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Cooperative Board of Directors

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

Jun 10, 2019

Mechanic’s Lien Waivers in Contracts Are Generally Not Enforceable: Co-op Boards Beware

All too often, co-op boards become entangled in disputes with contractors and subcontractors who perform work, not on the building’s common areas, but within individual apartments for a shareholder or unit owner. Typically this happens when the shareholder or unit owner fails to pay the contractor or subcontractor who did the work, and the contractor or subcontractor then files a mechanic’s lien under New York State’s Lien Law.» Read More

Jun 07, 2019

Maintaining the Economic Health of Your Co-Op by Instituting a “Flip-Tax”

A transfer fee, or “flip tax” as it is commonly called, is a revenue-producing measure utilized by many cooperative buildings.  Typically, an owner pays a flip-tax fee to the building upon the sale of his or her unit.  A flip tax allows the cooperative to generate extra income for the building, enhancing the reserve fund and alleviating annual maintenance and operations costs, without raising maintenance or imposing special assessments upon current owners.» Read More

Jun 04, 2019

Welcome to Our New York Co-op and Condo Blog!

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