ARCHIVE SEARCH RESULTS

New York City apartment dwellers are always looking for more space, but the basement and penthouse floors of their buildings often remain unused, and could potentially be converted into storage units or other amenities for the co-op. (Print: Space Oddity)

Insurance brokers are working to lessen the sting of premium increases by getting proactive about renewals, looking for value rather than the lowest premium, and delivering the news early to allow boards to adjust their budgets accordingly. (Print: INSURANCE STICKER SHOCK)

Parapet wall inspections are due by December 31, with the goal of ensuring public safety, but there is confusion as to what constitutes a parapet, who does the inspecting, and what counts as preventing access. (Print: Confusion Over Parapets)

Co-op shareholders are increasingly transferring their ownership to trusts for estate planning and avoiding the lengthy administrative process of probate, but boards must ensure that they have protections in place to identify who is responsible for the apartment. (Print: TIPS FOR A WATERTIGHT AGREEMENT)

Boards can take action against objectionable behavior by shareholders or their guests, providing proper notices and holding special meetings to discuss the issue before voting on eviction. (Print: PROVIDE OPPORTUNITIES FOR RESOLUTION)

Co-op and condo boards should ensure they have adequate indemnification clauses and D&O insurance to protect themselves from personal liability in the event of lawsuits, as the Business Corporation Law only offers mandatory indemnification in certain circumstances. (Print: Make Sure You Are Protected)

Unpaid common charges can be a disastrous burden on condo boards, but prompt action such as withholding amenities, filing a lien, and negotiating a solution can help resolve the issue. (Print: MOVE QUICKLY AND CONSIDER MEDIATION)

Boards should be aware of the potential liabilities associated with holders of unsold shares, and consider implementing proactive measures to ensure compliance with safety and insurance regulations. (Print: APPLY PRESSURE AND TAKE PROACTIVE STEPS)