We live in a 12 unit co op that underwent a tumultuous schism involving several units and very ugly accusations of self-dealing by the former board. The new board has done a good job of dealing with the financial health of the building, but there is still very bad blood amongst those who were involved. Several on the current board still regard their neighbors as untrustworthy, even though they were not found to have done anything illegal. A few in the building have tried diplomatic forays but are still rebuffed, and almost any attempt to be included in non-proprietary business is regarded by the current board as proof of meddling, disgruntled behavior. The board is comprised of enough shareholders currently to be a permanent entity with total voting power, rendering the rest of the shareholders essentially powerless. We have no common areas other than the lobby, and informal meetings are regarded suspiciously as coup attempts. It's pretty much a no-win situation, and with property values soaring it seems tempting to sell and get away from it all. But not yet. Anyone have advice on this? It seems those in power hold all the cards- all entreaties have been scorned.
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realizing that the law is meaningless.since the AG refuses to enforce the state BCL's. The price to hire an attorney who normally work for the opposition, and want to dwindle your money on everything but the real "hang your hat on issues" that could result in a victory for the shareholder, such as fraud,knowledge of fraud by the BOD and refusal to act, same with self dealing, and with both the MA and MC are in cahoots,or refuse to act when they witness these actions at annual meetings.
Looking for other methods as the FBI did with al capone and tax evasion
is STAR tax credit allowed if the shareholder does not live there? I will be checking into all this and also write off if you do not live there? I also will be checking into real estate agents proper legal duties when involved people do not recuse themselves from meeting relating to letter of complaints concerning their dealings.get a paper trail with the real estate department and see how they act to real estate agents acting as secretary refusing to do anything when non shareholders manipulate papers on the table containing the election papers and proxies. Maybe find a federal loan that due to the owner occupied ratio would take it out of the AG and to the state and also contacting the banks directly by letter, stating that the owner/occupied ratio provided to them is /was fraudulent. i think i wlll kust bring the boad to court pro se concerning the by laws ans the illegal changing of it and hopefully get the lawyers name that said combining our votes for one candidate was now illegal per a new state rule, Probably be better in the media and guaranteed to get the bars interest .
After many years not not selling them and renting them at market rate when they because unregulated, what could this mean?
We have recently had a big assessment placed on our account for 4 years.
Our building revised our 33 year old proprietary lease and house rules two years ago. We enlisted our attorney who guided us through the process and wrote a letter to the shareholder highlighting all the major changes. One majuro change was in sales and sublets. My he old system was both required shareholders to interview and vote on sale and sublet approvals. The current PL gives this control to the board. The board can form admissions committees etc. we recently had three sales and things moved quickly. The background checks and financial checks are intense. The entire board of 5 (building has 12 units) did all the interviewing and voting. To accommodate the "older group" - who were accustomed to the shareholder meet and vote method - the board decided we would hold a "meet and greet" with the newly approved shareholders.
But, before all this was arranged the board got a letter from three shareholders stating the new sale and sublet approval system (board control) was not of their liking and that they were mislead by "legalese" talk during the PL updating process. They are calling for a re-vote of the PL.
The majority in the building feel the new system is much better. That the old way of gathering the entire building to vote wasn't effective. Only board members could see the admission package - non board members can not see this information. I believe if an entire building sees people's financials that could be disastrous., ESP in a small building.
Btw, this small group is always "unhappy" and always cause proble,s whe they get out voted. They never run for board seats.
It's a great distraction for the board, we have many more important issues to attend to and this small ground is always placing demands.
Any suggestions? PL was voted in. Period.
Woud be very helpful to know - what are other coop policies on the installation of window units? We store ours in the basement during the winter.
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Our coop has a restaurants who's exhaust system was never installed correctly. The retail space is owned by the former sponsor of the building and they sent a vendor to take it off and it looks like they are installing a new one. 1. do they need permits?
2. Who oversees the if it will be installed correctly? Buildings Dept? What is the protocol for this? Our managing agent had no idea they were even doing the work?
Can anyone offer specific procedures for how their upscale or luxury buildings handle the shareholder renovation process. We require proposals in writing but as of late are hearing about renovations that haven't been preapproved. How do you handle this in your buildings so as to make sure the necessary permits are applied for, that work is done properly. Who is inspects the work as it is in progress to make sure nothing is being done without approval? We are in the process of redoing our plumbing and need access to all the chases in each unit, some units have built-ins that must be removed and the owners are upset that we need access. Do buildings have special rules for what can be placed where with regard to chases and who is responsible should something need special attention to remove to allow access. Any input would be appreciated!
