How do NYC co-ops and condos operate? Governed by an elected board of directors, these housing corporations are like mini-cities with their own bylaws and governing documents. Here you'll find articles on a wide range of topics that co-op and condo board directors need to understand to govern their housing corporation wisely.
Failure to provide accommodations can result in legal action and financial penalties.
Happy Memorial Day!!!
May 27, 2024
The Habitat Group wishes our readers a safe and happy Memorial Day 2024.
The board can amend the lease to include late fees and seek possession in housing court.
For Financial Stability, Co-op Boards Must Swiftly Address Delinquent Shareholders
Written by Carolyn Rualo, Partner, Adam Leitman Bailey, P.C. on May 16, 2024
Co-op boards must strategically approach maintenance arrears by familiarizing themselves with the proprietary lease terms, collaborating with legal counsel, and taking timely actions to uphold the financial integrity of the co-op.
License Agreement Essential for Facade Repairs and Building Renovations
Written by Gerard S. Strain, Partner, Goetz Fitzpatrick on May 09, 2024
Access to neighboring buildings for facade repairs and other renovations requires a license agreement, which includes architectural and engineering plans, a noise mitigation plan, and a license fee, with fees being reasonable and proportional to the complexity of the project.
The business judgment rule gives boards broad powers — if they act in good faith.
Understanding Fiduciary Duty For Co-op and Condo Board Directors
Written by Mark L. Hankin, Partner, Hankin & Mazel on April 24, 2024
New board directors often underestimate the scope of their responsibilities when they assume their roles, including the financial complexities and legal constraints of managing a co-op or condo, the importance of a code of ethics, the need to declare conflicts of interest, and the importance of reading the bylaws and governing documents.
There are limits to the reasonable accommodations co-op and condo boards must make.
Emotional Support Animals Must Obey a Co-op's House Rules
March 25, 2024
Distraught shareholders unlikely to get rid of a neighbor's unruly support dog.
Uncertainty Reigns as Corporate Transparency Act Declared Unconstitutional
Written by William McCracken on March 07, 2024
The Corporate Transparency Act, a new federal disclosure law, has been declared unconstitutional by a district court in Alabama, leaving co-ops and condominiums uncertain about its scope and enforceability.