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mortgage refi - Carol Nov 13, 2012

My board is going to vote soon on a refi - I's appreciate some clarification or thoughts about a non FNMA over a FNMA and a descending penalty over a yield maintenance. Thx.

> Join the conversation Comments (2)

Hi Carol, Do you know if the "descending penalty over a yield maintenance" you mentioned is another way of describing defeasence? If it is, there is a Habitat article you will be interested in called "Defeating Defeasence" by Ronda Kaysen. It's in the Habitat archives, issue #287 (March, 2012).

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> Join the conversation Comments (1)


Steven Rosenstein:
I am concerned about statements made regarding the advantages of a 10 year (assumed interest-only mortgage) versus a 30 year (assumed self-amortizing) mortgage. Mr. Winter states that a Co-op mortgage has a certain resemblance to a car lease and that Co-ops are essentially leasing money for a certain period of time. Mr Niland makes the assertion that a board cannot make a decision in 2011 that will be valid for the building in 20 or 30 years, and that the desire to go for a longer period is to save closing costs, but that the decision for a longer term mortgage will end up costing the Co-op more. The comparison between leasing an automobile and a Co-op's "leasing money" is arguably false. At the end of a car lease, the vehicle is returned to the lessor, and the lessee is free and clear of any further obligations. The same is not true of a Co-op building. At the end of a 10 year interest-only mortgage, the board cannot simply return the building to the mortgage holder in lieu of paying off the mortgage amount. Well, it could, but all the shareholders would be rather upset with the board. With an interest-only mortgage, a Co-op board is not just blithely "leasing money" but is instead kicking the mortgage day of reckoning 10 years down the road. As for a Co-op board's risk of making a decision in 2011 that would not be valid 20 or 20 years later, the exact opposite is true. The board has no way of knowing the interest rate in 10 years. A 4% rate today could quite easily double to 8% in 10 years. It could be even more during a period of high inflation. The Co-op with a 10 year mortgage will have a very small window in which to refinance the mortgage. With a self-amortizing mortgage, the rate is both fixed for the life of the mortgage *and* the underlying principle owed on the building is paid down. This is much more conclusive to long-term planning and budget stability than playing interest rate roulette every 10 years. An additional advantage with a 30 year mortgage is that if interest rates drop during the life of the mortgage, the mortgage can be refinanced on more favorable terms without the egregious pre-payment penalty described in the article. Finally, how, exactly, does opting for a one-time longer term mortgage end up costing more than paying new closing costs decade after decade after decade? The overriding concern I have is that both Mr Winter and Mr Niland, as principles in commercial mortgage and real estate loan companies, clearly have it in their company's best interests if Co-ops closes on a new mortgage every 10 years in perpetuity instead of a single 30 year commitment that never has to be renewed. The statements made by Niland and Winter need to be much more fully justified instead of simply accepted as true.

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> Join the conversation Comments (2)

Matty - I guess it's true that our digital lives live forever. :-) I wrote that a few years ago, but I feel it is as true today as it was back then. Thanks for re-posting them here.

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Hi,

I am a co-op Board president and a finance manager with a multi-billion dollar corporate pension fund. Co-ops and pension funds are similar in that long-term financial planning is absolutely necessary.

I cannot think of a single situation where I would recommend an interest only mortgage, ever. I would recommend either a 10 year mortgage with a 30 year amortization or a 30 year amortizing mortgage.

Assuming that a co-op is not a new building, the mortgage is probably funding capital repairs and improvements. Things wear out and will continue to do so. Having a break in the mortgage every 10 years or so gives the then Board the ability to fund necessary capital repairs if funds do not already exist (of course the preferred method is saving up ahead of time). The amortization recommendation allows the co-op to lower the debt to building value ratio. As we have seen, the assumption that building values will always go up is false; or rather the assumption that the value will always be higher when funds are needed is false. Lowering the principal on the mortgage shows the lender two things: the co-op is serious about sound fiscal management; and provides higher security (loan coverage) for the loan and thus the potential for a lower rate.

I would recommend a 30 year amortizing mortgage for a co-op with a continuing culture of strong fiscal management only where they would set-aside funds on a regular basis for capital repairs and improvements sufficient enough where tapping the mortgage would not be necessary.

Good fortune to you all!

