2002 Oct
2002 Oct Vol. 22, No. 10
Focus on...Board Operations
It's (Mostly) the Money, Honey...
Anyone who has ever undergone the process of applying to be a shareholder in a New York City co-op knows how exhausting it can be, not to mention stressful. From securing a loan, to culling financial documents to be reviewed by a co-op board, to the nervous jitters of having to be interviewed, is there anything pleasant about it? Read More
Mind Your Marble and Master Your Metal
Marble columns, iron grillwork, decorative cornices, brass details on doors; these are extra touches that make a building unique. When marble is polished and clean, ironwork and cornices free of rust, and brass buffed to an impeccable shine, the combined effect radiates charm and boosts your building's curb appeal. The city can be a hostile environment, however, with the combined forces of nature, pollution and everyday wear-and-tear wreaking havoc on these design elements. The origin and history of the building materials can provide insight into the best methods for maintenance and restoration. Read More
Overseer or Overlord?
In a case that may well have far-reaching implications both in New York City and beyond, the state Appellate Court, 2nd Department, is currently crafting a judgment that may give the state Attorney General increased oversight in how co-op and condominium boards operate. Read More
It's Your Dime
As surely as kids dread the back-to-school season every fall, so too must co-op boards face the budget season. A building really has only one shot at establishing income for the whole next year, and while many of you may be far from novices when it comes to preparing a budget, this year has some unique surprises in store for all of us. Determining the optimal level of maintenance income is really a balancing act between various - and sometimes conflicting - goals. To further complicate matters, the effects of a volatile stock market and the widespread evaporation of huge amounts of financial wealth has some shareholders and unit owners acutely concerned about preserving and enhancing the perceived value of their units - and thus more sensitive to any changes in maintenance charges or assessments. They are seeking stability and consistency at a time when real estate taxes and insurance costs and other building expenses loom on the sidelines ready to stir up our game. Read More
Without Rhyme or Reason
The age-old battle between applicants and co-op and condominium boards can sometimes seem like a cunning chess match in which the prospective buyers are pawns awaiting to be knighted with the stamp of approval before they are allowed to move into their brand new castle. Under current state law, co-op and condo boards are protected under a veneer of legal precedents that allows them to reject buyers without having to provide a written reason for their decision. Read More
Throw Some Light On It
Everybody wants to show themselves and their home in the best light possible - literally. How you light a room gives it added definition and character, and enhances both the space's contents and its inhabitants. When it comes to interior decorating, next to the color on the wall, lighting is one of the most vital, fundamental elements. Read More
Staking Your Co-op's Claim on the Internet
Co-op and condo boards are charged with maximizing the value of their shareholders' and unit-owners' real estate investments. Year after year, these boards diligently replace aging equipment, refurbish lobbies, clear up code violations, and otherwise do everything that they can to protect and enhance the value of their real estate. They properly pay attention to all potential liabilities and act diligently to protect their legal interests in everything from landlord-tenant matters to real estate taxes to construction issues. Read More
Shareholder Rights
Whenever a resident, board member or building owner gets frustrated by inaction or the process of wading through the bureaucratic red tape of board politics, it's hard to know where to turn for a solution. Read More
The Rights of Succession
It is not uncommon for a precious commodity such as season tickets to the Yankees, Giants or Knicks to be handed down from father to son or from grandfather to grandson. So, in today's marketplace, it's easy to see why an apartment owner would want their exclusive Manhattan real estate to be passed down from generation to generation. Read More
Not Exactly a Walk in the Park
All too often, individuals hastily volunteer to become a member of the board of directors in their condo or co-op building. Although these people should be commended for their effort and enthusiasm, often lost upon the typical board member are the complex responsibilities - and potential liability - that come along with their position. Read More
Whattayamean, "No"?
Smoking, a purchaser's pets, personal habits, and even cooking with the flair of Emeril are only some of the touchy aspects that a board may take into account when considering a new resident's application for admission into a building these days. The wide variance of co-op and condo rules have elicited the attention of board members, residents, and shareholders, and gaining board approval seems more difficult now than ever for prospective buyers. Read More
