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
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.
A common problem plaguing condominium boards is how to motivate delinquent unit owners to pay the arrears in their common charges.
When unit owners fall behind on their common charge obligations, the shortfall could mean that the condominium has trouble meeting its operating expenses.» Read More
On September 13, 2019, the New York City Department of Buildings (DOB) adopted a new Section 103-10 to Title 1 of the Rules of New York City, regarding the periodic inspection of gas piping systems.
Inspections must be completed by a New York City Licensed Master Plumber, or an individual working under a Licensed Master Plumber, who is satisfactory to the DOB.» Read More
New York Secretary of State Rossana Rosado announced on Friday, September 13, that the Department of State’s Division of Licensing has issued a Guidance for real estate professionals regarding the Statewide Security and Tenant Protection Act of 2019 (the Act), which was signed into law by Governor Cuomo on June 14, 2019, as we discussed in a previous blog: “Housing Stability and Tenant Protection Act of 2019: Changes for Cooperatives.”» Read More
This article summarizes a presentation given before the Coordinating Council of Cooperatives on April 13, 2019.
On June 14, 2019, the New York State legislature passed, and the governor signed, the Housing Stability and Tenant Protection Act of 2019 (the “Act”). While the law was directed primarily toward rent controlled and rent regulated housing, it includes substantial changes to the New York State Real Property Law (the “RPL”) and the Real Property Actions Procedure Law (the “RPAPL”), which affect non-regulated housing, including cooperatives.» Read More
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