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> Join the conversation Comments (1)

Hi Steve - Thanks for the info and comparison between the 10/30 mortgage and the 30 year self-amortizing. We are (fortunately) in the latter category. We are 5 years into a 10 year interest only and I would dearly love to be able to re-finance with a 30 year self-amortizing loan at today's very low rate. I can't, though, because of defeasence. Right now this outrageous "prepayment" penalty would add another 20% to the principal amount. So we wait wile the mortgage expiration date gets closer and hope that the rates don't go up too badly when we finally are in a position to refinance.

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A Coop Board should use, in all cases, in securing the best deal available a licensed banking or brokerage firm for these deals and NOT the management company that they hire to do all else The 10\1, I\O with a 40 year amoritazion is the best product for a host of reasons and never should one accept yield maintenace as the pre-pay penalty but rather a descending prepayment penatly, for example, a 5\4\3\2\1 where there is in the last year there is a 90 day window to refiinance again w\o a penalty !

Most of these transactions are, sadly, handled by the management agent for these coop's and never do they get the best deal, again, for a host of reasons. Also, the 'points' charged should never exceed .75% of the loan amount, both for the first and the LOC by bank\broker, in total

mortgage@richlandequity.com

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Opening Pool to Guests - P.C. Semkey Nov 12, 2012

Our board is allowing shareholders the right to purchase an unlimited number of guest passes to our co-op pool--and some shareholders, especially those who renting apartments short-term, are buying them up. As a result, the pool is filling up and shareholders who swim regularly are disgusted. The board has been be unresponsive to complaints. How do we shut this practice down?

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Elect a new board. Hopefully you'll be able to do that before the 2013 swimming season startts.

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> Join the conversation Comments (2)

I am so tired of Mr. Rosenstein's typical answer "elect a new board" to anything wrong at Board level. I live in an upscale well educated community with almost 3000 residents and can assure you our board is so entrenched that unless they back a candidate you can not get elected. Even when some of the most egrious or illegal acts are committed residents are either snow birds or empathetic but not willing to do anything. The strongest campaign shows almost no results for board change if you are not blessed with the Board's approval. We always have challenged elections, so there is no shortage of people who want to see a change,but they can never get enough votes to win. So, your answer "get a new board" is silly. You have to deal with what you have not wish for changes. First, check your black book, proprietary lease and house rules and see if use of the pool by members only is mentioned and then make a complaint based on the written word. You will have to get other residents to agree with you and, perhaps start a petition. But, first and foremost, check to see what is allowed and then get your supporters to take action against the existing board through letter writing, petitions, phone calls, etc. Annoy them enough to perhaps want to get you out of their hair and act accordingly. Don't give up. Good luck and keep us updated.

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> Join the conversation Comments (2)

Hi, Dianne.

We don't generally have trouble with an entrenched board because most of the shareholders spend less than three years here (a few of us have been her 15+ years). Four of the six board members have been here less than five years. We have condo units as well. The people who run are those who want first dibs at apartments or have a nanny state agenda, or political ambitions, all of whom would fit easily into one of Dante's levels of hell.

We have checked the proprietary lease and there is no mention of the pool or health club. There is also no mention In the "House Rules," or the by-laws. In the Health Club and Pool Regulations is the only place it's mentioned; it says the pool and health club are "private." Three paragraphs later it states that there are guest passes available. These were originally intended for people visiting shareholders, but now there is an incredible abuse of the practice as the number is no longer limited.

Thanks for your support, Dianne. Will keep you posted. Will do a petition tonight.

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Hi, All. Thank you again for your input. It seems that our board discussed the issuance of passes with management, but not the particulars. The board president seemed genuinely surprised at the idea that there were an unlimited number of passes being distributed. So, we'll see how this all works out. He agreed that there needed to be limitations.

The treasurer actually gave an excellent presentation but there are still some questions remaining.

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Diane & PC - I appreciate your frustration. There is nothing worse (or more painful) than banging your head against a wall and not making a dent.

Unfortunately, in most instances where I suggest some sort of board reconstruction, it is the only practical way of accomplishing what you want. The laws and regulations governing co-op operations and the business judgment rule make most challenges to board decisions (like the number of pool passes) very difficult to attack and overcome from any angle. The board can simply say that they were using the passes to raise income for the co-op. You would have a hard time showing they were not exercising their fiduciary responsibility.

