A condo board faced legal trouble for installing cellphone towers without notifying unit-owners. Boards should notify owners, even if legally allowed.
A condo board faced legal trouble for installing cellphone towers without notifying unit-owners. Boards should notify owners, even if legally allowed.
Eviction in co-ops involves nonpayment or objectionable behavior. Monetary issues with a recognition agreement are straightforward, but behavior cases are contentious.
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.