Cooperator - Articles - 2009 Oct

Q&A: Shareholders' Right to Choose Management Company

no@spam.com (Jamie Heiberger-Jacobsen) — Wed, 28 Oct 2009 11:07:21 EDT

Do co-op shareholders have any rights when it comes to the selection of a management company for their building? And if they can’t directly choose which company will manage their co-op, can they attend the interviews with the potential new companies and ask questions to determine if they want their building managed by one company over another?

Q&A: Board Ethics

no@spam.com (Michael Manzi) — Wed, 28 Oct 2009 11:06:37 EDT

Can the president of the co-op board be in business with the managing agent company’s owner without divulging it to the shareholders or other board members? The board members were recently notified that the owner is one of the board of directors and principal owners of a new bank that the co-op has refinanced through. Our board president who is dealing with the company owner is also an investor in this bank. I think the relationship between the management company’s president/owner has compromised the board president’s fiduciary responsibilities to the shareholders. I do not believe the board president has pursued problems allegedly related to the managing company’s poor performance since he wants to be on the good side of the very wealthy and connected owner. As of this time, the shareholders have not been informed of the board president’s business dealings with the owner of the management company.

Q&A: Management Company Negligent

no@spam.com (Mary L. Kosmark, Esq.) — Wed, 28 Oct 2009 11:05:51 EDT

Our management company just changed hands. The building records were shipped to the co-op, placed in a room across from the laundry and the rumor is that only the superintendent has the key. The other night when the new manager came, he left the door unlocked and the records were exposed to anyone who had access to that room. Since this new manager does not see the importance of housing our records at his location, I am afraid of identity theft and want my folder removed from that room. Do I have the right as a board member and shareholder to remove it?

Q&A: Irresponsible Board President

no@spam.com (Martin Kera) — Wed, 28 Oct 2009 11:05:04 EDT

The board of our HDFC co-op is not fulfilling the needs of the building or maintaining its upkeep. The building structure is deteriorating, and the intercom system has not been working for over a year. Since the death of our last board president (who was allegedly stealing money), a new president has taken over, and conditions have gotten even worse. The new president refuses to fix up the building or hire a super or managing agent. The building’s appearance is now dreadful, and residents with small children are concerned for their safety after syringe needles have been found in the hallways. What can we as residents do to turn things around and take back our building?

A Look at What Lies Beneath

no@spam.com (Greg Olear) — Wed, 28 Oct 2009 11:04:08 EDT

New York is often called a “vertical” city because its finite borders impose strict limits on expansion. In Manhattan particularly, the only way to build is up. This verticality goes both ways, however—for all the towering skyscrapers aboveground, there’s an equally vast and Byzantine system of structures below the pavement. Gotham’s undercarriage is a honeycomb of steam tunnels, sewage mains, disused subway stations, and odd, empty spaces that city workers simply call “voids”—some of which are accessible to the public, some of which have been locked or sealed up for decades.

Taking Corrective Action with Employees

no@spam.com (Lisa Iannucci) — Wed, 28 Oct 2009 11:03:16 EDT

Lee Iacocca once said that if you want a sound company, “You start with good people, lay out the rules, communicate with your employees, motivate them and reward them. If you do all those things effectively, you can’t miss.”

Preventing Damage from Ice and Snow

no@spam.com (Andrew Amorosi, PE) — Wed, 28 Oct 2009 11:02:28 EDT

At first glance, concrete obviously seems like a very dense material. In reality however, it absorbs water, behaving more like a sponge. This can easily be observed on a summer day. Pour water on a sidewalk, and you can actually watch the water penetrate and be absorbed by the surface of the concrete. This isn’t a bad sign; quality concrete should contain air voids, and should be somewhat absorbent—but it does underline the importance of caring for your concrete properly to avoid problems when it comes to ice and snow.

Property Values, Loans at Risk

no@spam.com (Bruce Weltin) — Wed, 28 Oct 2009 11:00:21 EDT

As of November 2, new lending guidelines from HUD mean that FHA loan requirements will be significantly tightened for condominium sales.

A Look at the South Bronx

no@spam.com (Jonathan J. Levin) — Wed, 28 Oct 2009 10:59:16 EDT

“So you think hip-hop had its start out in Queensbridge?”

According to seminal rap artist and South Bronx native KRS-One, you are mistaken. In fact, according to his aptly titled 1986 track, “If you popped that junk up in the Bronx, you might not live.”

Keeping it Healthy in Today's Tough Economy

no@spam.com (Stephanie Mannino) — Wed, 28 Oct 2009 10:58:15 EDT

In today’s harsh economic times, maintaining a healthy reserve fund is more important than ever. A co-op or condo’s reserve fund can be used to cover any number of emergency expenses from sudden repairs to legal costs. In addition, a reserve fund can be used for ongoing maintenance projects or for anticipated future repairs.