Hi Everyone,

Love Habitat Mag Forums. Have found much useful information here.

Our Co-Op Fishermans Wharf in West Babylon, just made a video of all our major Capital Improvement Projects since 2009 and thought everyone might be interested.

http://www.youtube.com/watch?v=O1Y752Vsl3g


If anyone has any questions about the projects for anything they are working on, please let me know.

Regards.
Eric

Has anyone determined that they had federal pacific circut breakers in their building and replaced them due to fire hazard
How did you identify that they were federal pacific

Pur prop lease (co-op) it states:
"As long as the sponsor owns any shares, the apt corp. may not impose on shareholders any assessment whatsoever except by vote of 100% of issued shares unless the reserve fund is under $15k or irrevocably committed to other improvements."

we are haveing our annual meeting this month. we are trying to install a new board. we are not happy with what the board has done this past year. we are suposed to vote and accept the actions of the board. we plan to table the vote till the election is over and if we get elected then we can see the financial records and then determan if we can vote to ok the past years decions of the board. can we do this?? one of the decions of the board caused a lawsuite to be filed with the human rights commission and a lawsuite against a shareholder who insisted the co-op fix the leaking roof that was inundating his apt. can we be forced to vote to accept the boards actions.?

we are haveing our annual meeting this month. we are trying to install a new board. we are not happy with what the board has done this past year. we are suposed to vote and accept the actions of the board. we plan to table the vote till the election is over and if we get elected then we can see the financial records and then determan if we can vote to ok the past years decions of the board. can we do this?? one of the decions of the board caused a lawsuite to be filed with the human rights commission and a lawsuite against a shareholder who insisted the co-op fix the leaking roof that was inundating his apt. can we be forced to vote to accept the boards actions.?

My coops windows are leaky. I could swear I saw my plants swaying from the cold winds and there is a draft. What do you recommend I do? My coop board is unresponsive and I have the worst managing agent.

which is part 2 - is there a comprehesive list of worst managing agents. I

I'm writing about how different boards handle homeowner tax abatements.

Most seem to assess homeowners an equal amount, in order to build up the reserve or operating accounts. But some pass them along directly to homeowners.

I'd like to speak with board member at a place that passes it along directly, as a way of showing that there are different ways to handle abatement proceeds. Please contact me at flovece@habitatmag.com ASAP. I would only need 10-15 minutes of your time on the phone.

Pur prop lease (co-op) it states:
"As long as the sponsor owns any shares, the apt corp. may not impose on shareholders any assessment whatsoever except by vote of 100% of issued shares unless the reserve fund is under $15k or irrevocably committed to other improvements."

Does anyone know if "right of first refusal" can be exercised by NJ coops?
Have any coops in NJ tried this? I've suggested to our Board, to add this to our bylaws/proprietary lease as a way of maintaing value in our building as I've read a few NY coops have done. There have been a few 1 bedroom units & a two bedroom "dumped" recently which is ruining comp sales and the ability of shareholders to refinance.

Are there any downsides to doing this? We have a line of credit at our disposal so we could act quickly. Given Hurricane Sandy, there is a shortage of rentals as well as housing in our area, If we needed to rent out the newly acquired unit vs trying to flip and sell it, is this a bad idea? Should you always buy and then try to sell immediately? We believe we could make at least $25,000 doing this if we bought and then resold. Past articles say to only do this if you can realize a certain profit.

Is this option not available for NJ coops?

We have an illegal (unapproved) sublet. Fairly recent purchase, buyer advised he must wait 2 years before applying to sublet and that it is not guaranteed. Ownership is under 18 months now. Other than having a lawyer letter sent, what is an appropriate fine/penalty other than moving to revoke his lease? No bank mortgage on the unit.