I sense your frustration is in not being able to convince enough shareholders to support your positions or your candidates. Unless there is some sort of vote rigging or other shenanigans going on during your votes or elections, or what the board is doing is contrary to the co-ops governing documents, I don't believe there is any practical way (other than replacement) to compel the board to change their actions.

Diane is absolutely correct about organizing other shareholders to write letters and otherwise let their displeasure be known. But I got the sense from PC's initial post that this has been tried with no effective results. If the board is entrenched and intractable, then in my opinion the only solution is to mount an effective campaign to elect more favorable members to the board.

If I sounded glib, I apologize. I certainly hope PC is successful in organizing whatever campaign she/he can to get the situation changed.

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> Join the conversation Comments (1)

I suppose I should not be using your first names. I'm sorry.

However, I do want to respond to fiduciary responsibility. I can't prove voting shenanigans but that's how I would describe their management of the finances. I think the board members got worse grades than I did in algebra. Questions about loans and the spending down of our reserve fund will hopefully come up at the meeting.

As to making money on passes, it may be the case that it's raising some money, but when does an amenity become a public space? Even our lawyer needs to research that one!

We pay very high maintenance. Also, there's no enforcement of the rules with regard to passes. Did I mention that the pool is in the black by six figures? I will be organizing and agitating, and getting signatures, and will let you know what happens.

In my 15 years of living in this co-op, the two consistent qualities I have observed in our board members is self-interest and conflict avoidance. One is annoying--a present board member is a ping-pong player and thought it might be a good idea to have a ping-pong table near the pool--and the second is disastrous. The board minutes are minimal and 8 months behind; no shareholders can attend meetings, nor can we observe; and the board has not held an informational meeting for a year. We were never notified of the change in the rules with regard to passes. Thank goodness, we're selling. My wife and I will never live in another co-op again

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Steven: If only we could. This is an giant, apathetic NYC co-op, and there are maybe 50 of us who use the pool regularly. Some of these people are from neighboring rental units (from a pre-co-op formation) and do not vote. I'll make a fuss at the board meeting but this is the kind of place where veiled threats work better. That's why we intend to move very soon.

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LIDO TOWERS FATE - Peg Meerkatz Nov 10, 2012

On Oct 29 I was FORCED to evacuate the condo I shared with my mom @ Lido Towers due to Hurracaine Sandy. We thought we were going to the lobby to wait out the storm then would be able to return. Instead an estimated 8 to 10 feet of water consumed the first floor where our unit was located. Mom & I are in a shelter with no ID, no money & very vague information about the fate of this historic building.

Last week we were told it was condemned then we were told it would be "a long time before we could return". Now we are told that if we sign a waiver we can go into the condo for 1 hour to retrieve belongings. The signing of the waiver is because the drywall is in danger of collapsing.

Still no one will tell us what the future of Lido Towers is - is the building condemned or not? Will we ever return? The building just underwent a multimillion dollar renovation & restoration of which my mom was assessed $150,000.

The building manager (when we can reach her) is very vague & not giving specifics. We called the management company - that was a joke. The man who answered was in FLORIDA & unaware the building sustained substantial damage he thanked US for letting him know.

If anyone has any info or knows where we can get this info PLEASE let me know. FEMA is NO HELP, they did their assessment from OUTSIDE since they were not permitted to enter our unit.

Anyone that can help?

> Join the conversation Comments (3)

Peg - Contact the insurance company who carries your unit-owner's policy. They may be able to advise you on what further steps you should take, and your policy may cover reimbursement for immediate out-of-pocket expenses.

Before you sign anything, especially anything that even remotely looks or smells like a waiver or release, have the documents reviewed by an attorney. You could be signing away important rights you will need later on if you have a claim against your condo corporation.

Better still, just consult an attorney. I cannot imagine the aggravation and frustration you and your mom are going through. You need an independent party to look after your interests in this because you have more important issues to take care of right now.

My best wishes to you and your mom in getting through this.

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Good advice from Steve about contacting electeds. My family is in a similar displaced situation also in Nassau County and we have had remarkable success with both our insurance company and FEMA. Final inspections by both were this morning at 7 a.m. Have you started the ball rolling with FEMA? If not, do so TODAY.

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Dianne - It was actually P.C. Semkey who recommended contacting Peg's elected officials. I just recommended contacting their insurance company. I used to live near Lido Beach and would go bikeriding on the Long Beach boardwalk. Even a small storm would displace sand a block or two from the boardwalk, so Sandy must have moved the entire beach inland.

