New York City condo owner John Doe lost his job and couldn’t pay his bills. Eventually, the bank foreclosed on the mortgage to his condominium apartment, and Joe was forced to move. On his way out the door, the disgruntled Mr. Doe—who alway…
We all hope for good neighbors when we move into a new building or community. The same is true for commercial properties in residential buildings. Making a good match, one that benefits both the commercial tenants and unit owners, can go a …
Owners of co-ops and condos in New York are apt to find that the neighbors down the hall live according to a different set of rules and often pay less then they do for the same apartment. Thanks to the state law in effect when most cooper…
Being on the board of a co-op or condo is a big responsibility—one that shouldn’t be taken lightly. While some people may run for a board seat just to have the title, they need to be prepared to govern fairly and make decisions that are in …
It happens in business, government, and industry every day: employees learn the rules of a new job, and before long they know those rules so well, they start going around them or taking short cuts. Rarely is this done with malicious intent.…
When finances get tight—the last recession period comes to mind—boards and managing agents often look for ways to increase revenues or decrease expenditures. In some cases, the answer is a flip tax, a “transfer fee” that is paid to the co-o…
Co-op and condo board members are charged with the all-important responsibility to make critical policy decisions that ensure the building, the property, and their neighbors' interests are cared for and protected. It's a job that requires l…
Taking care of a condo or co-op building’s budget and finances is a big job. Handling such large sums of money is an important responsibility, and not every shareholder or unit owner has the expertise to do the job well. Sure, most people k…
Rare in all but a few cities around the country, residential co-ops are by far the most prevalent type of owner-occupied apartment in New York City, outnumbering condos by 3-1 by some estimates. According to a study commissioned by N…
The 2015-16 New York State Legislative season is here, and on the table are many housing-related bills, many of which directly impact co-op and condo board members, managers and residents. Housing is also on the agenda in the New York City…