Category: Law & Legislation

Law & Legislation
1996 May The Subtle Art of Mediation

Several years ago, before relocating to Westchester County, I served as board president at my 112-unit co-op building in Manhattan. Like most co-ops, we had a history of occasional disputes between tenants and among board members. But, by u…

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Law & Legislation
1996 Feb Tenancy by the Entirety

Most co-op owners have never given much thought to the manner in which they took title of their apartments. But by overlooking this important aspect of such a significant purchase, some shareholders may have put themselves at considerable f…

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Law & Legislation
1996 Dec/Jan Charging Legal Sublet Fees

In a recent decision, New York's second highest court ruled that the Hotel Des Artistes coop-erative did not have the authority to impose a 30 percent sublet fee on its shareholders. In Zimiles v. Hotel des Artistes, Inc., the judge requi…

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Law & Legislation
1996 Dec/Jan Protection Against Sponsor Default

When a conversion sponsor fails to meet his financial obligations, the result can be a default on the underlying mortgage, one of the most destructive catastrophes to strike a co-op. Even a default on the sponsor's maintenance obligations c…

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Law & Legislation
1995 Oct Change is Good!

Times change and your building's house rules should change along with them. A decade may have passed since your house rules were first written or last updated. In that time, the City has passed stringent new anti-smoking and recycling law…

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Law & Legislation
1995 Sep A Small Victory for Co-ops?

To be, or not to be [taxed]? That is the question. It appears that William Shakespeare had been posing the same question that treasurers and other board members of New York co-ops have been asking their accountants for the past five…

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Law & Legislation
1995 Sep Derivative Lawsuits

A cooperative is generally organized as a so-called business corporation, just like, for example, IBM or AT&T. Accordingly, shareholders of a cooperative have the same rights as shareholders in other New York business corporations to init…

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Law & Legislation
1995 Jun Reacting to Sponsor Default

tarting in the mid '70s and continuing through the latter part of the '80s, New York City was engulfed in the co- oping craze. As prices spiralled upward, owners of residential property were cashing in by converting buildings from rentals…

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Law & Legislation
1995 Apr Big Trouble at Big Six

Trust. It's a word often heard when board members and shareholders of Big Six, a 982-unit co-op complex in Woodside, Queens, talk about their former managing agent, Richard Stone, and what they think went wrong. Essentially, they say, we…

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Law & Legislation
1995 Mar Rights of Inheritance

Several months ago, I wrote an article for this column detailing the circumstances under which a cooperative board could legally discriminate against those wishing permission to either occupy or purchase the stock and lease of a cooperati…

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