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Thanks, I realized my error after I hit post, but didn't want to post again. So, I gave you credit were it wasn't due, but you were gentlemanly enough to correct me. I, too, lived there, what a tragedy.

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I could not help but be moved by your plight. I am a newbie on this site, but if I were in your position, I would begin with calls to my elected officials. Tell them your mom is a senior citizen. This sort of problem is what politicians are made for. Begin with your Senate rep, the Democrat Bill Nelson

http://www.billnelson.senate.gov/contact/offices.cfm

And Marco Rubio:

http://www.rubio.senate.gov/public/

If you have the equivalent of New York City's City Council, call your rep there, and your state senator, Vern Buchanan:

http://www.buchanan.house.gov/

As an elected official of mine once said to me: "We love to get calls that give us something specific to do. It wins votes." Good luck.

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"Condemned" generally means hazardous and/or unsafe for occupancy or use when applied to a building. A building can be repaired or demolished depending on the circumstances to make it safe. Therefore, in addition to contacting your management company and building manager - call your coop board members. They should be on top of this situation.

Most often condemned properties can be repaired and then reinspected and people can move back as soon as safe for use and/or habitation.

The Towers apparently took a beating, but it does not mean people will necessarily loose their homes or investments. However if repairs are made it is possible in a condo or coop that further assessments to cover those costs can occur. The silver lining is one can return home to the beautiful towers.

Contact FEMA to assist with temporary living arrangements.

Seena Amsel
a concerned Lido Beach resident

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On the verge of a nervous breakdown - MK Nov 08, 2012

The super in my co-op is dishonest and has been on a crusade of harassment toward me for over one year now. I have informed the board of his actions but they don’t help me and say it is a “he said-she said situation” and that it is my “perception”. I had e-mailed the MA a little over a year ago, questioning him if the super had a record and should I be concerned. I did this because the super went haywire in my apartment when I questioned something he had done. The MA never got back to me and the super’s hostile behavior is escalating. Last year I had the super in mediation through the district attorney’s office when the police suggested that I get an order of protection. He lied during the entire mediation process so it was basically a waste of time. I have taped some of his tirades which generally occur when no one else is present. This is no longer the case and the super and his side kick (last remaining renter) when into a tirade in front of the MA. Their body language was threatening and they made many derogatory comments regarding my mental health (their favorite topic). The MA looked frightened and we both walked away. I was shocked when his reply to my “now do you see what I mean” was, “You weren’t physically harmed and the constitution allows for freedom of speech”. Since we recently had video surveillance installed I asked the board to review it and release it to me. The board is refusing to release the video to me and states that it is their property. I recently got a one month subscription to check mate and it appears that my super has an expensive record which includes a violent felony offence. The police won’t help until I am physically harmed and since I have no interest in being a statistic I am leaving because I fear for my safety. I can’t sell now because I got a large tax refund under President Obama’s first time home buyers deal and will have to pay approximately $8,000.00 if I don’t stay for 3 years. According to my count down calendar I have 242 more days before I can sell. I feel as though I have not lived here in the past year, only existed and have been taking tranquilizers to ward off a heart attack or nervous breakdown. The last to blasts (in front of witnesses) that I got from the super and his side-kick had me shaken for a week. I have a safe place to stay and will be going there as soon as the electricity is restored (I am on long Island).I find the behavior of the board and MA so completely egregious and wonder why they are behaving this way. I am working with an advocacy group but have to put together a narrative of what has transpired and become very distressed when I look at all I have been through here. I have tapes, videos and my diary which I began last year when the board’s reactions to my grievances turned into a witch hunt rather than a desire to discover the truth.

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MK - You were given good advice the first time you posted about this in October. Did you follow any of that advice and what was the outcome?

