noticed that the bldg put in the owners projected STAR credit as income in the yearly budget.
We also got a memo on how they refinanced the mortgage for 10 years now, same bank as last time where there is a conflict of interest.,They write that our payments will remain the same for the next to years, like that is a wonderful deal.Reminds me on those sleazy car salesmen, $400 a month payment for 20 years for that Mercedes.
They neglect to state what the interest rate , closing cost, and prepayment penalties , and the stuff a normal layperson would look at to compare mortgages.another area where we need a COOPEARTIVE COUNCIL of Owners or owner occupiers to have qa web site to go to and check whay the deals are for relative properties. Also would be able to put in $$ amount what low owner occupiers was costing the shareholders., in increased mortgage cost.
I also remember on both of my mortgages , that there was a clause in there stating that if i subleased i needed written permission from the bank. I am sure that is boiler plate, and i bet not one subleases has obtained it, the coop also agreed to abide by these conditions.
Let's say the condo owner leases it out to a tenant. Now, there is no heat in the apartment, and it appears it is because of problems with common elements (HVAC system on the roof Freon leak), and therefore is likely NOT the condo owner's fault. Who is liable to the tenant in landlord-tenant court if they try to withhold rent or seek a rent abatement? The condo owner or the management company? Also, who is liable to HPD for the fines for no heat?
> Join the conversation Comments (1)
last uears annual meeting , there was no quorum, however they carried on with the meeting , the seats that were up for election, 2 board seats, what happens to them,? They never asked for candidates from the floor. i think they just autoamtically approved them, during the meeting one of the people seeking reelection, on a explosive subject that was brought up due to their secret change of the house rules to self deal more,stated we don't have to tell the insurance company, basically saying we should commit mortgage fraud.
Also for 2 years they ried to lower thje board from 7 to 5 once their puppets moved or died, it didn't pass for the first year, and the second year they made it pass, so they lowered the board to 5, with a fight from the shareholders.
who is responsible for repairing or replacing the entire breaker box located inside a condo apartment?
Is is considered to be a common element? Our by laws are not clear on that.
My Board has never disclosed the annual Budget to shareholders. Is this the norm?
H.
I'm doing a story on several new local laws that were passed at the end of 2013.
Two new key Local Laws have to do with inspections of retaining walls and inspections of balconies. The balcony law was rolled into LL 11 - so from now on, when you do your LL 11 you have to do more when it comes to balconies. I'm looking to speak to board members who are now planning for this because their LL 11 is up soon.
When it comes to retaining walls - by the end of 2014 anyone with a retaining wall in the Bronx must have it inspected by a qualified engineer. Do you have a Bronx condo/co-op and are now looking at having this done?
Would love to speak to board members planning/thinking or concerned about these new laws. You can leave contact info here or email me at jvhughes(at)verizon.net
Thanks!
Best,
Jen
Are shareholders allowed to see the monthly reports (from our managing co)? Several people (ex-board members /sponsors) who were voted out because they were found to be incompetent and self serving, are always asking for the monthly reports. While new board prides itself on transparency, releasing reports which have some delicate issues (I,e, late maintenance) it seems these reports are for managemnt and board eyes. Sometimes they require a skillful eye- of course all this can be explained to shareholders but serving on the board is time consuming already. To make matters worse the old ex board members are on some vendetta in retaliation for being called out.
Any thoughts on the matter would be helpful.
Again, if shareholders feel the need to micro manage the elected board members thru some bully-like behavior and constantly ask for documents and materials for management - shouldn't they try to get elected?
For a story on the whys and wherefores of whether to install a roof deck on an existing co-op / condo, and if so how the board accomplished this, a Habitat writer would like to speak to board members. It's similar to my recent stories on installing / refurbishing playgrounds and gyms. Please contact me at flovece@habitatmag.com
Need to replace elevator in 6 story manhattan co-op.Looking at 2 options - refinancing underlying mortgage or get secondary financing. What lenders besides NCB and CPC do underlying mortgages and do any have 10 yr/30 yr amortization?. Any lenders from whom we can get secondary financing without going through a broker?
> Join the conversation Comments (4)If a Board member is re-elected at an Annual Shareholders meeting in violation of term limit by-laws, what recourse do shareholders have?
> Join the conversation Comments (1)Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
it is the board's prerogative to assess (recapture) the STAR credit. i have been on my board for 5 years and we have assessed it 3 out of 5 years. in essence, it's a more painless way to raise money than raising maintenance or assessing.
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.