2007 Apr
2007 Apr Vol. 27, No. 4
Focus on...Real Estate Market/Expo
Essential Qualities
Whether you're buying or selling a condo or co-op, the goal is to engage a real estate broker who will get you the best price or the best apartment in the shortest period of time. Unless you already work in the real estate industry, you likely will not have an ongoing relationship with an individual broker. When engaging a broker—either as a buyer or a seller—there are 10 essential qualities to look for when seeking a superior broker. Read More
The Battle for Brooklyn
East of the busy intersection of Atlantic and Flatbush Avenues in Downtown Brooklyn, where the Long Island Rail Road and almost 10 subway lines intersect, one finds, in the shadow of the landmark Williamsburgh Savings Bank building, the Vanderbilt Rail Yard. At this rather unattractive open-air facility, trains that terminate at the LIRR's Brooklyn terminal rest between rush hours are cleaned and serviced. Read More
Domestic Terrorists
New York City and its surrounding boroughs have always been known for its robust population of vermin—rats and cockroaches have been part and parcel of city life ever since the Dutch settled here and founded New Amsterdam. While roach and rat populations have been largely controlled in the last few decades thanks to advances in insecticides, poison baits, and traps, another, perhaps even ickier pest critter has risen to take headlines and haunt city dwellers: the bed bug. According to the National Pest Management Association, complaints of bed bug infestation increased by 71 percent between 2000 and 2005, and the city's exterminators are reporting record numbers of calls about the problem. Read More
Back to the Future
An old adage of the real estate game speaks of the importance of "location, location, location," meaning that value goes up (or down) depending on where a property for sale is located. The hot 'location' in New York is constantly moving. Also moving is the overall real estate landscape of a shifting economy and the changing needs of new demographics. Read More
The Sky's the Limit
While the real estate market across the country has cooled in general, it's still going strong in New York. The New York City market has always stood apart from the rest of the country, for reasons that everybody here practically knows by heart: limited space, high demand, lots of people with lots of money, and highly desirable, one-of-a-kind properties. Whether buyers hope to reside in historic buildings or state-of-the art modern architecture, New York's real estate market without question offers some of the most sought-after properties in the world. Read More
Apartments Sell—But Who's Buying?
Thirty-eight of the 400 individuals on Forbes magazine's list of the richest Americans—almost ten percent—call New York City home. All thirty-eight are billionaires. Some of them, like Ralph Lauren and Donald Trump, are household names. Two of them are Rockefellers. One of them, Michael R. Bloomberg, is the mayor. Read More
Working Toward Common Goals
Nothing worth doing is ever easy. That rule of thumb certainly applies when it comes to the creation of co-ops and condos. Whether constructing a new building or converting an existing one, it can be a tricky business. The person or group establishing the co-op or condo must solve a whole flurry of issues before the first resident ever sets foot in the building. His or her partners in this adventure—those brave souls who sign on to be the building's first board members—have their own interests in mind as well, working together to try and create a place that they can call home. Read More
The Cooperator's Co-op & Condo Expo
As the trees start greening and the last dregs of winter ice and slush melt away, it's once more time to turn our collective attention to The Cooperator's annual Co-op & Condo Expo—to be held this year on Wednesday, April 25th on three floors of the Hilton New York. Read More
Getting Along and Going Along
Sometimes being on the board of a co-op or condo is
like being a politician. Fellow residents look to you to solve problems.
