New York's Cooperative and Condominium Community
In the case of our 12-building co-op, the Cozy covers have now been installed in at least 80% of the units. Thus the Co-op has met the standard of the law and need not worry about being out of compliance. Despite that, as shareholders we agree that the board has the right to require Cozies to be installed in remaining units, if it so chooses. However, this would means requiring some shareholders to demolish thousands of dollars of custom woodwork and other installed renovations — shelves, cabinets, etc, and in one case, a wall. The board is saying that individual shareholders must bear the cost of demolition and replacement alone, and to accept the corresponding reduction in value of their units and the loss of habitability and enjoyment during this work. It is saying that individuals must find and contract for these changes and complete them by Jan 2023. Moreover, it has established a near deadline (July 1) for committing, beyond which shareholders will be fined. It threatens legal action against shareholders who do not meet these deadlines, and has refused thus far requests for a meeting with those affected. We regard this policy as a wildly inequitable special assessment on a minority of shareholders, requiring them to pay far more than their proportionate shares for a co-op–wide project. We hope that the board will reconsider granting exemptions to shareholders who can document their built-in renovations, saving the co-op as well the unnecessary expense.
Join the Conversation Comments (0)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.
Habitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
Search, by word or phrase, all magazine articles from January 2002 to present. You may print or email your results. Print subscribers receive free access to the Habitat Article Archive.
Learn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments
Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise
Got elected? Are you on your co-op/condo board?
Then don’t miss a beat! Stories you can use to make your building better, keep it out of trouble, save money, enhance market value, and make your board life a whole lot easier!