we had an illegal sublet in our coop which eventually ended after several years. . the apt. owner applied for and was granted a legit sublet but there is a rider attached to the agreement which gives 6% to our managing agent, Halstead (also a big broker) , if the apt. is sold to the tenants or anyone else. This does not, somehow, sit right.
Conflict of interest?
We put in a new elevator about a year ago and our managing agent was supposed to file a J51. He didn't and doesn't know if we'd be eligible or not. Based on some web-reading, it looks like, for Manhattan, if the units are valued over $40k, the building would not be eligible. Is that correct? Has anyone succeeded, in Manhattan, in getting a J51 abatement? Does your managing agent handle it or do you need a special lawyer to file? Thanks for info or suggestions!
(Posted earlier when the list serve was down). Happy to see it's back up again. Thanks.
I bought into a cond-op about 4 yrs ago. I always thought the idea of cond-op is a skirt around the 80/20 rule. Now that there have been changes (a loosening) of the 80/20 rule, what's the point of cond-ops? And will the rule change devalue existing cond-ops? We cannot get anymore income because we do not own commercial establishments. What can we do?
Has anyone dealt with metroPCS relative to the leasing of space for the installation of Antennas and equipment on your roof?
We heard your concerns, and have responded by bringing back the old Board Talk.
Enjoy!
Can a condo unit owner's failure to pay any NYC real estate taxes on his apartment ever negatively affect the finances of the building as a whole? And at what point in time does the NYC Dept. of Finance generally take action?
We are having a small change in our bathroom. The plumber we are using is recommended by the ManCompany and has worked extensively in the building. The whole job may not cost over $500..
BUT we are being charged $350 (non-refundable) fee from the MangCo, for processing the papers... Our last manCo charged $150... is this normal,,, what does your MangCo charge?
AliceT
Any advice on this situation?
In our smallish building of under 35 units, our Super spends more than half his day sorting through each trash bag thrown down the chute in order that our building comply with recycling requirements.
If only our residents would do the right thing and sort their trash - but most/many don't. Meanwhile our Super can't get to his other important duties.
What are other small buildings doing about this?
Our building is 52 units and resides in the Bronx. Has anyone experienced switching over from Cablevision to FIOS? FIOS is coming to our area and need to know how difficult it is to change communications, wither your in contract with your cable company or not.
Thanks
Pres.
I bought into a cond-op about 4 yrs ago. I always thought the idea of cond-op is a skirt around the 80/20 rule. Now that there have been changes (a loosening) of the 80/20 rule, what's the point of cond-ops? And will the rule change devalue existing cond-ops? We cannot get anymore income because we do not own commercial establishments. What can we do?
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If you raise the question, then it a conflict of interest. However, the conflict of interest in this case may have to be analyzed and, if sales are allowed by the company, then there should be some disclosure requirements on their part prior to acting as real estate representatives.
Usually, management companies may run a real estate as a branch of the busines, separate from the management function; it's a way in which management companies supplement their income. There may be some advantages to having the real estate branch represent your co-op as they generally know the building more intimately - amenities, population, house rule practices, etc. Also, they may have more inside information that you do not want to be shared.
IN one of the Habitat Magazines relating to legal counsel opinions, one of the opinions stated that the Board should abide by the most stringent rule of conduct possible and avoid any type of conflict of interest. I agree with this position as trust in the co-op community is critical to establish and maintain.
AdC
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