NYC co-ops and condos face legal and financial challenges that have to be solved. Whether it's a question of how to raise more money, how to deal with angry owners, or the best ways to work with a building's accountant or lawyer, co-op and condo board directors have to make decisions. The collection of articles here will help your co-op or condo board navigate these waters.
Debate centered on Carnegie House, a co-op facing a stiff land-lease rent increase.
Court Curbs Condo Board's Power on Repair Mandates
June 07, 2024
Court rules that windows are part of individual apartments and not common elements.
Board Decisions on Repair Projects Require Strict Adherence to Governing Documents
Written by Michael Savino, Partner, Braverman Greenspun on June 06, 2024
Co-op and condo boards must consult the governing documents before approving repair projects, as failure to do so could result in a lawsuit for breach of fiduciary duty.
The offering plan and contract of sale will determine who's responsible for the repairs.
Tax break would help buildings reduce carbon emissions and comply with Local Law 97.
How Co-op Shareholders' Ownership Status Affects Survivorship Rights
Written by Seth M. Sahr, Partner, Novitt, Sahr & Snow on May 23, 2024
Co-op shareholders must understand how shares are titled on the stock certificate, as different forms of ownership carry distinct implications regarding survivorship rights, and estate planning can streamline the share transfer process.
An appeals court has reversed the dismissal of one of the suit's four claims.
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.
On-time payment of monthly charges earns redeemable reward points.
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.