2009 Feb
2009 February Vol. 29, No. 2
Focus on...Board/Shareholder Relations
Avoiding Court, Limiting Costs
Turn on daytime television and you might get a false impression that people like
to go to court to work out their differences. There are so many cookie-cutter
judicial shows like “The People’s Court,” “Judge Judy,” and “Judge Joe Brown,” where the process is made to look simple and quick. The truth is, however, that
going to court is expensive, often very time-consuming, and more complicated
than it appears on television (although those who air out their differences on
the tube do get a stipend). Read More
Creating Sound, Legal Community Rules
Every co-op or condo has rules and regulations that have been put in place to
define the board’s authority and limitations of power, as well as outline the rules for the
community, residents or shareholders. And although the governing documents are
intended to work in the best interest of everyone in the building, they
sometimes pose problems. Especially, when rules are amended or created and they
conflict with each other, create problems for residents, or are against the
law. Read More
Top Complaints of Board Members and Residents
Everyone loves a Top 10 list and the co-op and condo world is no different.
Besides, if Letterman can do it, so can we. With that in mind, this month we’ve got the top ten things that drive board members crazy about their residents
and the top ten things that make residents pull their hair and curl into the
fetal position. More importantly, we’ve got suggestions on how to put all of those trifling items to rest and help
board members and residents find a happy common ground. Read More
Bringing in a New Board
In managing the affairs of a building or a community, all board members are far
from equal in their abilities and skills. Some bring experience in construction
or a background in law, finance, or other professions that can be helpful to
the board. Some board members bring little insight or professionalism to the
group, and are more concerned with personal vendettas, cronyism or other
compromising pursuits. It’s an unfortunate fact of democracy that rule by the people means that sometimes
the people ruling don’t do such a great job.
Read More
A Look at Enforcing House Rules
It’s a time-worn pattern that plays out in workplaces, classrooms, and residential
buildings everywhere: rules are set, and enforced strictly for awhile. Over time, enforcement wanes a little; the rules are bent, then broken—until such time as they’re being routinely ignored. Read More
Storage Units Benefit Both Owners and Building
Remember in Seinfeld how you would always see Jerry’s bicycle hanging from the ceiling in the background? Perhaps if his building
had had a storage room or a bike rack in the basement, this cumbersome
space-saving method that many New Yorkers employ wouldn’t have been necessary. Read More
Trickle-Down Effect on Buildings and Boards
Bear Stearns in Danger of Collapse… Dow Falls 400 in One Day… Big Three Automakers Seek Emergency Aid… Citigroup Shares Tumble Below $5 a Share… Dow drops below $8,000… Federal Regulators Shut Down Two California Thrifts… More Consumers Switch To Buying With Cash…
Read More
Combining Comfort and Convenience
A recent British survey found that the typical person spends an average of five
years of their life in either their kitchen or their bathroom. That might not
compare with the number of hours logged behind a desk or the wheel of a car,
but it’s a significant chunk of time. With both time and space at a perpetual premium
in New York City, homeowners seeking to maximize their enjoyment and comfort in
these defining rooms really have their work cut out for them. Read More
Small Town Ambiance in the Big City
A two-mile long sliver of land in the East River between Manhattan and Queens,
Roosevelt Island sits a mere 700 feet from Manhattan’s East Side. Still, many New Yorkers know nothing about Roosevelt Island’s expansive green spaces and unrivaled city views, not to mention the
distinctive small town ambiance of this planned community.
Read More
Taking the Bait
Bugs, rodents, and other pests are always a potential problem in a city or
densely populated suburban area—and even upscale, well-maintained buildings are not impervious to the occasional
unwelcome interloper. Cockroaches invade kitchens, termites feast on
foundations and walls, bees sting humans, and now bedbugs have hogged the press
as the latest plague du jour. No two ways about it: if your property falls
behind on the pest-control front, you’ve got yourself a menagerie. Read More
Who Really Runs the Building?
Most people assume that the board of directors runs the building. Actually the responsibilities for maintaining the building are usually divided
between the board of directors and the managing agent. Both parties perform
their functions with the advice and help of many support professionals.
Typically the board establishes the policy and expenditures; and the managing
agent or property manager actually runs and manages the procedures in the
building. It’s important that the manager understand the philosophy and culture of the
building in order to be able to implement the style the board desires. Read More
Q&A: Removing Names on Stock Certificate
I live in a 15-unit co-op in Queens. A single tenant owner lives in one of the apartments. She has requested, while still living here, to remove her name from the stock certificate, and replace it with her daughter’s name. Is this legal? Also, is adding another name along with her name on the stock certificate legal? This added person will most likely not reside in the apartment. Read More
Q&A: Minute-less in Manhattan
I am newly elected to the board of a small (32-unit), self-managed condominium, where traditionally there has been little transparency between the board of trustees and the unit owners. The board has been stingy with information and oftentimes, focused on making decisions from a social point of view rather than a business point of view. I have asked the board president several times over the past three months, publicly and privately, (as well as the board secretary) to provide me with the minutes of the last three years—so that I can better acquaint myself with board decisions, the history of repairs, capital improvements, etc. I would have thought that my interest in being informed would be regarded as positive, but instead I have been given the run-around. As a board member, don’t I have a legal right to inspect all corporate documents? What more should I do to access these minutes? Read More
Q&A: Board Negligence on Leak
I reside in a co-op apartment in the Bronx. For one year I incurred damages to my bathroom and kitchen ceilings from a washing machine above. The damage allegedly came from a negligent tenant of the shareholder. Each time the leak occurred the co-op board was notified. However, nothing was done to rectify the situation. I want to sue the shareholder for the damages. Under the proprietary lease can the co-op board be held responsible as well? Read More
