Does anybody know of an HDFC that uses its own recognition agreement rather than Aztech? And can an HDFC recoup its flip tax (in our case 50%) in the event of a foreclosure?
> Join the conversationI found that there is no protection for shareholders from corrupt and self serving board members in housing cooperatives. A handbook informing shareholders of laws pertaining to what is involved as a shareholder in a cooperative should be printed. Who is overseeing the shareholders once they purchase their apartments as their first homes? Shareholders have become so detached from their purchases because they feel no one cares to hear them out. The bylaws, prospectus from the conversion in most cases have not been revised to today's standards. Many boards use outdated laws to their advantage to argue and get over on shareholders when problems arise. More organizations should be formulated to engage shareholders in housing cooperatives. This magazine is a big help in many ways but most shareholders are not acquainted with it. We need more resources to educate us. Thank you ever so kindly!
> Join the conversation Comments (3)Our Co Op has sold record sales for apts. I find this crazy because these people that paid $750,000 to 1.1 million can not sell if they out grow 1 large bedroom or 2 bedrooms. Why? The flip tax is 4% broker fees are 4 1/2 to 6% for these share holders who want to sell in a few years they need to raise the cost to $900,000 to pay out 10%. The problem with lowering the flip tax is 98% of board members will never want to sell, they are here to stay. The new buyers are young and some with small children. Our area was hot but now Kennsington is selling apt.s for $350,000 to $425,000 some have no flip tax others have 1% and others buyer pays $1,500. I would like to have a share holder vote to lower the flip tax. We have great financials with well over 2 million in reserve. We have been very lucky with no bankruptcy or foreclosures. No one can predict what 2018 will bring. We have other share holders that brought this up but the board president changes the subject. Any suggestions? Thank you
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Annual shareholders meeting coming up. Current board members are OK but I'm not keen on voting for them and I'm not keen on running either. What do I do if I don't want to vote for them but they are running unopposed?
My Coop requires minimum resale value which are unrealistic. Often, units are on the market for months and some for over a year. Do I have any legal recourse.
> Join the conversation Comments (2)
I sat down with Ed Mackoul from Mackoul & Associates (a local NYC Insurance Broker) to talk about something that is coming up frequently; gas leaks - and insurance coverage.
For anyone interested: https://www.youtube.com/watch?v=lepKFxbG4Jc&t=2s
Also, my full channel with about 60 videos can be found at www.youtube.com/excelbradshaw
After 7 years my CoOp raised the garage rental 3% which is $2.40 total monthly garage rent is $82.40 The building can only have 36 spots available out of 150 families. The reason for this very low rental is because 5 out of 9 on the board has spots. This a quorum so for all these years they have not raised the garage until now. Why? To shut up the majority in the building thinking we all are idiots thinking that we all don't take this as an insult. The waiting list is about 12/15 years to be in the garage. These 36 renters feel we who are waiting or some who don't even drive are subsidizing the garage. So every year they raise the share holders maintenance to 3% and takes an assessment of 9.45% or $115,000. But they are a bunch of idiots because they get a raise also. To try to change this board is to vote out the quorum. In the mean time how do all 119 share holders try to have them raise this rental to market value? Monthly passes on the MTA is over $180 a month.
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For those living in a co-op apartment, is your building management company transparent to all shareholders about what your superintendent or handyman's hourly billing rate will be if the the management company chooses to have them complete an emergency repair job in your apartment?
I am having a great deal of difficulty obtaining a proper itemized invoice for time-sensitive work that was completed in my apartment by my super and my managing agent continues to brush me off like I am asking for something out of the ordinary by requesting more detail on the super's invoice, i.e. super's hourly work rate, cost of materials used.
Hi, the gas to my building has been shut off by Con Edison for a week now. The management company has not given the reason for this to their tenants and give no estimate for length of time to repair. Their statement seemed to blame Con Edison for the gas shutdown. I contacted Con Edison and they informed me that there was a gas leak detected in the building and that the gas was subsequently shut off. Con Edison also informed me that it is the building's responsibility to fix this and it is at their discretion as to how quickly this is done. However, the management company admits nothing and it quite argumentative about it and has not offered anything to it's tenants (considered a luxury building) other than an electric stove top. I think that the tenants deserve rent abatement and honesty about the situation. An educated suggestion(s) for me would be most appreciated. Thanks.
