2007 Oct
2007 Oct Vol. 27, No. 10
Focus on...Board Operations
The Benefits of Being on the Board
Being on a board of a condo or co-op is no picnic. There are tons of decisions to be made, disputes to settle, finances to keep track of and a chance of being sued for a slip-up. So why do so many people decide to serve on a board—some for years at a time? Even though it's easy to lose sight of them under the pressure and responsibility, there are benefits to being on a board. Read More
Understanding the Business Corporation Law
If you live in a co-op, as opposed to a condo, in New York State, chances are that your co-op has been organized under the designation of the Business Corporation Law, or BCL. Read More
Discussing D&O Insurance
The board of directors runs on volunteers. They put in hours of unpaid time and effort into making sure your condo or co-op runs efficiently and effectively. And then they make a mistake and wham! There is a lawsuit and suddenly they are being sued. Sound scary? Without Directors & Officers insurance, that scenario is not only scary, it's probable. Read More
A Guide to Alternative Dispute Resolution
When dozens and sometimes hundreds of personalities live together in one space, conflict inevitably will ensue. When passionate individuals serve on boards and are responsible for the overall well-being of the co-op or condo which they serve and the people whom they represent, again disagreements and arguments can arise. Read More
Protecting Your Building from Fraud
Most individuals have a healthy sense of ethics, choosing to run their personal lives and business affairs aboveboard. Unfortunately, a few bad apples are inevitable. Read More
A Board's Moral (and Legal) Obligation
Picture this: a co-op resident has a problem with his neighbor who plays loud music into the wee hours. He contacts his board of directors to see what he can do about this issue, but no one calls him back. Thinking maybe he just fell through the cracks, he calls again. Again, no response. Read More
Knowing Your Governing Documents
Whenever a co-op or condo resident has a burning question about policy, rules, or procedure in their association community, chances are the answer doesn't lie in some obscure legal document or under lock and key somewhere in the depths of the association's management office. Chances are it's right there in the association's governing documents—but what are those exactly, and who has access to them? Read More
Keeping Up with Today's Strict Safety Measures
Everyone likes to think that they are safe all the time, but often people take for granted that everything in their condo or co-op is up to snuff and they forget about simple things like changing batteries in smoke detectors or securing window guards. One look through the morning papers and you will read about someone who neglected to take a proper safety measure in their home. Read More
Confessions of a Co-op/Condo Attorney
While we were toiling away at our respective law schools and then studying endlessly for the bar examination, we never expected to be confronted with the wide range of issues that our cooperative and condominium board clients have approached us with over the years. Read More
The Federation
It's not exactly the United Federation of Planets of Star Trek lore, but The Federation of New York Housing Cooperatives and Condominiums (FNYHC) is an invaluable resource for members of the global housing cooperative and condominium community based in the New York City area. Read More
Get a Little Fiber in Your Diet
As Jules Verne may have quipped: "the future is now." Everywhere you look technological advancements keep getting integrated into our daily life. Read More
The Cooperator's Latest Roundtable Forum
Carrying on The Cooperator's popular series of "roundtable" discussions for professionals in various disciplines of the city's residential real estate industry, a group of representatives from the worlds of co-op and condo law, finance and management met at The Cooperator's offices in July for breakfast and conversation about co-op financials. Topics ranged from co-ops' financing rules for applicants to the increasing popularity and availability of reverse mortgages. Read More
The Sounds of Silence
For more than 60 years, the Greenbrook Sanctuary has served as an unparalleled refuge of natural beauty and wonder for city dwellers and suburbanites in search of a landscape without cars, without noise and without the flat grayness of concrete. Read More
Q&A: Missing Maintenance
We are having a few issues with our co-op board and the management company. Since the new management company has been ‘in power’ (about three years) the maintenance payments have been raised more than 20 percent in two increases. The past year we had another large six-month assessment for ‘lobby repairs.’ There have been no repairs and no improvements to the building as well as many visible problems that would be simple to repair. We have asked the management company to share the minutes of the meetings and they refuse. Read More
Q&A: Conflict of Interest Issue
I’m a board member of co-op building. We have one member of the board who is a real estate broker. He brought one issue to our attention. Our co-op is an owner of a very small piece of land that is adjacent to another building near ours. The owner of this building, through our board member who is a real estate broker, wants to rent this piece of land from our co-op. He will pay commission to this broker and monthly rent to the co-op. Some members of the board think that we have a conflict of interest between client, customer and a broker and some think that it’s unethical for a member of the board to make such business. We have to make a decision and we’re not sure what would be the right thing to do. Any advice? Read More
Q&A: Disclosing Shareholder Information
Are shareholders in co-ops entitled to know the names, addresses, phone numbers or other contact information for their fellow shareholders? Read More
Q&A: Employee Payroll Taxes
I am a new member to the board of directors for my condo association. We are currently working on the upcoming year’s budget. Could you please provide me some insight into the following question: is it customary the condo association pay their employees payroll taxes? We currently employ four individuals, the total taxes amounts to approximately $17,500. I work, so therefore I pay my own taxes. Two of these employees make in excess of $35,000. Read More
Q&A: Voting Exemption
The board of managers of our upstate condo issued a ruling that any unit owner who is behind in payment of common charges cannot vote at the annual meeting. Our bylaws only say that each unit owner is entitled to one vote. No mention is made about denying the right to vote. Doesn’t this ruling require a change in the bylaws? This would require a two-thirds vote from the unit owners. The board also now charges delinquent accounts 9 percent per month, or 108 percent on an annual basis. Is this legal? Read More
Traits of Effective Property Managers
It's easy enough to find a property manager —just flip open the Yellow Pages and you'll see dozens. That doesn't mean it's easy to choose one, however. Your managing agent is a fundamental member of your association's operating team, and needs to be someone you can count on to oversee your staff and maintenance program, submit bids for contract work, oversee billing and accounts payable and act as a liaison between residents and board members. Read More
Coney Island, New Development and Progress
Coney Island: Two words that, for many, evoke memories of summers at the beach in Brooklyn, eating Nathan's Famous hot dogs, enjoying rides and boardwalk games. The rides and beach at Coney Island have long attracted visitors to the area, and have become New York icons. Read More
