NEW YORK CITY

New board directors often underestimate the scope of their responsibilities when they assume their roles, including the financial complexities and legal constraints of managing a co-op or condo, the importance of a code of ethics, the need to declare conflicts of interest, and the importance of reading the bylaws and governing documents.

Estate planning options such as trusts, limited liability companies, family limited partnerships, and closely held corporations have become increasingly common in co-ops, providing shareholders with diverse options for asset management and estate planning.

Supporters argue bill protects affordable housing, while critics see it as a loophole.

National Association of Realtors settlement will lower broker commissions across the board.

There are limits to the reasonable accommodations co-op and condo boards must make.

A dispute can arise when a commercial unit-owner is asked to pay an assessment or common charges for an expense that is unrelated to their unit, which can be resolved through the governing documents, amendment of the bylaws, and professional opinions.

A Manhattan co-op has solved its noisy steam radiator problem by converting the system into a two-pipe system with steam traps, removing the radiator air vents, and lowering the boiler pressure, resulting in a quieter system and savings on its energy bills.

If enacted, the Green Buildings Act would offer a lifeline to apartment buildings struggling to meet Local Law 97’s carbon emission requirements.

Most are set at 1% or 2% of the sale price, but there's a lot of wiggle room.

High-end co-ops and condos likely to be big losers if property tax reform comes.