1995 Oct
1995 Oct Vol. 15, No. 8
Focus on...Board Operations
Limiting Sponsor Power
All too often boards of co-ops and condos find themselves at the mercy of the conversion sponsor. Wielding his influence over the building and all its affairs, the sponsor's goals are frequently in contrast with those of the board and building: He wants to sell his units quickly and make a profit, while the board wants to enhance the quality of life and financial stability of the corporation. With knowledge of the building's governing documents and constant planning, however, boards can move out from under the sponsor's thumb. Read More
Considering Self-Management?
A co-op or condo that embarks upon the road to self-management is committed to undertaking the supervision and administration of the building without the assistance of an outside full-service property management firm. There are, however, varying degrees of participation required on the part of board members and shareholders, depending upon the level of self-management the building chooses. At one end of the spectrum would be a building that hires onto its payroll its own property management staff reporting directly to the board. At the other end, all building tasks would be done using only board and shareholder volunteer labor, from billing and paying to hauling garbage. The middle of the self-management spectrum is probably the most typical: The board and volunteer shareholders take on some duties and contract with specialists to do the rest. Read More
Change is Good!
Times change and your building's house rules should change along with them. A decade may have Read More
Deciding on a Broker
Unlike most places in America, Manhattan does not have a multiple listing service, a directory that Read More
How Low Can You Go?
In June 1992, the board of directors of a 160-unit co-op in Port Chester, New York made the same decision that countless Read More
Honest Board Elections
Imagine that your building's sponsor has planted a friend or business partner in one of the units he owns in the building. Read More
Welcome Aboard. . .Now What?
Tom Marcossan laughs when he remembers joining the board as treasurer when his building went co-op in 1986. "I was stupid. I didn't read the magazines available or take advantage of any organizations out there. We were the first board the building had. We learned mostly by knocking our heads together," says Marcossan, who has since become president of his 340-unit Greenwich Village co-op. Read More
