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this co-op became official around 25 years ago.
i was here .
we still have the same building manger, who was the sponsor.
i wanted to get someone else twenty years ago.
now i see how we get the round robin of building agents, the people at one building get fed up ,so they just keep moving them around.
Since there are a lot fewer sponsor owner apartments, now the assessments begin.
The managing agents let stuff go, till it became a big job.
continues toi happen today, holes in driveway that are going to cause an injury.
Just had some plumbing work done under the bathtub , between the floors. The bathtub drain pipe was cast iron, not copper, building built around 1960's
first, the co op doesn't have an attorney, they use the managing agents, who was the sponsor.
the sponsor no longer has control of the building as board votes. The board keeps thinking the managing company the sponsor converted themselves into is upstanding and doing a good job, i see other other wise.
i was just wondering if it is common for coops to still use the original sponsor as their now managing agent. I would think a smart group of people would get away from the original owner.
The managing company plays rotation of incompetent managing agents. When one board complains too much, they shift the bums onto the next unsuspecting building/.
A real managing company would not keep these types of people on their payroll.
In reality , they always had control of the building, even though they gave the board seats up after the specified time frame, we are talking past 25 years now.
Now we are getting assessed for stuff that should have been covered by preventive maintenance. I will contact the AG.
I manage about 5 buildings for both the sponsor and coop and it works well even in the buildings where the sponsor owns a low level of apartments.
Unfortunately not every sponsor has a good outlook on their investment as the ones I work with so this needs to be taken into consideration. slumlord or landlord? I will not even take a building from a slumlord, but welcome the later... Turning buildings like this around is my area of expertise ...
Anyway, your in a dangerous place from a financial and liability perspective. Repairs and maintenance items must be proactively resolved and not reactively, which ALWAYS costs more. At this point, I would create a five year capital and maintenance plan for the site, create the budget to go along with it and make it happen ASAP. If the managing agent is adverse to this, get rid of them. It most definitely would require an assessment, possibly even a five year capital assessment and a raise in maintenance because obviously he money was not in operating to take care of these items in the first place...
If you have a copy of the offering plan it should outline the management mandates (which should have long expired. If your on the Board and in a position to initiate the change, I would not waste time... Feel free to contact me if you need more specific assistance..
Best
~AR
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Check the offering plan which should state when the sponsor's agent can be replaced or when the board can achieve total control over sponsor/holder of unsold shares. Get your corp attorney involved as well and as always you have the state attorney general to speak with.
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