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We did not used to have this but now, it seems, we do.
Basic UWS pre-war coop with no amenities. part-time doorman.
How normal is this?
the building has a debt-to-income ratio requirement of 19%; the combined monthly mortgage and maintenance costs should not exceed 19% of a buyer’s gross monthly income.
I wrote a long history of what was happening to my Private Coop 2630 Kingsbridge Terrace, Bronx NY. Don't know what happened to it! Basically we were hit with two maintenance increases in two years 13% total. Now we're hit with the bldg needs to raise $1,000,000 in 3 years, and it starts June 1, 2022 To fund some upgrades, and local law 11 requirements, and pay some fines that were discovered. We changed mgmt companies and they found out that the previous mgmt did not pay our vendors. This story is long. The Board has proven to be dysfunctional. They ASSUMED! the bills were being paid by previous mgmt, SO THE SHAREHOLDERS ARE RESPONSIBLE TO PAY! AGAIN1 PLEASE Someone, anyone contact me and tell me what I can do with this mess! I'M DESPERATE! 646 319-7372 OR EMAIL tHANKS!
What you have described about your old managing agent is considered Grand Larceny. With proof in hand I would report this crime to your District Attorney. WHY? It seems your secretary of the board and your executive board members should have known this.
Your new managing agent should have advised the boards lawyer and press charges and hold the old agent responsible for this crime.
Can you inform us of your ex-managing agents name so others boards not hire or have them. Best of Luck
As PC#1 pointed out, you're facing a long list of incompetence and possibly criminal activity. Your board, as the legal representatives of your co-op corporation, needs to contact the co-op's attorney immediately and inform them of what's going on. No individual shareholder nor board member should take any action on their own, except to contact your attorney.
In the event your board can't or won't contact your attorney, you may have to do so independently, but that is a last resort.
How widespread among the shareholders is the knowledge of what's been going on? It is better to work as and with a group on something like this and not individually.
Thank you for the information! All the shareholders are aware of the situation, as we were informed when they asked for this 1,000,000 amt in a letter. The previous management was Anker management 200 North Central Ave. suite 340, Hartsdale, NY 10530. I was told by a Board member that the previous board was "NEGLIGENT" NOT "CRIMINAL!" SEE MY FRUSTRATION! The board did not invite the atty to the annual meeting because that would cost them $500 for him to attend, I guess the accountant came for free, but DID'NT HAVE any financial information to give us! We a group of 4 have sent a letter to the Bronx DA Darcel Clark asking for an audit of both management companies. I have also reached out to an assemblyman to help try to guide us in this situation
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19% debt-to-income ratio seems rather restrictive, but I doubt it's unprecedented. That board may have had some bad experiences with under-capitalized purchases and the 19% ratio may be a reaction. Have you tried asking the board president or treasurer for a reason? Have you heard any rumors or facts about recent defaults or foreclosures?
I assume the imposition of the 19% ratio is recent. What was it before the change? How did you find out about it, formal notification or word-of-mouth? If yours is a small co-op with few units, financial difficulty in one unit could significantly adversely affect everyone else.
Every co-op is different, and as long as an action taken by the board can be objectively seen as being in the co-op's best interests, the board is protected by the Business Judgment Rule.
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