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
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 reasonable one. 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