As 2023 draws to a close, the New York metro’s co-op and condominium communities are feeling the consequences of a long, slow, persistent market decline brought on by the pandemic, rising interest rates, and inflation. That decline has mean…
Maintaining a residential cooperative or condo association does not come cheap. Shareholders and unit owners contribute regular maintenance payments, to be sure, but that only covers so much. What happens in the event of a rainy day? Well, …
Q I am the owner of an apartment in a co-op where I own about 9% of the outstanding shares. We are in the process of selling our apartment and were told that there would be about a 1% flip tax payable to the co-op after the sale. This fli…
From the Magna Carta to the U.S. Constitution, written documents have helped shape the way people live and interact with one another for centuries. The fundamental documents that establish co-ops and condos have that same importance in bui…
Q I am a co-op owner of 8 years and our management has raised the late fees from $25 to $50. Can this be done without any warnings? This affects me as I am not able to pay the maintenance and parking by the 10th of each month. I have wr…
While essential to the successful operation of all cooperatives or condominiums, the contents of governing documents are often only glossed over by otherwise well-intentioned boards members and managing agents leading to potential pitf…
New York's co-ops and condos are both governed by a multitude of laws and rules. For co-ops, the primary governing documents are the bylaws and the proprietary lease. For condos, they are the condominium declaration and, once again, the…
Q At a general meeting of our condominium, a proposal for a flip tax/transfer fee on the sale of a unit failed to get enough votes. Subsequently, the board of managers decided to impose a transfer fee of five months maintenance charg…
Although the budget and tax cuts occupy the public agenda in these recessionary times, housing is still as big an issue as ever. Many housing-related bills, including those specifically related to co-ops and condos, have been introduced…
With homeownership comes great responsibility. For co-op and condo residents, part of that responsibility means sorting through the seemingly mile-high stacks of documents handed to you before, during and after the purchase process beg…