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If the Superintendent is installing an AC in a rent-regulated tenant's apt (in a co-op) and it falls out and pancakes someone's poodle - who is liable?
Thank you
i cant write anymore due to advisability, Is there any document that states the responsibilities of BOD and explains due diligence and the fact that if the pres is self dealing and i complain in writing and at the annual meetings, provide the proprietary lease, house rules, garage rules by-laws, which back up the self dealing , they have to act in the interest of the building, the shareholders, not do as they are told. That if i bring up fraud and mortgage fraud at a annual meeting they are present at, even if he , the pres , states that a apartment that has been vacant for 25 years is owner occupied, maybe they should look into the laws, especially since it may be mortgage fraud. That when a shareholder request the shareholder list, and per the proprietary lease is allowed to examine the books, the other board members should make sure it is provided, since they too have been given copies of the requests. That when the pres is self dealing for his son and there is a written complaint, the pres should not be running the meeting discussing it, and the managing agent should have told him he had to recuse himself if the others couldn't speak up It looks like someone has told the two BOD that are not self dealing or involved in fraud, that they should do nothing. They refuse to do anything
This building is being turned into a rental by the BOD. Majority of owners are not occupiers One of the board members just bought a unsold share apartment and he could buy his apartment from his father for over 10 years, and he asked a neighbor about buying her apartment ,with the plan of renting it out. We had committees till this family took over and they did away with all transparent. I will have to bring them to court for the shareholders list and books, and i will.
I spoke to lawyer that advertises on here, i will be calling the bar about him.
Lawyers shouldn't be playing both sides of the fence, as they do in the co-op world.
i have to get a letter to the DA and cc the world about what i think is mortgage fraud.
I hate to see people that are being BS to by the pres and managing company get jammed, because of what the others did,but they knew of it.
However they were totally wrong on the due diligence when i complained of the self dealing in writing. Shareholders waiting 10 plus years being skipped, while a prime parking space was given to the presidents non shareholder, living at home son, and the family was already over the quota for spots. They never contacted me about it,never asked me who was skipped,i didn't put their names in the letter. There was a lot more i the letter that i should have been questioned about, homo-phobic comments made about a previous board member by the vice pres, and other serious stuff. We haven't received 2011 audited financial report, no one in the building has,we should have 2012 by now..
Any place in the archives that have the responsibilities of BOD. I did find the financial checklist that should be done, this was after the 1998 kick back bust. It was a 2 page letter stating how every board member should examine the books and how the duties should be rotated, like a bank does.
Should the board send to shareholders the buiding's architect report? We had our nyc facade inspection. There will be an assessment for the required work. Board is split on whether to send the report. On one side the view is to keep shareholders informed and to let them see exactly the scope of work. On the other hand, these reports are for management and the board to review. If shareholders want to see every bit of information passing through management and the board, they should run for a seat on the board.
My six years on the board has shown me that shareholders want to micro manage the board, they loosely toss around the term " transparency" and they want to see documents that fall outside of what non- board members have a right to see - at every annual meeting the same people "make many demands" but never run for a seat on the board.
It seems board has to spoon feed every detail of its decisions and activity. Where and when does the board say "no" to every request.
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Sounds alot like my building. It's taking years and several sales to change the atmosphere. Story might vary a bit. Our old board was in power for over 30 years. It wasn't until a major tenant to tenant battle occurred and people realized board had been seeping for 30 yrs. and was quite dysfunctional. What the newer boards had to do was wrk from the inside out. We firmed up PL and house rules and communications. Then started on the buildings mechanics, facade, etc. it's taking lots of work and most people don't want to put in the time - it is all volunteer.
My advice to you is to gather as many signatures as you can and call for a special meeting to address your concerns and to voice your opinions about how things shoukd be handled.
While the majority rules they still need to hear from the minority and listen compassionately.
There is a lot of give and take in a coop but there is also a way to be respectful and thoughtful. But, that too fluctuates on any given day.
A coop is not summer camp. We don't always agree and many harbor ill feelings towards their neighbors. That's where strong backbone and house rules make life equal.
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