2005 Jun
2005 Jun Vol. 25, No. 6
Focus on...Law&Legislature
Action in Albany
A03813--Automatic Application Approval--Requires applications to purchase condominiums or cooperatives to be acted upon within sixty days. Failure to do so would result in an automatic approval. 02/04/2005 referred to Housing 04/06/2005 amended and recommitted to Housing 04/06/2005 print number 3813a Read More
Rising to the Occasion
As part of a New York City Housing Development Corporation (HDC) project, Maple Plaza in East Harlem was constructed in the late 1990s in hopes that the building would help anchor redevelopment efforts in the neighborhood. The eight-story, 155-unit U-shaped building went up on 123rd Street between Madison and Park Avenues, and contained a state-of-the-art laundry room, a community room, and 87 parking spaces. There was also a corporate tenant--the Ralph Lauren Cancer Center--on the building's lower level. The Mortgage Insurance Fund was providing 100 percent insurance on a loan of $17 million, and all seemed to be a go for the much-publicized--and much-needed--co-op. Read More
I Want My RE-TV
Several years ago, the only television shows on buying and selling real estate were late-night or Sunday morning agonizing, yet tantalizing, infomercials touting get-rich-quick products. These shows taught viewers that by simply buying the product, purchasing property at no- or low-cost, they could reap the financial rewards of homeownership. Read More
Action in Albany and Manhattan
As the legislative session in Albany winds down, with the Legislature passing the budget on time for the first time in two decades and the City Council continuing with its business, now is a good time to take a look at some of the housing-related legislation our elected officials considered during the year. Read More
Surveillance Equipment in Your Building
For decades, the most desirable residential buildings were those with visible security systems, liveried door staffs, concierges, elevator operators, keyless locks, state-of-the-art intercom systems and video cameras. Over the course of the last five years, as our war on terrorism has unfolded, these additional security measures have become the norm for all residential structures, and are no longer strictly the domain of high-end complexes. Read More
Serving on the Board
With annual meeting season upon us lots of shareholders contemplate leaving the sidelines behind to join the ruling class. Before you decide to cross over, be forewarned that the grass isn't always greener on the other side. To help you make an informed decision, I offer the following crash course in director basics culled from The New York Co-op Bible (where you can go for a more advanced degree). Read More
The Mayor's Budget & Housing
On May 5, 2005, Mayor Michael R. Bloomberg proposed a $49.7 billion budget plan for Fiscal Year 2006 that closes a once $4 billion budget gap and continues to invest in education, housing, human services, public safety and economic development. While the mayor's budget reaps the benefits of an improved economy, there is still quite a bit earmarked that could impact the co-op and condo market and/or the overall housing market. Read More
Local Law 11
February 21, 2005 signaled the commencement of the sixth cycle of New York City's façade inspection laws: Local Laws 10 (1980) and 11 (1998), now referred to collectively as Local Law 11. Read More
Keep it Clean
In a city as densely populated as New York City, government agencies such as the Department of Sanitation of New York (DSNY) have their work cut out for them when it comes to strategically managing the 365-day-a-year task of picking up the city's garbage. Read More
Blue York
In Atlanta, Georgia, it's illegal to tie a giraffe to a telephone pole or street lamp. In Pueblo, Colorado, it is illegal to let a dandelion grow within city limits. In Alabama, it is illegal to wear a fake mustache that causes laughter in church. You may not be arrested and jailed if you're caught pulling any of these stunts, but make no mistake: these rules are on the books, and if you're deemed unruly, publicly intoxicated, or otherwise disagreeable to the authorities while tethering your giraffe, cultivating your dandelions, or wearing your goofy mustache, they may decide to dust off these old laws and arrest you for them, too. Read More
The Local Law Lowdown
The past year has seen a lot of changes in the codes governing New York City's buildings, both inside and out. Rules covering lead paint, carbon monoxide detection, and construction permits have been introduced or revised, and it's up to board members, property managers, and individual shareholder/ owners to take responsibility and educate themselves about the changes. Read More
Changing the Rules
When you're on the board of a co-op or condo building, sometimes it can feel like you need a law degree to understand all of the paperwork that gets thrown at you. Depending on where you live, there are bylaws and proprietary leases and house rules and everything in between. And like any thriving growing community, sometimes rules and laws need to change with the times. But how often can these documents be changed? Who changes them? Do the owners or shareholders have any say in these changes? Read More
Fitting the Bill in Albany
Co-op and condo buildings can often seem like their own little self-contained worlds, with drama, politics, and debates aplenty. Given that, it's understandable why shareholder/owners might think the people who run their building—the board members, management companies, and special committees—make all the building decisions that in turn influence the lives of residents. Read More