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The wheels of justice turn slowly my friend and I am doing all I can to resolve the situation. I have spent much of my time going from the police who sent me to landlord tenant- who sent me to DA-who sent me to Supreme Court to subpoena the video. Then my electric went out for a week and I returned to Supreme court yesterday and found out that I have to have a law suit in progress before I can subpoena. I don't know why they did not provide this information on my previous visit. I am doing all I can, but in the meantime I have other aspects to my life and feel the need to remove myself from an unsafe location. The board has spoke with the MA and they too are useless. They like the super because he does cheap renovations on co-op time, but when he replaced a sink 2 floors below me I went without water for 3 days. Recently a board elections when a fifth person was needed and no one wanted to do it I raised my hand. You could have heard a pin drop. Rather than have me on the board one of his ardent supporter of the super's raised her hand so she could protect him. Some of the information provided previously was for NYC only which doesn't help me because I am on long Island. I have found an advocacy group that services Nassau and Suffolk and I am working with them. But I am not functioning at my normal level and have become fearful and very depressed. I take advise from this site but it is not always correct though I still appreciate it.

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> Join the conversation Comments (3)

Can you name the advocacy group - I may be able to help.

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Long Island Housing Services
640 Johnson Ave suite #8
Bohemia, NY 11716

I have to write a narrative, but I am in the process of packing to move and I finally got a decent job, even though it is part time. I am experiencing trouble sleeping. It is too much at this time especially since looking through the material is very upsetting. I have e-mails, video recording (of my own) and sound recording. I did this because a little over a year ago was when I encountered the first horrendous situation, the board did not treat me fairly and the Board president is in the habit of insulting me. This is when "he said allegedly to me". Basically he likes to call me a liar. I had an ant problem for 2 years and he said "well their not harmful are they" I responded “I don't like it when they crawl on me”. Meanwhile another board member had discovered ants in his sink one morning and I asked him how he got rid of them and he said he called the super who called in an exterminator. The super told me to go to home depot and buy ant bait traps. There is so much more and writing the narrative will be like writing a book. I could print out all the material including the nasty notes the super slipped under my door etc and present it, but to write a narrative at this time is extremely difficult and my main focus is removing myself from the premises so that I can feel safe. I would greatly appreciate any help and thank you for the offer.

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Can you name the advocacy group - I may be able to help.

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This is what happens when you have a corrupt Superintendent and a Board that turns away in denial because they get treated very well. It is a very difficult situation.
Keep a precise log and send them certified letters of the incidents.

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Condo use/rental - Linda Romano Nov 08, 2012

We have an empy apt. in our condo building which hasn't sold. The original owner has deceased and the estate has asked the board if we would allow a family of 4 to live in the apt. (claiming they are not asking for rent) for an undetermined amount of time. Our condo building is a upscle 17 unit building and is located in Staten Island, NY. Our concern is that we do not want transients in the building and want to maintain the integrity of the building. Do we have any recourse?? Thank You.

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This is a question you should be posing to your Condo's attorney. Your governing documents will need to be reviewed, and probably the laws and regulations governing the rights of Condo owners vs the Condo's board of managers will come into play. I asked a Trust & Estate attorney I know, and she said that right now an estate has all the rights of the deceased owner, but that there are changes slowly being made which will give a Condo board powers similar to those enjoyed by Co-ops.

Bottom line: Consult your attorney.

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Thank you so much for your feedback. It is most helpful.

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Hurricane Warrings - Steve-Inwood Nov 03, 2012

Maybe it is too soon to prepare for the next hurricane but I wanted to share this information while it is still fresh in our minds. The Federal Government maintains a website which gives warnings on impending hurricanes. Here is the address: http://www.nhc.noaa.gov/

You can sign up for e-mail alerts (there are many - so don't be surprised). On Thursday, the first predictions of a direct hit began. As a result, we were able to get the word out to our residents on Friday to prepare. I got a few laughs at first, including from my wife: but not any more. Buying food on Saturday was bad enough – the pictures on Sunday looked real bad and the shelved already looked empty.

As a result, the staff was able to prepare our property too. While we live in a protected area between two hills, we only suffered one broken branch and one broken flower pot. We also shut down the elevators, just in case of a power failure, so that no one would have been trapped under the thought that our first responders would have too much to do already.

Whether you believe as I do that God passed my co-op over, or luck, or location, being prepared in advance is much better then reacting at the last minute or afterwards.

Do we know of any co-ops still needing assistance at all?

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We weathered the storm but can do better. We are now starting to develop a full blown emergency plan and will be evaluating new safety features such as backup generators, enhanced signage, and redundancy in our sump pumps and key lifesaving equipment.
Another important aspect communication, we want people to understand the process. Heads up to all coop board members and managing agents, people should not store excess gas in their apartments or parking space, we have already had 2 such instances since the storm.
If anyone has experience with backup generators, please post your thoughts here so we can all learn from your experiences.
Thanks

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How many HPD built buildings have additional construction issues from the storm - Frankie Nov 01, 2012

Looking to find out how many built coops, condos built by HPD have serious construction issues and now they have additional problems due to the storm. Please name your sponsor....don't worry they should be publicly shamed.

