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New York Co-op and Condo Blog

Guiding cooperative and condominium board members, officers, managers, and owners in navigating the ins and outs of building management: from the mundane to the unexpected.

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May 06, 2021

The New York State Power of Attorney Law Changes in 2021

On December 15, 2020, Governor Cuomo signed into law changes to the New York power of attorney (“POA”) law, which will take effect on June 13, 2021. These changes will not impact the validity of an existing POA form and statutory gift rider (“SGR”) if it is executed in accordance with the provisions of the current law.» Read More

Dec 31, 2020

Cooperatives Now Eligible for New PPP Loans

On December 28, I wrote the blog post, “Housing Cooperatives and PPP Loans: Is It Time To Rejoice?” regarding the significant and retroactive changes to the eligibility and administration of the Paycheck Protection Program (“PPP”) through the Consolidated Appropriations Act, 2021 (“CAA”) and “Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act.”» Read More

Jun 10, 2020

Co-Op Remote Closings: The Way of the Future

Prior to the pandemic and its ensuing shutdown orders, co-op apartment closings would typically occur at the office of the cooperative’s transfer agent, usually the managing agent or more often the cooperative’s legal counsel. All parties would come together in a conference room and the closing would be finalized in a couple of hours or less.» Read More

May 14, 2020

COVID-19, Cooperatives, and the Collection of Maintenance and Rent

This blog post is a brief summary of the current status of the Housing Court in New York City and how that may affect the ability of cooperatives to collect maintenance from shareholders and rent revenue from commercial tenants for the balance of this year because of the COVID-19 pandemic.» Read More

Apr 17, 2020

Protocols and Procedures When a Shareholder Dies

While the death of a shareholder is a serious issue for boards of directors and their managing agents, the current COVID-19 crisis has greatly heightened the issue and this blog post is a brief outline of issues arising from the death of a shareholder and actions the cooperative can and should take.» Read More