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
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
While not the intended target of the recently passed Housing Stability and Tenant Protection Act of 2019 (the “Act”) Part M of the act contains a number of provisions that adversely affect how cooperatives review and approve potential shareholders.
Despite the significant amount of negative publicity generated due to the use of vacation rental sites such as Airbnb and VRBO, short-term rentals continue to be a significant problem in the city of New York. New laws designed to curtail such rentals have worked to a limited extent, but have not come close to stopping this illegal activity altogether.» Read More
Under the laws of New York, the standard is a reasonableone. In essence, that means if a co-op gives reasonable notice (24 hours’ notice for an inspection or a week’s notice for repairs, for example) the shareholder is obligated to provide access.» Read More
Welcome to The Neighborhood, our New York co-op and condo blog, providing up-to-date and relevant information on topics concerning cooperatives and condominiums, including real estate and compliance. With this blog, our authors will address potential issues that may affect co-op and condo boards, as well as individual shareholders and unit owners.» Read More