I am a shareholder of a co-op in Queens. According to the proprietary lease there is a cap of 5% increase, but in 2006 the increase was 7.5%, plus an increase in subfee of 5% to 10% without notifying some of the shareholders. I will like to know if the amendements and the financials are suppose to reflect what happening in co-op to AG
Shareholders in our midtown manhattan coop have been discussing comparative maintenance levels in our coop relative to others in the area.
One shareholder and board member agreed that maintenance per square foot of apartment space is a solid way to compare.
Would anyone agree? Or offer another way to compare.
Also, if the above is correct, what would maintenance per square foot be to be considered reasonable or high?
Thanks for any advice offered.
What is the sponsor with 12 unit in a co-op with 47 units responible to paid, does contribute money for heat, taxes, or plumbing.
A co-op building with 47 units had a mortgage of one point five million dollars. The sponsor added three hundred thousand to the one point five million dollars, with a total of one point eight million dollars. When I questioned the sponsor about the three hundred thousand he states that's his retirement money and doesn't want to go further. For 47 units I think one point eight is a lot of money.
Can the board start eviction procedings without having a face to face hearing with a shareholder?
We sent a notice to cure to an elderly shareholder demanding she get rid of her small non-nuisance causing dog. SHe had the dog for many years, everyone knows it, but we decided to try to get her to do it anyway. She also has letters from doctors stating dog is emotional support animal. We decided to drop the legal action but now she wants us to pay her legal bills. Do we have to do that? She's threatening us with a harassment suit if we don't because we have other pets in the building. I think we should pay it -- especially in light of the ruling last week in favor of the sharehlder in a Queens condo also over a pet--the Board in that building has to pay 100k in legal fees as well as the defendant's costs. Boy, did we learn a lesson. Any thoughts?
Anyone have experience with an effective pest contrcator for pidgeons?
What is a conflict of interest? A board member whats to sit in on a family members sales application, board members who are friends what to vote on issues that pertain to one of them, policies may be circumvented because board members feel that they are entitled to jumping the list, or non compliance of carpet policy, etc. After the annual election and a change in positions, board members are all for relaxing the policies that they once defended to the end-why cause it helps their cause! What do you do?
If a shareholder is evicted via Housing Court decision, and loses their proprietary lease what happens to the share certificate? Does it revert back to the Cooperative? Or, does the shareholder still own their shares? In other words who can sell the shares once a shareholder is evicted due to non payment of maintenance fees.
Can a board member abstain from a vote if conflicted with the potential outcome?
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If your PL states a cap clearly, the 7.5% increase could have been made in error. As for the subfee, unless the PL includes that in the cap, the board probably acted properly.
Check with the managing agent or board about this. Or consult an attorney (but keep in mind, any legal action will cost YOU, as a shareholder).
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