You cannot not.He enjoys the same benefits as the sponsor. Make sure he is a registered investor and if not report him as he has taxes to pay. He cannot benefit from the various abatements. He probably will not be able to sit on the board ever and most importantly he cannot live in his apartment. I read an article on sponsors and investors online. Keyword your query and your answer will be in "black and white"
we converted to a coop in 1986. Recently the sponsor sold an apartment to a "Investor" who now sublets it without paying the fee to the coop. This seems to be a terrible precedent and has not happened before. what should our board do to stop this?
Thank you for recommending Trident Recreation, our president of the board spoke to the owner but although he was soooooooo nice he was unable to help us because they only service outdoor pools. So here I am again asking if anyone knows of a pool managing company for a indoor a pool. Thank you
I'm a HABITAT writer doing an article how a co-op/condo board can create a policy and a price list for minor in-apartment work that building staff can do (fixing a cabinet door, installing an air conditioner, mounting a TV wall-bracket, that sort of thing), as an amenity/convenience that makes the staff some money and for which the co-op/condo takes a fee (or not).
If you have such a system and you'd like to help your board-member community with some practical advice, please contact me at flovece@habitatmag.com. With thanks, --Frank Lovece
Hello:
Has anyone utilized the services of a company called Greensmart? Our Board just had a presentation by a representative from this company and it appears to be a positive move should we decide to proceed.
If anyone has experience with this or a similar company, specifically in actual savings and shareholder acceptance of initial installation procedures, your feedback would be greatly appreciated. Thanks.
Hi: It is my understanding there are pool companies that come in and do all the work to get a pool up and running. Does anyone know of a company that is reliable? Our condo's are in Brooklyn...
Thanks.
Hi All
Can anyone recommend a handyman for our condo's. We have 80 buildings 4 condo's to each building. /We are looking to outsource our handyman work and would like someone reliable and in the area. We are in Dyker,Boro Park, surrounding areas are Bay Ridge and Bensonhurst. Any recommendations?
I heard that Bellmarc Property Management was purchased by Douglas Elliman Property Management.
Some insight, please:
We have been discussing two ongoing noise issues in our building. The first is an elderly shareholder who hears noises in her kitchen walls. The Board has spent $1100. to have this issue addressed by an independent engineer. The professional determined that any noise was not at a decibel high enough to warrant a complaint.
Our managing agent is now recommending that we offer to have her kitchen walls insulated. I say we have done our due diligence and if the shareholder wishes, she can attempt to rectify the "problem" on her own.
The second issue involves a Board member who has been in a 7-year feud with her upstairs neighbors. She claims that they make noise above her at all hours. They are a professional couple with a young child and a new baby. Two years ago, she managed to have the corporation's lawyer send the neighbor a legal letter, without the Board's knowledge or approval. The corporation ended up absorbing the cost. The upstairs apartment was also inspected by management and found to be in compliance with our 80% floor covering rule. Now, this Board member is threatening to take the matter to court. Our managing agent suggests that the Board consider offering to carpet one of the bedrooms in the upper apartment, on the premise of avoiding court costs to the corporation.
I say no way. In both cases we have shown due diligence. In the second, I find it disturbing that the issue is treated on the premise that a problem actually exists, and one which has already cost the corporation money (the legal letter). Furthermore, this Board member has a history of harassing her neighbors and I feel it is insulting to have the shareholder body foot the bill to comply with her wishes. Lastly, should we follow our managing agent;s recommendations, I feel we will potentially set a very expensive precedent for future issues.
I would be interested in your thoughts on this, particularly if any of you have been in this situation before. Thank you,
Michael C.
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If the sponsor sold to the apartment to an investor who has never lived in the unit, then the investor is a "Holder of Unsold Shares" and may sublet to anyone in the world until the end of time without board approval or sublet fees. Sorry about that.
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