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.
A ruling from the state's highest court has made it more likely that the city will be forced to make changes to its property tax system.
Record-Breaking Tax Delinquency as New Yorkers Stop Paying
April 01, 2024
New York City's overdue property taxes are at their highest level ever — $880 million — with single-family and condo owners making up a third of delinquencies.
Mayor Eric Adams wants to life restrictions on building density and add affordable units.
How to Address Resident Hoarding in Co-Op and Condo Boards: Strategies for Safety
Written by Jennine Cullen, Associate Attorney, Taylor, Eldridge & Endres on March 28, 2024
A board of a co-op or condo must first document the situation, seek emergency orders from the courts, and appoint a guardian to help facilitate a hoarding situation.
Addressing the Hard Insurance Market: Strategies for Boards
Written by Ken Jacobs, Partner, Smith Buss & Jacobs on March 21, 2024
Boards are exploring ways to reduce liability and safeguard their communities, including shifting liability from the board to unit owners, requiring unit owners to carry insurance, and conducting proactive maintenance and safety checks.
Co-op and Condo Boards Face Challenges Accommodating Emotional Support Animals
Written by Carl Finger, Principal, Finger & Finger on March 14, 2024
Emotional support animals are protected under the Fair Housing Act and Americans with Disabilities Act, and boards should establish clear policies outlining the documentation required for ESA requests, while also ensuring prompt responses to requests and leveraging existing bylaws and lease agreements to enforce rules and regulations.
Affordability is the goal for condo unit-owners in Battery Park City.
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.
Shareholders claim board is running a "racket" in their posh Museum Mile co-op.
Handling Co-op Stock Transfers
Written by Matthew Goldberg, Partner, Hankin & Mazel on February 29, 2024
When shares change hands, whether due to familial changes, relationship shifts, or other circumstances, a series of legal steps must be followed.