Q I am an owner of a co-op in Forest Hills, Queens. We currently have a flip tax of $2.00 per share. The sponsor is pushing to amend this to make it 3% of the sales price. The sponsor is also the managing agent and they do whatever they…
Q “I live in a co-op in Queens that still has a small percentage of apartments held by the sponsor. Last year the sponsor was voted off the board (they held 2 seats). This year only one person was nominated and seconded by two people who…
As the directors of a cooperative corporation, co-op board members have a number of duties to their shareholders, chief among them to preserve and improve their investment and to maintain and/or improve shareholders’ standard of living …
There’s nothing worse than dealing with someone who has let their power go to their head, and when you’re talking about a co-op or condo board member who starts to act above everyone in the building, huge problems can arise. J…
Any relationship depends upon effective communication to function properly. In a co-op or condo, the relationship between the board and managing agent, or between the board and the shareholders, all have boundaries regarding what is acce…
On last season’s “The Apprentice” reality show, celebrities volunteered their time to team up and compete, not for a job with the Donald Trump organization, but to win a large donation to their favorite charity. The show’s concept is to…
Q Can we have a superintendent on the board of directors although he is not a shareholder? Is this a conflict of interest? What are the pros and cons of an employee being on the board? —Confused & Conflicted A “There is no pro…
Q Our co-op has not had an election for the board since 2004. Many shareholders rent their units and are concerned that the sponsor has two seats on the board and owns/runs the management company and rental office from here. The problem i…
Can a designated trustee of a co-op apartment serve as a member of a co-op board in any role? —Upper East Side Shareholder A “The general answer to the question is yes provided that the bylaws of the corporation or th…
Q Are shareholders in co-ops entitled to know the names, addresses, phone numbers or other contact information for their fellow shareholders? —Inquiring Shareholder A “The simple answer to the question here is, yes. S…