> Join the conversation Comments (2)I recently rented and moved into a 100+ unit condominium building with my 10lb service dog. I provided the HOA and board members with her documentation as well as medical documentation stating the need for the service animal. My concern is the HOA has a rule that all service animals must be CARRIED in- and out of the property. Last week, due to this strange request and while carrying my Pomeranian, I slipped and feel outside of the condo in the rain- landing on the dog in a puddle of mud, and injuring my wrist and shoulder. The following day I was too sore to lift and carry the dog while riding the elevator down; once the lobby doors opened I was instantly screamed at by one of the residents. I am having a very hard time finding a law in the ADA.gov that states a HOA can impose such a rule- There has been nothing but rude remarks, unpleasant stares and overall rudeness by other resident sin this building- please note this was the first and only time she was not carried in/out of the building. I am tried of the harassment and frankly feel very uncomfortable living here. Is there anyone who can give me some advise or send me in the right direction? I've been calling lawyers all day and cannot find anyone who handles this kind of ADA discrimination...thank you!
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Amen to that! I have completed a complaint form to the NYS attorney general ES. I have been living a nightmare for so long and my dump is for sale. Open house this weekend and next and the one after that! I may drop $5,000 per week until I unload. They pulled a Pullman on me and the MA admitted half the info was untrue. That's what he admits to the facts are it's all BS. Some partial truths but very twisted! So today I receive notice from my sister they sent her a letter claiming I am moving things out and damaging the elevator. My sister who "owns" half lives in another state and is often away on business just forwarded the information to me dated December 10th I believe. Well since I have not yet begun to move this just more harassment from some very creepy individuals. I emailed them and told them any response should be sent email or snail mail NO CALLS. They are horrid people who lie and instigate and because of this I don't want any verbal communication. They are abusive, rude, condescending, and irritating to speak with. I am a straight shooter like it or not and their BS has an effect on my blood pressure. So tonight as I was walking home from the grocery store I ran into these to MAs ( major a......s). The cursory greetings and then I addressed the complaint of my moving and damaging the elevator. They both claimed they had no idea.... but we just communicated via email today, I got a response so how is it possible that they have no idea? It's not they are full of it as usual. Then the owners son one of the MAs said you are harassing us. To this I replied "no you are harassing me and payback is a b...h". The letter which I just received a copy of today is dated December 10th I believe. Definitely December anyhow. They are so creepy! Another shareholder told me you need a lawyer and confided they too were getting the hell out of dodge. My response was " that is no way to live" and he agreed. I don't want am to hire an attorney over a tomato plant (another issue). They want to charge me for damage to their old and decrepit elevator. It is original to the building (1940) tiger oak stained to look like mahogany (gross). It has all the puck marks and scars from the past 80 years and looks really bad. The floor is filthy and there are paint splatteres and spills. It has some nice old brass but it is filthy and disgusting. I cleaned the brass once myself because it is really nice. But I was unable to bring it to the shine it deserves because the filth was just too thick. It looks a little better I have other things to do. I am completely outraged at their ability to pull this crap and get away with it! I will never again put myself in this position! I am disgusted that co-op owners have zero protection from these sorts of monsters. Co-ops came about in NY as affordable housing. But now all you hear is business rule! Screw business rule this is supposed to be a home! It is not a business to me and I don't appreciate the MAs or the creepy super speaking to me like I am one of their subjects. I write to Eric S regarding this and I am not happy with him at all. I supported him in the past but made it very clear he will get nothing from me in the future if he does not address this serious issue. I have suffered so many indignities here that I believe it has taken a toll on my health and shortened my life. I just want to get out of here alive so I can have some peace before I die. Also our former super was a violent felony offender, narcotics distribution and altered weapon. He was horrific, when I complained the board insisted he was the nicest guy and opted to take his word over mine. I was so frightened of him that I had to take in a male roommate (champion wrestler) in order to feel safe. I was afraid to go in the hallway when he was present and he got all his derilict friends side jobs here. This has been a life changing experience that I need to recover from. Yes I have seen the underbelly of the beast. Sickening and disturbing because it is occurring in many co-ops and unless you want to litigate for $50g you are screwed. I pissed and plan on doing something about it. Very relieved to see this notice instead of the same old song and dance routine on this board. Especially after the horrendous encounter I had with the 2
MAs. Thank you I am with you 100% people should not have to live this way. I need a good attorney who has handled these type of monsters. Please feel free to contact me if you can help.
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