2006 Mar
2006 Mar Vol. 26, No. 3
Focus on...Real Estate Market/Expo
Long Live the Queens
Of the over 2 million people who inhabit the borough of Queens, there are probably at least one or two members of actual royalty. Read More
Living By the Rules
All communities, be they nation-states, municipalities, or co-op or condo buildings, have rules. Respect for -- and adherence to -- these rules is essential for many people to coexist peaceably in the same communal space. In the co-op and condo setting, rules come in two forms: bylaws and house rules. Read More
After the Rain
Water damage and related liability has always been — and always will be — a big issue for co-op buildings and their shareholders. Few other issues are as complicated and potentially volatile as the challenge of tracing the leak, repairing it, and then sorting out the financial and legal ramifications of the problem. Read More
Jackson Heights
Historical district. Garden sanctuary. Street food paradise. Jackson Heights Queens is all of these things. From its humble beginnings as dirt-paved farmland to its construction renaissance in the 1940s and 50’s, Jackson Heights is re-emerging as one of New York City’s most diverse and livable communities. Read More
Real Estate Royalty
If Manhattan is the black-Amex-carrying Wall Streeter of the New York City real estate scene and Brooklyn is the too-hip-to-care rock star, then Queens is the hardworking third sibling, eschewing the spotlight while slowly-but-surely amassing both a fortune and a loyal following. For years now, Brooklyn and Manhattan have dominated the New York co-op and condo market, but now the borough to the east is making waves, building its own housing momentum and creating an appealing alternative for those in search of an affordable, safe and welcoming place to call home. Read More
Buyer's (and Seller's) Best Friend
Ever try to sell — or buy — an apartment in Manhattan without using a real estate broker? It’s sort of like that joke about lawyers who try to defend themselves: They have a fool for a client. Read More
EXPOnential Growth
It’s March, and along with springtime comes The Cooperator’s Annual Co-op & Condo Expo at the New York Hilton. This year marks the Expo’s19th outing and once again, the exhibition floors will be abuzz with a full day of information, seminars, vendors, networking, and giveaways. Read More
New York City's Real Estate Brokers
When Harris Scher was listening to his instructors in class last year, he took a good look at the jam-packed room filled with 300 students who had the same aspirations as he had — to have a successful career as a licensed real estate salesperson. He speculated about his chances. Scher was about to become one in an already congested field of more than 27,000 brokers and real estate agents operating in Manhattan — according to New York State records — competing for only about 10,000 real estate transactions per year (not including co-op sales). Read More
Sky High
New York City — especially Manhattan — may seem to have little room left on which to build, but when it comes to finding space for new residential construction, there’s always something new around the corner. While the occasional co-op building does still get built from scratch in the city, the vast majority of conversions and new construction are intended as condos, says Tim Norton of Cantor Pecorella, a marketing firm that represents many developers and their projects. Read More
The State of the Market
By now, the New York City real estate market has become nearly legendary. Always one of the top three costliest American cities in which to live, the Big Apple also gives Tokyo, London, and other notoriously expensive cities a run for their money as far as rents and apartment purchase prices are concerned. Read More
Q&A: Democracy Lost?
Our board selected a Nominating Committee, which chose only the current board members as candidates. Six additional residents wanted to run, but their names were left off the ballot. The committee claims it selected the best for the community. With numerous mail-in ballots these people don’t stand a chance. Is this legal? Read More
Q&A: Financial Fiasco
I moved out of my Queens co-op apartment two years ago, right before the building started having numerous financial problems including bankruptcy and sponsor embezzlement. I am trying to sell my apartment, and have finally found a bank willing to give mortgages. Read More
Q&A: Will vs. Trust
I have been a shareholder in my Brooklyn co-op since 1986, and am facing a problem that has come up since my husband’s death almost 18 months ago. My husband was an active participant on our board of directors—past president, vice president, committee chairperson, and a proactive director for our co-op. Shortly after he passed away, a directive was issued from our board that for a $25 fee, shareholders could add or change a name on a lease. I considered doing this and adding my daughter’s name, but by the time I was ready to do so, I learned that the policy had changed and that new names could not be added. However, for a $50 fee, my husband’s name could be deleted from our lease, and—to guarantee my children the right to sell the apartment without difficulty upon my death—I would have to draw up a “living trust,” because a living will is not sufficient to insure the proper handling of my estate. Is this really the case? Read More
