we are a co-op which has just gotten two domestic cooking gas meters installed by ConEd; the official filing was for "domestic cooking gas meters";
my question is this: is it legal to draw any gas lines off the risers from the domestic cooking gas meters to service other gas appliances in individual lofts, such as gas-fired dryers, gas-fired fireplace, gas-fired heating stoves. Or are those domestic cooking gas meters dedicated to servicing only domestic cooking stoves?
Thank you.
This just came up. A shareholder has created a trust that includes her shares. What are the rights of the trustee? Specifically, does the shareholder or the trustee vote at the annual meeting? Is the shareholder still entitled to run for the board? Can the trustee run for the board? Any insight would be greatly appreciated.
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We have a shareholder who has been protected by the management and the sponsor. He has taken a hammer to the door of an elderly shareholder. He makes noise that the police was called numerous times, however, at a hearing held with the Board of Directors he was found not guilty. He has a tendency of calling people niggers and spic. The latest incident was that he wrote a letter to the manager and to the super, and in the back of the super's letter he wrote niggers and spics. I am the president of the board now, and what appropriate action can we take to get rid of the shareholder. I need some help.
Thank you,
Billy Joe
Hi - I have heard reaonable rates to pay a tax ceriotori (sp/) lawyer who argues the value of your coop is 15-20% of the amount saved.
Can anyone tell me the percentages they have paid for this?
Hi everybody, I have no idea where to turn, so any help or suggestions you can provide would be appreciated.
I am a new board member, but longtime owner of a coop in the Bronx. We have been a co-op since 1986, and the sponsor still owns 55% of the shares and has not sold and apartment in 4 years. Furthermore, they confirmed their apartments are all rented and none are available for sale. The sponsor is also the managing agent, and not a very good one at that.
The old board passed a maintenance increase of 7% - the first maintenance increase in 4 years to cover rising fuel, real-estate and water expenses. The sponsor promptly called a special meeting and removes those residential purchasing shareholders from the board and replaced them with people sympathetic to their concerns – the maintenance increase was rolled back, I was the lone dissenting vote (it was 4:1). When asked how the co-op will cover the deficit, sponsor acknowledged they will reduce costs and services, and use the reserve fund as necessary…
I am not sure what options are available. I was thinking of selling my apartment but learned that several banks (TD, HSBC, and Wells Fargo) will no longer finance in our building to ownership concerns. Several real-estate reps have also advised that the building will never obtain good value with hallways that have ripped wallpaper and a lobby with tiles missing and of course with the sponsor holding 55% of the shares. Of course the management agent/sponsor is not addressing these concerns because they have no intention of selling. It’s been a bad experience, we had a strong board that accomplished some amazing things despite the sponsor (such as new elevators, security cameras, and new water pumps) now the BOD that implemented those improvements have been removed. I’m not sure what to do. Is there anyone to turn to or are we stuck in a situation which will only get worse…
Any feedback is helpful.
Our coop sponsor is in the process of securing a bank loan using the unsold shares as security. Is this a warning sign of somthing else to come? Would this make it easier for him to sell his interest to another party as 'holder of unsold shares'?
> Join the conversation Comments (3)We just bought an apartment in Gramercy Park as a pied-a-terre. We made it very clear that it was not our primary residence, and that we would be using it once or twice a month. We asked for the rules regarding guests and were given the house rules, which stated that guests could stay no longer than 30 days, and that the guests name and information needed to be submitted to the managing agent so that the doorman had all of the info. We closed two months ago, and have been enjoying the apartment since, I called the managing office to say that a friend of mine was going to stay for a night, and asking where to send the information. I was informed that the board "just" passed new rules and regulations, and that no guests were allowed when the owner was not in residence. Is this allowed?
> Join the conversation Comments (3)Has any Co Op or Condo been shaken down by the Sanitation Dept. for X-Mas tips or they will find reasons to give violations? Any discussion on this topic will be appreciated.
