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Homeowners during a recent meeting have asked why the board has not created a large enough reserve fund to pay for the now estimated $15m window replacement . In our annual audited financial statement there is always a paragraph that says " the board has elected not to estimate the costs of repairs and replacements". Do most condo do this?
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What happens when the developer and property manager fail to maintain proper records and disclose monthly reports to the homeownerrs? Hiding accounting and auditing information is a violation of constiutional rights. There appears to be a need for an ombudsman saparate from the AG's office that maintains the offering agreements as the REAL PROPERTY LAWS in New York do not currently operate to protect the homeowner.
Hense when 5 leaks appear in the same spot because a doorman , handiman or unlicensed plumber fix's a leak painting over it what happens is MOLD!
What happens when the board and developer fail to hire a proper engineer and hide a video that was done internally to assess buildingwide deficiencies totally over 7 million dollars? Hiding material information from homeowners and others is illigal and should be stopped. A borad and president have a fiduciary responsability to act in "GOOD FAITH" and report the necessary information to its homeowners. In this case witholding matierial infrormation about toxic MOLD is also dangerous and acts a pusblic nuisance to its owners, tenants and any other buildings the develper owns and operates.
Chetrit Sold $1.6M Condo Full of Mold and Mice, Resident Claimshttp://www.dnainfo.com/new-york/20140324/midtown/chetrit-sold-17m-condo-full-of-mold-mice-resident-claims-lawsuit
""They defrauded me," Schottenstein, who has the autoimmune disease lupus and cannot enter the apartment without wearing a surgical mask, told DNAinfo New York. "This was supposed to be all new plumbing, new electrics, new mechanics. And that was not the case."
Real Estate Mogul Chetrit Takes Heat from Quinn & Tenants Over Hotel Violations
http://jewishvoiceny.com/index.php?option=com_content&view=article&id=3696:real-estate-mogul-chetrit-takes-heat-from-quinn-a-tenants-over-hotel-violations&catid=116:real-estate&Itemid=299=
A.G. Schneiderman Files $1.3 Million Lawsuit Against Real Estate Developer For Selling Defective Condos
"“Purchasers have a right to full and accurate information about what they are purchasing, and should be able to rely on the representations contained in an offering plan when making a significant investment. We are seeking restitution for the purchasers who were ripped off, in addition to strong penalties for the developer who defrauded them.”
Why hasn't the AG office removed the OFFERING AGREEMENT that is in fraud, failure to place new pipes, plumging, mechanics in one of their buildings? Clearly this is a black and white issue why isn't there action here?
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I guess you would need some of the popular accounting firms (cpa's) that do coop and condo audits to review the financials that they prepare and count up their annual reports to find out. Maybe that's a question for the Cooperator to ask when they mail out next year's COOP Expo invites.
At this time, the estimation is not required by any laws. It is also not free. The board would need to hire an engineering firm to examine all the properties from roof to basement, curb to curb and estimate what repairs are needed short term and estimate the useful life of major items, such as boilers and other HVAC equipment, plumbing, electrical, roof, retaining walls, etc. and project the replacement and repair costs down the road. You would need to do this probably every 5 years or so, to keep up with completed projects, aging and deterioration.
A reserve fund is your money, in excess of the current operating expenses. Few people want to contribute extra for the rainy day. It's one thing to have to pay via assessment for window replacement that would benefit you short term, it's another to sock the money away for that new boiler needed in 15 years, probably after you've moved out.
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