They can vote for you, or they can choose not to vote for you if you do
something they dislike. You feel like you're always in the spotlight
and sometimes you feel that even your best may not be enough. Read More
Same Time Next Year
Every year, the shareholders of co-op apartments gather
together—in their building's community room, or even in the
basement in the shadow of the laundry machines, on flimsy chairs that are
only used once a year—to discuss their mutual investment. The
board is there, and the managing agent, and the accountant. Many of
the neighbors materialize, but not that nice couple next door, because they
rent. If the stars are in perfect alignment, the phantom
sponsor—the guy who owns half the shares in the building but who
you've never seen—will make an appearance (although usually he
sends a proxy). The board president bangs on the table with her
gavel—a stapler, actually—and calls for order… Read More
The New Bronx
The Bronx has quite a reputation. Grim and featureless slums as far away as Catena, Sicily have been dubbed "The Bronx" by their local residents. For decades, the name of the once-promising borough of New York City has been synonymous with urban blight and drug-related street crime—but it wasn't always so. This iconic borough, made up of many smaller, unique neighborhoods, has been host to both the American Dream and a decaying housing nightmare. The factors are complex and span centuries, but like a phoenix, the Bronx has begun its ascent from its literal ashes. Read More
Community and Commerce
The northeast corner of the Bronx is one of New York City's most diverse areas. It's home to Co-op City—the state's largest housing cooperative—and includes such neighborhoods as Throgs Neck, Pelham Bay, Westchester Square and others. As a result, the area is also home to one of New York City's largest community boards, Community Board 10. Like just about every other community board in the city, CB10 needs to address the concerns of its residents and maintain a level of quality of life in an ever-changing city. Read More
The Bronx Borough President
Lobbying for one cause or another has always been a part of the daily life in New York City. These days, in the Bronx, it's the borough president who is the most prominent person lobbying for the interests of those living in the borough. Things have changed from the rough days of a century or so ago, when citizens of what was to eventually become the Bronx had no elected official to contact for help with everyday problems. Read More
Planning for the Unknown
One of the fundamental truths about condominium life is that, eventually, your building will need extra money. A leaky roof, an inefficient boiler, busted pipes, elevators that don't elevate—the list is endless. Read More
Democracy in Action
Living in a co-op or condo might not seem like an
exercise in democracy, but when election time rolls around for your
building's board, being a shareholder/owner means being a voter as
well. One person's vote might very well mean the difference in
whether or not a policy is enacted. Read More
Q&A: Cumulative Voting?
My co-op has not had elections in many years, as the number of candidates always equals the number of seats on the board. This year, however, there will be more candidates than seats. Someone mentioned that we are supposed to have cumulative voting. The bylaws say that all voting shall be based on shareholders having one vote for each share and the majority decides any corporate action? Is this cumulative voting? What is cumulative voting? Read More
Q&A: Conflicting Interests?
I’m the president of our building’s board. One of our directors has recently become a licensed real estate broker, and has recused himself from interviewing any potential buyers. At first, that seemed to ward off the semblance of any conflict of interest, but the issue has become a bit more complicated recently. Read More
Q&A: Smokin' Mad
I have a young toddler at home and my wife is a breast cancer survivor. For several years, our next-door neighbor’s chain-smoking home health nurse has filled up the hallway outside our apartment with smoke. The smell is so strong that it has activated the fire alarm behind our door. Our building’s rules clearly state that “unreasonable odors” are not permitted in the hallways, but our board president won’t enforce this house rule since this shareholder votes for him. Read More
A Bad Idea for Co-ops
We've all heard the phrase "The road to hell is paved with good intentions." The old saw applies to legislation as well. We've often seen laws passed with what seemed to be the best intentions, only to discover later that they have left a trail of ruin behind them. Read More
Safe and Secure
With so much talk these days about costly security projects designed to benefit buildings over the long term, it's easy to overlook a far more approachable option. Updating older video-based surveillance technology with a digital security system that is appropriate for your building can be a simple and cost-effective way to not only protect yourself, your neighbors and your property, but also your cooperative or condominium's bottom line. Read More
Lien on Me
Unfortunately, it is not uncommon for persons who perform labor on or furnish materials to the common elements of a condominium to assert that they have not been fully paid for the labor performed or materials supplied. The possible assertion of such claims dictates that condominium board members and other interested parties understand what legal remedies may be available to aggrieved persons in such circumstances. The basic principle under the laws of the state of New York is that while laborers and materialmen are not permitted to file a mechanic's lien against condominium common elements, they are entitled to substitute protection as beneficiaries of a statutorily created trust. Read More
