If an individual is not interviwed for a purchase, how do you respond to a face to face inquiry by a relative of the person not interviewed? A daughter owns an apartment and her mother applies to purchase an apartment and the Board decides not to interview. This would be a person you might see on a daily basis.
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Our board wants to find a new managing agent. We have done our homework regarding establishing clarity about our building's needs (thanks to archived articles on HabitatMag.com) but we aren't sure how to approach management companies. We'd like to send out a letter outlining what we are looking for in a management company and perhaps asking the management company to supply answers to a list of questions. We would then cull through responses, develop a short list, and conduct interviews. Or do some management companies respond best to a cold call, followed later by a question and answer interview?
We'd appreciate any tips or advice based on your experience. What's worked for you and what hasn't. We're not interested in theories or philosophies, just what's good practice and what isn't.
Any input will be appreciated.
Hello
I'm just wondering how you plan to handle the newly extended coop tax abatement. As you know, the DoF is not what I call a very accurate organisation.
My questions:
1- Do you actively monitor who gets those tax credits? (as an example, a resident in their thirties in my building was suddenly given senior credits which we tried to block but keeps coming back)
2-Do you "transfer" those tax credits in one month? or spread them over a little to reduce the impact on income (is it legal?)
3-Now that those taxe credits will gradually be phased out, to owner occupied units only (primary tax return address) - what can we do with units occupied by a relative, estates, vacant units etc ... Many will be hurt by this.
Thanks for posting your thoughts and ideas.
I live in a 66 unit co-op in the Bronx. The sponsor who is also the managing agent still holds 55% of the shares. I recently listed my apartment to sell, and was told my multiple realtors that since my building has not issued 2012 financials, it will be difficult if not impossible to purchasers to obtain financing.
Is this true? Has anyone else had this issue? Does it matter if the building issues them 180 days vs. 120? What recourse do we have – please do not say elect a new BOD, the same sponsor board has been in charge for 7 years. I’m open to suggestions.
Thanks
Is it legal for a shareholder to sell personal items on the coop property? By-laws does not say anything about it neither does the guide to rights,privileges and obligation of the shareholders.How should we react to it? As a member of the Board of Directors recently I faced such a situation when a shareholder told me that there was no restriction to do that. Is she right? Please advise.
Yakov
Our superintendent left and he he apartment is n terrible shape. We need a new stove, Kitehen countertops, bathroom toilet seat, new flooring and paint the entire 2 bedroom apartment. Should management ask for a security deposit? What is the procedure to protect the buildings apartment?
> Join the conversation Comments (2)We are currently interviewing for a superintendents position in the Bronx. The supers apartment has 2 bedrooms and 1 bath. The super we are interested in has 4 kids. Would you allow a family of 6 live in a 2 bedroom apartment? Ages are 2 months, 2, 4 and 10.
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I live in a small co op that has seen huge changes since it was created some 35 years ago. It is perhaps the most New York of stories. Find a place no one wants, that people think you are crazy to buy with all the money you have to spend, fix it up and get the c of o (after years of back and forth with constantly changing city ordinances and kafkaesque bureaucracy), make it nice, eventually the neighborhood changes, suddenly other apartments in the neighborhood are selling like crazy, the original people move out and sell for literally millions, and you look like a genius for buying way back when for thousands.
But now the new people are starting to resent the old people because they know what you paid, and it seems like something is unfair. And the new people, who did pay millions for their place feel like they are entitled to expect more-even though there is really no amenity-not even a doorman or a full-time super.
And then the president of the co op, a new person, in a moment of anger, claims that the old people "just don't understand" the problems of the building because they only paid thousands while the new ones paid millions.
And of course the maintenance keeps going up, and the old ones are getting priced out anyway, but it doesn't affect them because, well, they have millions.
Of course when people started the co op no one had money, they only wanted a nice place to live, not just an "investment property", and the sweat equity and dealing with creating the entity that is now the co op took effort that is only now coming back to them in monetary gain-if they sell.
Unfortunately there is now an us vs them situation and the new outnumber the old in both shares and units.
It is really a shame because it is such a small group that just cannot see past their own positions. And I am speaking of Both sides.
I do not naively expect everyone to be best friends, but civility and respect for each other should be a given, and if there are differences they need to be aired respectfully.
But again, this is kind of the history of New York Real Estate.
Be wary . This may sound inapproriate- but it is a fact. Make sure you get honest staff.
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You can please some of the people some of the time but you can never please these people ever! Our building is small and went through slot of changes over the past 7 yrs. The changes would never have happened until a dysfunctional board of original sponsors was replaced. Now 7 years later every old board member is unhappy and always looking to disrupt meetings and spend an enormous amount of time tying up the boards time and meeting times to discuss thier dissatisfaction and talk harshly against board and the buildings professionals.
We tried for years to educate this group on coop matters, gave them numerous articles from Habitat, invited lawyer and accountant to annual meetings ( which no one asked questions) but after meetings would talk badly about professionals and complain that board spent money on them.
It's a no win situation and every month this small group brings or causes some problem. It seems they like to point fingers and complain but don't work on finding solutions.
Most recently, 3 of th 12 units demand the newly voted in PL be changed back to the old one (a cut and paste job done in 1980). They want the shareholders to vote on new admissions and sublets.
The PL was redone 2 years ago. The board spend months and formed committees and lawyer wrote several pages on what will change. Btw, people wanted a revote were on the committee, one was head chair. Anyway, they now state lawyer wasn't clear and the term transfers was used inside of sales. Again, these people were board members for almost 33 years. While the tern transfer is used it was made quite clear the board's powere etc.
Long story short, they will call for a special meeting and we will have to do recount. Board has again tried to educate these shareholders and offered a meeti g with lawyer to re-explain why board only should vote on sales .
I guess my question(s) is this. Has anyone even heard of shareholders voting on sales? Only board sees financials and board package- so shareholders are voting on simply looks and first impressions! Which could be dangerous in oh so many ways - one big one is discrimination. My other question is how does one/board deal with constant disruptions caused by a handful of terminally disgruntled shareholders?
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The board should always interview anyone that wants to purchase an apartment unless several board members have previously met the individual.
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