is any one currently using verizon concierge
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All of the amendments to our Bylaws are missing. Our MangAgent just says that they cant find them. They are responsible for keeping up-to-date records. Where can we find the amendments to our Coop Bylaws?
Thanks
I wonder how folks deal with absentee owners...meaning, those who rent their units. I find that while they readily pay their monthly common charges, they are otherwise not very involved in any of the issues or work that the complex faces. They will, for example, be in contact with the renter when there is an issue in the complex, but other than that...nothing...so, when the complex paints or is running around trying to make repairs, etc., well, clearly, they are not involved. I sort of understand that if they live far away, that makes physical engagement impossible...but then that means that folks who are present, mostly the board, do a lot of work for them. What's the resolution? Do they get charged extra monthly? Does the work get passed on to their renters...and then we should expect that work of them? Thanks.
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Do most boards provide the annual meeting agenda in advance of the actual meeting (e.g. two weeks) or as participants arrive? Is there a requirement that it be provided it so far in advance?
What about board meetings, should they also be distributed in advance of any meeting?
Does your coop board have one for board members? What should/may be included in it?
> Join the conversationAs a storm approaches the Northeast PLEASE SECURE ITEMS FROM YOUR BUILDINGS ROOFTOPS and TERRACES to avoid DAMAGE or INJURY to NEIGHBORS, PEDESTRIANS!!!!!
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We've heard from several shareholders who believe that their managing agents have violated their privacy and their right to quiet enjoyment by overstepping the bounds of "right of entry" under the proprietary lease and NY's landlord/tenant laws.
One case was particularly interesting. The managing agent had come into the apartment to inspect damage that was the co-op's responsibility. While there, the manager decided that the level of clutter in the apartment was unacceptable and ordered the shareholder to clean up. When asked what house rule, regulation or law was being violated, the manager had only a vague response.
Suspicion aroused, the shareholder contacted the local building department and fire department and learned that it is unlawful for anyone other than the designated agency, including building managers, to attempt to enforce municipal codes. If they think there is a violation, they can only report it to the appropriate agency. The shareholder passed along this information to the manager, at which point the demands suddenly became suggestions and requests.
Like so many authorities in American life today, some managing agents and the boards who allow them to run amok, appear to be unfamiliar with the Fourth Amendment. This shareholder took the time to investigate the law and learn his rights in the face of intimidation and legal threats. It's time to restore balance to the relationship between the co-op and the co-operator.
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Assessments vs. Maintenance increases and the Demographic Time Bomb
Hi All,
As board president of a 57 unit co-op in the Bronx, we have really made some changes over the last few years. Much of the heavy lifting remains and as we start to plan, a heated debate has come to a head in our co-op which may impact many co-ops city wide. Read below; let me know your thoughts.
Our Metrics:
Our co-op: 1986
Units: 57
Units still owned by sponsor: 29
Leaving 28 units in purchasing shareholder hands.
The majority of the purchasing shareholders, originally purchased apartments from the sponsor over the last 20 years at considerable discount – we are talking about 3&4 bedroom apartments with 2 Bathrooms and terraces for under than 250K. Our maintance charges have always been low, considering original offering plan common charges, lack of increased, and neighbourhood (Riverdale) comparison. Consequently the building has not been maintained at the highest standard.
I purchased in 2008 and joined the board several years ago, becoming president last year. We implemented a new storage amenity, and remediated a garage where some people didn’t pay monthly charges. We also had our first capital assessment last year and a capital assessment this year to support ongoing capital work. Operationally we have seen three years of positive net income.
Now we have some major work to do, facades, elevator (already in planning), roof, terrace work, and plumbing. The Board of the co-op are thinking about implementing a rather large monthly assessment that would raise $125-150K next year. The largest assessment charge would be $214 a month on one apartment – the remaining apartments would pay $120 - $198 – depending on how many shares.
We have no ability to refinance until 2013 due to our loan provisions signed 9 years ago. We have a small credit line, which NCB has indicated they would increase, but not on the scale we need, they suggested assessments.
Our plan is public within the building, and we have received support from some shareholders.
But we have an issue – Demographic time bomb –
The average age of our purchasing shareholders is approximately 60.3 years old.
Many of our co-op residents are original purchasers from 20+ years ago, and are now in retirement or close to it. Even if they have the ability to pay, these shareholders are not happy, and feel new board members are trying to make the building “fancy”. We have received the speech “this is the way it’s been forever” from many, especially shareholder who indicated that they have no intention of selling, and therefore may not realize the appreciation.
We explained in detail about how we are boosting value, and that the assessments are capital calls for the corporation raising funds from all members to increase the satisfaction, safety, and enjoyment for all shareholders and to meet regulatory requirements.