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I am having difficulty with the super in my building. I have addressed the issue with board members who have given me “well that’s he said she said” and it’s my perception. While I was with the managing agent we ran into the super and the MA began to ask the super about repairs done in the apartment above me. When I went to clarify something the super went ballistic and hurled accusations regarding my mental health. His side kick then chimed in and told me that I belong in a mental institution and that my family is warehousing me here. The level of hostility was so intense that I was shaken afterward. Since we recently had security cameras installed the incident has been recorded. I have requested that I be provided with this surveillance and I was told the board would have to approve it. I am disgusted with their refusal to help me and their unwillingness to view the tape so that the “he said she said” will no longer be an issue.
The only reason I needed to speak with him was because my new bathroom ceiling was destroyed by the tenant upstairs. The first time it leaked I was told it was the rain by the person upstairs. The leak was no were near an exterior wall and even a ten year old could make the determination that it was not caused by rain (not rocket science).The super refused to look because of the bad blood between us despite the managing agent asking him to do so on 2 occasions. I had to go through my insurance and received compensation from them. I had made arrangements for my contractor to repair it but had to cancel because it began leaking (really pouring like a spout) again. Since it had been dry they were not able to blame the rain. It had to be addressed and a plumber came and according to the super the plumber grouted. Then it happened again and then it happened a 3rd time. Since I saw the grout/chalking repair was not complete because there was a gaping hole in it right next to the floor (point of entry) I knew it was only a matter of time before I would be flooded again. I asked the MA to check the spot which I have photos of and he assured me that it was taken care of.
But really when I first alerted them that my bathroom was being damaged from water above they could have provided relief by taking action. Instead they did nothing so the damage is now worse. And now that I can finally prove to them that I am not making up the treatment I have been receiving from the super think about it and discuss it. Although the MA witnessed the entire fiasco where I was under siege I am not sure he can help me because the board members love this super are happy with the status quo. I am sure that if the shoe was on the other foot they would not be happy, so I do not understand why they think I am willing to tolerate it.
I am stuck here for another year because of financial reasons so moving although an option will be a hardship for me. If this was not the case I would have left already. What is the big deal with providing me the surveillance tape, it would clear the air once and for all.
Our small 20-unit co-op building is in the process of refinancing the underlying mortgage (loan amt ~$580K) and we have 2 loan options and the board is deciding what is the best path to take.
We found that many banks don't even want to work with us b/c of our small loan size. We have culled it down to either A) a 15-year fixed or B) a lower rate 10-year fixed amortized over 30 years, requiring refinancing after 10 years. Note with the 10-over-30 we risk limited options of who will refinance with us in 10 years, and what that rate might be.
Naturally the benefit of having the mortgage paid off in full after 15 years is conceptually a good thing for the *future* of the building, but I question how many of our current shareholders will be here in 15 years to realize the benefit of having no mortgage (ie, lower maintenance)? Hard to say, but at best maybe a third of the shareholders. The estimated benefit would be only a 20-25% reduction in the maintenance -- after 15 years.
On the flip side, going with the 10-over-30 scenario would lower everyone's maintenance immediately, and for the next 10 years.
The "delta" between the two rates is approx $925/year per shareholder -- which certainly adds up over 10 years.
So, is it "normal" for a co-op to always have an underlying mortgage, since we are essentially a not-for-profit corporation, or should we try hard to pay it off in 15 years -- at the expense of our shareholders' pockets? I don't want to punish the current shareholders just to achieve a goal that mildly benefits the building years down the line. We want to make the responsible decision! Appreciative for any advice.
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Con Ed and National Grid have different rates. If you used gas for home heating, you would have a home heating rate (lower price due to higher amount of gas usage).
I would think that your dryer, fireplace and heating stove would all be ok under your current service, assuming the piping can handle the needed volume of gas. You could check with your plumber for his opinion as well.
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