Category: Q&A

Q&A
2006 May Q&A:The Board's Right to Choose Counsel

Q Our co-op board has been sued by a shareholder. We’ve notified our directors and officers (D&O) liability carrier of the lawsuit, and our carrier has in turn appointed a  defense counsel to defend us against the lawsuit. Do we as a boar…

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Q&A
2006 May Q&A: Heat Conversion

Q Our building (which is comprised of 17 one-bedroom units) is heated by a hot water gas boiler with baseboard radiators. The radiators are NOT individually controlled. The building is about 30 years old, and the boiler will soon need …

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Q&A
2006 Apr Q&A: Rental Issues in a Co-op

Q I am a rent-stabilized tenant in a co-op building. I was a tenant in the building before it became a co-op, and have had numerous problems with the owners. Currently at the top of my list is a discrepancy over my security depos…

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Q&A
2006 Apr Q&A: Added Access, Added Cost

Q At our recent annual meeting we were shocked to learn that a single shareholder had, without any discussion, filed a complaint with the NYC or NYS over the absence of a ramp or some other special equipment (lift or elevator, possibly)…

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Q&A
2006 Apr Q&A: Understanding the Bylaws

Q I have been an apartment owner in a Woodside cooperative since 1985. Presently,  we shareholders are faced with the problem of an overly controlling board.    I am looking for an explanation, in layman’s terms, of ARTICLE III, title…

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Q&A
2006 Apr Q&A: Ballooning Mortgages

Q My co-op has a balloon mortgage that will burst in approximately 5-6 years if not refinanced. We were told that the lender will not allow a refinancing for at least another year, if not longer, and has refused to do one for the past …

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Q&A
2006 Mar Q&A: Democracy Lost?

Q 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 …

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Q&A
2006 Mar Q&A: Financial Fiasco

Q 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 ba…

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Q&A
2006 Mar Q&A: Will vs. Trust

Q 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 pre…

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Q&A
2006 Feb Q&A: Terrace Terror

Q I live in a two-building co-op in the Riverdale section of the Bronx. Our board has undertaken the renovation of the terraces of both buildings, and the renovation requires any shareholders, who built enclosures around their terraces…

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