June 2009 Vol. 29, No. 6
The June 2009 issue of The Cooperator newspaper focuses on Law & Legislation.
In this issue, you can read about dealing with realities of the recession, managing conflict, legislative update, working with contractors and dealing with construction defects in newly constructed condos.
Visit our archives to see other articles that were published in 2009.
News Briefs
- 6.02.09 Manhattan apartment prices fell sharply during the second quarter of 2009, as the limited number of deals struck during the darkest months of the economic downturn began to close, according to a series of market reports released Wednesday.[NY Times]
- 6.29.09 Just a week before a looming deadline for the first closing at the luxury condominium conversion project at 45 John Street in the Financial District, the lender sued the developer for $51.7 million in defaulted loans at the project, court papers say.[The Real Deal]
- 6.26.09 Even in the face of sober economic times, the luxury condominium market on Long Island has been flaunting its charms.[NY Times]
- 6.25.09 For years, people have commented on how smart Erik Falkensteen was to buy a home where he did (at Washington and DeKalb avenues, in Clinton Hill, Brooklyn, just outside of Fort Greene), when he did (in 1974).[NY Post]
- 6.19.09 In the 1970s, a real estate investor named Antonios Morfesis paid $1,350 at a city auction for three 25-foot-wide lots on Edgecombe Avenue, near West 140th Street. That payment works out to less than two months’ common charges for one of the 12 new condominiums about to open there.[NY Times]
- 6.19.09 In this tough environment, some worried sellers have put their apartments on the market because of job changes, losses from financial scams, and underwater stock options.[NY Times]
- 6.19.09 In a market like this, it can be hard to look at a price tag and know if you’re getting a good deal.[NY Times]
- 6.19.09 Few developments rode the wave of high prices in the Manhattan residential real estate the way the 181 condominium apartments at the Plaza Hotel did, and few have chilled as much in the downturn. [NY Times]
- 6.19.09 Last year Susana Pena was living with her husband, Rui, and their 4-year-old daughter, Victoria, in a small Jamaica apartment. Another child was on the way.[NY Times]
- 6.08.09 A Queens co-op board tried to oust a Chinese woman and her family from their building, telling her boss she should "live with her people," she claims in an $11 million lawsuit.[The Daily News]
- 6.05.09He dispelled some myths about buying property in a hotel condominium, a hot investment during solid real-estate times, in which buyers stay for short periods in upscale properties but maintain ownership of the unit. [The Daily News]
- 5.22.09 The 30-year fixed-rate mortgage has traditionally been the go-to loan for borrowers who want stability and lower payments. Adjustable-rate mortgages, by contrast, are often seen as more suitable for risk takers.[NY Times]
- 5.21.09 The new co-op building Beacon Towers in Harlem is offering a "stimulus package" to buyers, giving them $300 every month for their first year living in the building. [The Real Deal]
- 5.15.09 It's only recently, though, that New Yorkers have actually been able to use much of their 600 miles of waterfront. [Daily News]
- 5.15.09 Several months ago, Munyaradzi and Jacquie Chenje fell in love on the Web — not with each other, but with a house. [NY Times]
- 04.10.09 A Harlem woman took home $25,000 Thursday at the Cooperator's Co-op & Condo Expo for guessing the exact number of jelly beans in a jar - for the second time in her life. [NY Daily News]
- 04.08.09 Converting co-ops to condos can be a tough choice for residents and boards. [The Epoch Times]
- 04.08.09 The Cooperator’s 22nd annual Co-op & Condo Expo at the Hilton April 7th was like a giant mall for every possible thing one might need in the multifamily universe. [GreenPearl.com]
Featured Articles
Conflict Resolution Saves Money...and Community
With a worldwide fiscal crisis in full swing and many New Yorkers more stressed than usual over lost jobs, pay cuts, and dwindling assets, the last thing any co-op or condo community needs is the additional expense and acrimony of a lawsuit—especially when both can often be avoided. Read More
Obtaining the Home Promised in the Marketing Materials
At the height of the housing boom, some builders attempted to recapture profits lost in the price they paid for their properties by cutting costs spent on labor and materials, and many others could not find good contractors or obtain low prices for building materials. At the same time, finding competent and affordable contractors and workers became extremely difficult as New York bustled with a building boom that included building two major league baseball stadiums, rebuilding Ground Zero, and planning to build the Freedom Tower, the largest building in the world, in addition to thousands of condominium and rental units, all at the same time. Read More
Checking Credentials, Covering Bases
Those who handle the management of any kind of residential building deal with contractors and contracts regularly—but they aren’t the only ones who should know about the process. It’s not necessarily an arcane topic—whether the project is a major roof repair or complete window replacement, the construction process is usually pretty much the same. But what if mistakes are made in the construction process, either by the managing agent, a consultant or someone else in charge of these matters? Who’s responsible? Whose insurance coverage comes into play? What recourse exists for building communities having problems with their contractors? Read More
What's On Deck in Albany and City Hall
As the legislative session in Albany winds down for the year and the New York City Council continues to address legislation, as always, there are several measures in play with serious implications for the condo and co-op community. Read More
