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I live in a coop in Brooklyn, NY. We've had no gas for an entire year. The Board claims National Grid shut our gas down due a reported gas leak by a resident. I can understand this taking a couple of months to repair due to the size of the building but an entire year? This is outrageous!! A litany of calls to 311 and similar NYC agencies has yielded no results. Anyone have any suggestions on how to force management to speed the repair process? And by the way, they've increased our maintenance fees twice since this saga began. Many shareholders believe its part of an intricate scam designed to build cash reserves and legitimize - on paper anyway - the property as a profitable acquisition for real estate investors. Appreciate any feedback and sorry for lengthy post.
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I can't understand why your board would subject themselves to no gas for a year, unless they all have electric stoves. Your board is also included in increased maintenance. Why are you the only concerned share holder?
Please contact: James Ratliff 438 4th St. Park Slope 718-768-0025 you can consult him for free. He is the best.
I would call National Grid and find out the truth about the shut down. Also rally your fellow share holders, you can have your co op remove your board. Sounds like somethings going on with your finances. Let us know what James has to say. Best of Luck
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Sorry to hear about your situation. I know gas leaks can take a very long time to locate and repair to the satisfaction of the Dept of Buildings, but a full year sounds very excessive.
There are a few solutions I can think of.
The first and most expedient but most expensive would be for all aggrieved shareholders to join together and consult with an attorney. Simply being contacted by an attorney representing shareholders might be enough to jolt the board into action. A "lawyer letter" might be all that's needed.
After that, consider putting up a slate of shareholders to replace the board at the next annual meeting. If that is too far in the future, consult your co-op's bylaws to see how to remove board members. Again, just the potential for such an action might shock them into action.
If the board's actions are for the reasons you believe, you will be faced with increased board hostility and probably retaliation. In my opinion, working with a lawyer is your safest option, because your attorney will protect all your interests.
Remember also that the board cannot unilaterally dissolve the co-op corporation by selling to a real estate speculator. Doing something like that would require a supermajority of shareholders voting in favor. The exact requirements should be in your proprietary lease. Even if they could sell the building to an investor, all proceeds from the sale would have to be distributed to all shareholders based on the number of shares each owns.
Boards have been known to attempt very underhanded tactics. You know best what vibes are being given off by the board when it comes to fixing the gas leak and increasing maintenance. Even if you're only able to get 10-15 shareholders together, the cost per shareholder for consulting an attorney would be minimal, and the value of the consultation, priceless. :-)
Best of luck to you.
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