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.
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.
Funding ploy could leave the city more vulnerable to critical breakdowns during hurricane season.
Some 25,000 shareholders would be spared from sharp rent increases when land leases expire.
Board Members Shielded by Business Judgment Rule in Co-Op and Condo Legal Disputes
Written by Eric Goidel, Senior Partner, Borah, Goldstein Altschuler Nahins & Goidel on May 02, 2024
The business judgment rule protects board members from legal challenges, except in cases of bad faith, self-dealing, criminality or other wrongful conduct, and D&O insurance is available to provide coverage for board members.
Co-Ops and Condos Are Exempt From Good Cause Eviction Law
April 29, 2024
Long-awaited law will apply only to landlords and tenants in rental properties.
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.
LIC Condo Board Settles Wage Dispute with Service Workers
April 22, 2024
Condo board settles for $119,000 after not paying required benefits to service workers.
Estate Planning and Trusts for Co-op Shareholders
Written by Aaron Shmulewitz, Partner, Belkin Burden Goldman on April 18, 2024
Estate planning options such as trusts, limited liability companies, family limited partnerships, and closely held corporations have become increasingly common in co-ops, providing shareholders with diverse options for asset management and estate planning.