ARCHIVE SEARCH RESULTS

Housing cooperative ownership has variations like tenants in common, joint tenants, or tenants by the entirety, impacting rights of survivorship.

Boards' decisions, protected by the business judgment rule, face challenges. Local Law 97 compliance decisions, if reasonable, may be protected.

Co-ops can recover legal fees when suing defaulting shareholders; in condos, this is uncommon. Board insurance covers defense in lawsuits.

Co-op governance challenges include communication on revealing financials, offering plans, and board minutes. Transparency is crucial, balancing openness with privacy.

Unique land co-ops in NYC involve shareholders owning house structures and co-ops owning land. Boards govern with shared responsibilities, navigating alterations and governance challenges.

CNYC supports proposed legislation for tax credits on projects reducing carbon emissions in cities, and highlights flood history reporting requirements.

Local Law 97 compliance can be complex. Building Information Modeling (BIM) offers virtual models to assess energy-efficient solutions, tailored by complexity.

Smart sensors and software detect water leaks in New York co-ops and condos. Cost for a typical deployment is around $10,000-$12,000 plus a $2/month per sensor monitoring fee. Potentially helps with insurance concerns.

The co-op, condo, and HOA sectors are experiencing significant technology disruption, enhancing efficiency and automation in management tasks. New software streamlines operations, offers real-time data, vendor access, and eases tech adoption through education and training.

Boards should proactively gather information about refinancing underlying mortgages, even before exact borrowing needs are known, to secure optimal terms and avoid delays. Expert advice is crucial.