Alas we have gone as far as to have several local realtors speak to residents – about what other buildings have done, but continue to receive pushback.
I am worried, and want to hear your thoughts. We have a beautiful building, great location, and wonderfully oversized apartments. The potential here is a diamond!
But with the demographic age increasing, the ability to raise funds is becoming challenged. We have no turnover from sponsor or purchasing shareholders (No apartment are listed today for sale, last sale was in 2008). Additionally, installing amenities that will increase our value have become contentious (for example: We may install a playground area, missing for more than 30 years, this would attract new families to our large apartments, and increase the satisfaction for some with kids). But no interest. Let’s not even go down the road of new windows, hallways, or lobby.
The board is split, and yet we are so close to realizing some of our potential, what do you think as co-op members, board members, managing agents, and interested parties?
Assessments vs. Maintenance increases and the Demographic Time Bomb
Hi All,
As board president of a 57 unit co-op in the Bronx, we have really made some changes over the last few years. Much of the heavy lifting remains and as we start to plan, a heated debate has come to a head in our co-op which may impact many co-ops city wide. Read below; let me know your thoughts.
Our Metrics:
Our co-op: 1986
Units: 57
Units still owned by sponsor: 29
Leaving 28 units in purchasing shareholder hands.
The majority of the purchasing shareholders, originally purchased apartments from the sponsor over the last 20 years at considerable discount – we are talking about 3&4 bedroom apartments with 2 Bathrooms and terraces for under than 250K. Our maintance charges have always been low, considering original offering plan common charges, lack of increased, and neighbourhood (Riverdale) comparison. Consequently the building has not been maintained at the highest standard.
I purchased in 2008 and joined the board several years ago, becoming president last year. We implemented a new storage amenity, and remediated a garage where some people didn’t pay monthly charges. We also had our first capital assessment last year and a capital assessment this year to support ongoing capital work. Operationally we have seen three years of positive net income.
Now we have some major work to do, facades, elevator (already in planning), roof, terrace work, and plumbing. The Board of the co-op are thinking about implementing a rather large monthly assessment that would raise $125-150K next year. The largest assessment charge would be $214 a month on one apartment – the remaining apartments would pay $120 - $198 – depending on how many shares.
We have no ability to refinance until 2013 due to our loan provisions signed 9 years ago. We have a small credit line, which NCB has indicated they would increase, but not on the scale we need, they suggested assessments.
Our plan is public within the building, and we have received support from some shareholders.
But we have an issue – Demographic time bomb –
The average age of our purchasing shareholders is approximately 60.3 years old.
Many of our co-op residents are original purchasers from 20+ years ago, and are now in retirement or close to it. Even if they have the ability to pay, these shareholders are not happy, and feel new board members are trying to make the building “fancy”. We have received the speech “this is the way it’s been forever” from many, especially shareholder who indicated that they have no intention of selling, and therefore may not realize the appreciation.
We explained in detail about how we are boosting value, and that the assessments are capital calls for the corporation raising funds from all members to increase the satisfaction, safety, and enjoyment for all shareholders and to meet regulatory requirements.
Alas we have gone as far as to have several local realtors speak to residents – about what other buildings have done, but continue to receive pushback.
I am worried, and want to hear your thoughts. We have a beautiful building, great location, and wonderfully oversized apartments. The potential here is a diamond!
But with the demographic age increasing, the ability to raise funds is becoming challenged. We have no turnover from sponsor or purchasing shareholders (No apartment are listed today for sale, last sale was in 2008). Additionally, installing amenities that will increase our value have become contentious (for example: We may install a playground area, missing for more than 30 years, this would attract new families to our large apartments, and increase the satisfaction for some with kids). But no interest. Let’s not even go down the road of new windows, hallways, or lobby.
The board is split, and yet we are so close to realizing some of our potential, what do you think as co-op members, board members, managing agents, and interested parties?
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I have to qualify my answer by stating I am a new board member and am still developing my understanding of all things coop board related. Based on what I understand so far, I would review the bylaws to identify the ways in which the bylaws can be amended. In our case, there are 2 ways: both the shareholders and the board are permitted to amend the bylaws. Therefore, an amendment to the bylaws can have taken place only in a shareholder or board meeting. In that case, the minutes should have recorded the motion to amend the bylaws with the exact wording of the proposed amendment and an indication of whether the proposed amendment succeeded or failed. The secretary should have a book or file containing all the minutes. If the minutes have not been kept properly (as in our case), I don't know what to suggest other than checking with previous board members and the shareholder population at large to see if anyone has copies of amendments in their personal files. Another thing to consider: are you sure the byaws have ever been amended? In our case, there has apparently been only one amendment in 30 years! Hope some of this helps and that others will expand upon or correct anything I don't have quite right. Thanks.
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