co-op.
Written by Ron Egatz on December 21, 2016
New capital projects are undertaken after a co-op dodged a death sentence.
Written by Marianne Schaefer on October 26, 2016
Creative campaign wins $900,000 tax forgiveness, averts foreclosure.
Written by Tom Soter on August 03, 2016
A crumbling facade next to a nursery school – and no money to fix it.
Written by Tom Soter on July 06, 2016
A financially strapped Bronx co-op is saved by long-term planning.
Written by Jennifer V. Hughes on May 18, 2016
Co-op and condo boards weigh the best way to profit from a coveted asset.
November 11, 2015
What’s a good way to predict that your modest co-op apartment may go up in price? Answer: when your neighborhood, previously nameless, has been christened with a new trendy name by developers who believe a branded neighborhood will (hopefully) be the next hot neighborhood.
With that in mind, Bronx residents may want to put their brokers on standby. That is, if recent reports are credible. According to The Real Deal, developer Keith Rubenstein’s Somerset Properties and the Chetrit Group plan to build up to six 25-story apartment towers on Third and Lincoln Avenues in the Bronx. The area once contained as many 60 piano factories, so the developers have erected a billboard calling the neighborhood – what else? – “The Piano District.” How many piano factories remain? Who knows? Who cares? They were there once, and that’s what counts. Or as Rubenstein puts it: “I’m not just calling it a made-up name for no reason whatsoever.”
Written by Bill Morris on October 23, 2015
Last week, we learned a little more about the Wallace Avenue co-op that faced the threat of being downgraded to a rental, after missing some pretty crucial red flags. Besides those red flags, a couple of professionals offered their insights on what other boards can learn from this nightmarish scenario.
"Don't take anything on faith," says Abbey Goldstein, a partner in the law firm of Goldstein & Greenlaw. "A lot of it depends on the language in the bylaws and the offering plan, what it says about the rights of the sponsor. Some plans don't limit the number of seats the sponsor can cast his votes for. If the sponsor holds half of the units in the building and is the managing agent in the building, you need to have heightened vigilance."
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