Does anyone know what are the risk of a new construction condo where the contractor has the 51% majority? The building has no mortgage on it but because the majority of condo's have not been sold we cannot form a board. Help, before I buy. Thanks.
looking for an inexpensive lawyer (under $3,000) to handle a $275K refinancing of our underlying co-op mortgage with our current lender. Our lawyer wants to charge $3,800
Does anyone know - do you file in housing court or small claims for a breach of the warrant?
Does anyone have anything to say about All Area Property Management? Are they Good. We are thinking of hiring them
We have a board member whose apt seems to be the source of a chronic stench of garbage and pet odor. It's the first apt. when you come into the building and it's terribly offensive. What can we do? He has been a chronic offender with pot smell and noise but has enough votes to get himself on the board. Does it matter if he is on the Board or not? Should we call the health department or demand an inspection? Thanks.
Our board is evaluating a co-op purchase application and many of us are new to this.
One thought is that we would like to see an income to housing ratio of no more than 28% with liquid assets after closing of, at least 1 and a half times yearly housing costs (mortgage and maintenance).
Is this a good yardstick?
We are a five story co-op in Inwood and are planning an elevator re-hab. Our best bidder is El Tech. Has anyone worked with them and have any positive/negative feedback that might help us?
Hi
I am writing to solicit this community’s thoughts, advice, and comments on our sponsor issue.
Our building converted in 1984 – today the sponsor still owns 55% of apartments and 60% of the voting rights. They have no motivation to sell because they are clearing good money in rent. The sponsor is also the managing agent. There are 5 seats on the board 3 residential board members – 2 sponsor members.
Many aspects of NYBL are not followed – meeting minutes are not recorded, records of shareholders are not current, apartments are transferred and there are no resolutions just an email here or there, infect there was a garage increase implemented – but no meeting minutes to record it and no resolution to adopt it…. Very suspect….
Forget about Capital planning and financial management – they don’t have the experience or contacts of making our building structurally and financially sound.
We actually have made some progress since my joining of the board least year – but when we push back things get murky – late night renovations – We now have college dorms in our co-op building. Additionally, we fail to meet NYC building code – think no need for an EPA certified contractor, Fire extinguishers that are updated, painting sprinklers – why bother – Months after asking for a copy of our elevator service agreement – the one I was given was from 1984 and signed by the sponsor….
We are at the boiling point as I don’t want to be associated with something that is breaking all the rules of the prop lease, NYBL, and the spirit of a residential co-op. And since the sponsor has no intention of selling apartments – we have to plan the next step.
If anyone has experience with the attorney general, or experienced lawyers who can assist us, please let me know – My email is public.
If you want to know more of the situation – please let me know, I was thinking of creating a working group to help brainstorm ideas etc. Something has to give --We have a beautiful building, and good people, but we are heading in a bad direction.
Thank You
We've obtained a proposal for managing our LL 11 facade work (a project which will be in the mid-6-figures).
The rates proposed are $305/hour for the engineers and $235/hour for staff members.
Does anybody know how these rates compare with other engineering firms'?
Also, they want to reserve the right to increase their rates (over and above the $10/hour that will kick in on Jan. 1 of any year. Is this a usual and customary provision?
Also, the engineers want the right to veto arbitration in the event of a dispute between them and us. Is this common? Desirable?
been going over everything in the building,
an owner of unsold shares, somehow evicted the resident that was there at conversion, and moved her adult children in, They were there for well over 5 years.
i noticed it is still being carried as unsold shares, it is now rented to a non family member.
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You can file in either one according to the results you want, monetarily or otherwise, for a breach you can also file in Supreme Court.
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