It starts innocently enough. The plumbing in your building has been giving the residents grief: toilets constantly running, inconsistent water pressure and sputtering faucets. The reserves are low and the three quotes you got from plumbing …
I live in a New York City condo. There are a total of 204 apartments, 140 of which are privately owned and rented by their owners, and 64 which are occupied by their owners. My question is the following: Can 6 members of a board of 7 decide…
I am the president of a board of managers where a member of the board is also a realtor. He manages units in the condo and owns two of the units. Just wondering—is this a conflict of interest? —Brokering in Brooklyn “Clearly, there…
Being elected to the board of directors of a co-op or condo comes with a great deal of power, and with that power also comes a great deal of responsibility. Whether they serve a co-op or condo community, board members, in their position …
One of the trickier problems to deal with when you live in a co-op or condo is dealing with board members who sometimes let the power go to their heads. Even though they are entrusted with a great deal of responsibility in the smooth r…
Q I serve on the board of a Brooklyn co-op which is only 52 percent shareholder owned. Shareholders now have the simple majority on the board. Our sponsor owns the management company (which is non-responsive), has a relationship with ou…
Q Is it ethical for board members or immediate family members to choose to do a job that would normally be something the community would get together to do for free (i.e. spreading out mulch in the park, pressure-washing the gazebo or …
The sitting president of a Connecticut condo board recently approached the property manager with a proposition: If he saw to it that her contractor boyfriend was awarded certain jobs in the building, the property manager would receive …
Q I am the vice president of our co-op board. Just recently we found out through a real estate ad that the president of the board is selling his unit. Does this pose a conflict of interest? In effect should the president remain the …
Criminals like Bernard Madoff and other so-called “white collar” lawbreakers have made headlines recently with their financial double-dealings, but unfortunately, fiscal mismanagement and fraud also happen in co-op and condo communities…