Hi fellow Board members. The Condo Association is considering utilizing our right of first refusal to purchase a unit that is underpriced. We would then turn around and sell it and make a profit. it is a risk but a relatively small risk. However, we would need to get a mortgage to do this. Can the Condominium Association get a mortgage to buy a unit?
Our management agency says no ... only for capital improvements. That doesn't make sense to me ... they would have the unit as collateral as well as the income stream from common charges. Of course, we would have to get a majority of unit owners to agree to the loan and purchase. I look forward to your feedback. Thanks.
Our current Porter is retiring. The previous board allowed him to purchase a unit at the beginning of this year knowing he would be leaving his position this September.
Since then a new board (me and three others) have been elected. We are in the process of hiring his placement. The son (26 years of age) of one of our cooperators expressed interest in the position by submitting his résumé.
I am writing to you to know whether or not this is an acceptable practice. It was always my thought that this would present a conflict of interest. I find that other board members have mentioned giving him a chance. I would just like to hear experienced thoughts or any laws pertaining to this issue.
Your time and consideration is very much appreciated.
Thank you,
Angela
We've been very frustrated with our current service provider (a large, well-known laundry company with a bad reputation for service). They bought out a company we used for decades, who gave us great machines and reliable service. Since they have taken over, our previously reliable machines mysteriously break down frequently, the dryers no longer produce heat (as if settings have been changed), our service calls go unanswered for weeks, frequently malfunctioning machines don't get replaced, and they hike rates without approval, despite this all being against contract terms.
We are looking into smaller, reliable companies that offer laundry room renovation, newer, eco-friendly machines, and a good monthly fee (we had a great fee with the previous contract and I suspect they may be intentionally trying to break the contract). However, there is little known about some of these smaller companies. What are your thoughts or experiences with Hi-Rise, Aces, Sky Laundry, NKR, Birchwood or the like?
The neighbor above me installed this with a new fridge. Subsequently there was a very
damaging leak.
The Superintendent covered up the source of the leak (the guy upstairs is a big tipper.).
The Super has again worked on the line (no leak - yet).
Is it normal for super's to work on shareholder refrigerators or their attached ice-maker lines?
I am concerned the leak will happen again.
What can be done?
Our board and managing agent is in total denial about the continual misinformation give to them by the super.
Hi,
Anyone have any good stories (or bad) about making the switch to Fios and ditching Time Warner? I was told the process could take up to a year and while they might check old lines and see if they can use them - many lines need to be installed.
Thank you,
A shareholder left on vacation, and a slow leak from his toilet caused damage to the unit below. Our property manager is saying that the co-op (Lessor) is responsible for the costs to repair to the plaster damage, and that the shareholder (Lessee) is only responsible for the cost of the painting in the apartment his toilet caused damage to.
Since the damage was not caused by a building system, (like a pipe inside the wall) why is the corporation responsible for any of the repair costs? Shouldn't the shareholder make a claim against his homeowners insurance or pay for all the repair costs or pay for it out of pocket if it doesn't meet the deductible?
Any opinions or experience with this?
Thank you
As I understand it, you may list a room in your apartment in a coop for 30 days or more (not for shorter terms.) You can have one occupant as a roommate so this fits under that. You must be concurrently in the apartment.
Our coop proprietary lease states that tenant shareholders bear sole responsibility for the repair and maintenance of their terrace structures who have excluse use of their roof terraces reasonable wear and tear excepted.
One of our apartments has had numerous repairs and decks built over the years on its roof terrace by various owners.
The present owner wants to build a new wood deck due to rotting of the old one. The coop has advised him to replace the existing roof as it has not been replaced in over 15 years. He feels it is the coop's responsibility not his. Since previous owners have repaired and built structures on the exclusive terrace roof, isn't the present owner responsible for the repair of his exclusive roof terrace?
Our coop proprietary lease states that tenant shareholders bear sole responsibility for the repair and maintenance of their terrace structures who have excluse use of their roof terraces reasonable wear and tear excepted.
One of our apartments has had numerous repairs and decks built over the years on its roof terrace by various owners.
The present owner wants to build a new wood deck due to rotting of the old one. The coop has advised him to replace the existing roof as it has not been replaced in over 15 years. He feels it is the coop's responsibility not his. Since previous owners have repaired and built structures on the exclusive terrace roof, isn't the present owner responsible for the repair of his exclusive roof terrace?
If apts owned by the sponsored are fined by NY is it the building or Sponsor responsibility to make the payment?
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From what I've read from the BCL, the board of directors are able to do many things, even if the shareholder's do not agree, but they must be doing it in "Good faith" and in the "Best interest" for the coop.
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