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Extell / Lend Lease Crane Collapse at 157 W 57 - Carl Tait (CDT) Oct 30, 2012

Are any other board members dealing with the mass evacuations caused by the collapse of the Extell / Lend Lease crane at One57 (157 W 57)? We were evacuated by the FDNY on Monday evening right around the peak of Hurricane Sandy and have not yet been allowed to return. Because of the continuing winds, it's not at all clear when the mangled crane can be tied down so we can return to our homes. The whole area is surrounded by police barricades.

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Hi, Have you been in touch with the Board at the Osborne (205)? If not I will give you their info. Now I understand we are all in our hotels until Sunday or Monday. Good luck,
ellen

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Ellen, thanks for the reply -- and yes, I've been in touch with the board president at the Osborne, who was extremely helpful. (He and a resident of my building are both on Community Board 5.) After considerable work by everyone involved, the displaced residents of my building who had no place to go are now in a hotel in the Times Square area. If the crane work on Saturday and Sunday is successful, we're supposed to able to return to our homes on Monday. Let's hope that's the case!

The police and other agencies finally allowed our residents to make emergency visits into the building to pick up medication and similar items. After the initial frostiness and rebuffs of the early days, the police were actually quite friendly and understanding when my family made our short return visit.

Lots of interesting stories to tell when this is over. It has been quite an experience.

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Dear Carl, thanks for the note. My experience is exactly how u described, although I think it was too kind to call the initial police attitude frosty. They actually tried to arrest me when I tried to get by to go upstairs for my medication and such. I am in a times sq hotel now with my 2 dogs. I thought we were going to b allowed home today but apparently not. Oh well. Hotel life is not too bad! All the best, Ellen

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Ellen, I'm sorry to hear that the police actually tried to arrest you for getting your medicine! That's awful. We had one couple in our building who needed their passports for an international trip and couldn't get to them. Luckily, the absolute lockout was lifted with just hours to spare.

It has been a stressful period for all of us. I spent many hours on the phone and on the computer with Extell and our residents on Wed/Thurs/Fri ensuring that everyone had a place to stay. Our contact at Extell has been working very hard to find hotel rooms and portion them out fairly. And our residents have been cooperative and responsive.

By the way, I can't stress enough how valuable it was to have an e-mail list for the whole building. I sent 173 e-mails in a 48-hour period and was able to keep everyone informed. Residents were able to let me know their own situation and also pass along news items. (We have both a 1010 WINS reporter and a CB5 member in our building.) I send all e-mails using bcc: so the e-mail addresses remain private.

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Dear Carl,
Nice chatting with u. Just wanted to report that I am as snug as a bug in a rug this morning! I want to give thanks to our board members and Pres Joe Ferrara and especially our fearless building manager all who worked tirelessly to get us secured and then home.
Ellen

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coop and HPD violations - Jeff Oct 28, 2012

Copr refused to address several leak in an apartment. The shareholder calls the city. The city comes and issues violaitons and mistakenly uses the word 'bedroom' in addition to 'bathroom' where the leak actually was. The landlord requests access for a plumber + plaster guy to remove violations. The Mang Agent fails to mention that the shareholder might be responsible for any portion of the voilations and bedroom is in actualy in non-violaions condition (ie does not need repairs.) Repairs are made including unnecessary painting of bedroom Coop may attempt to bill shshdoer - even though they did not notify shareholder or divide up who is reonsible for what. Shareholder totlaly uninformed but did granted access as requested and thought they were otherwise cooperating. Mang Agent arrangesd all contracting work and retained plumber and painter. Who pays?

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in short: the shareholder allowed access to the landlord to repair what the SH thought to be violations related to leaks that are the coops responsible to repair and restore.
If there was work over and above and the lessee did not notify the shareholder he might be responsible and the SH did not in any way hire or retain the contractors - then who pays?

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Is this true/false, multiple choice, or essay?

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Is this true/false, multiple choice, or essay?

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domestic cooking gas meter usage - EM Oct 22, 2012

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.

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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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