Page 17 - CooperatorNews NY March 2021

COOPERATORNEWS.COM COOPERATORNEWS — MARCH 2021 17 Cesarano & Khan, PC Certified Public Accountants PROVIDING PROFESSIONAL SERVICES TO THE COOPERATIVE AND CONDOMINIUM COMMUNITY Reporting on Financial Statements • Tax Services Budgeting & Consulting • Election Tabulation Services For additional information, contact Carl M. Cesarano, CPA 199 JERICHO TURNPIKE, SUITE 400 • FLORAL PARK, NY 11001 (516) 437-8200 and 718-478-7400 • info@ck-cpas.com cesarano &khan1_8 use this_:cesarano &khan 4 7/22/15 4:59 PM Page 1 operating or reserve accounts), you will likely need to obtain approval from your mortgage lender, depending on what your loan documents provide.You should also check your governing documents to make sure there are no other limitations or conditions on obtaining a loan. Since the funds available for PPP loans are limited and given on a first-come, first- served basis, time will be of the essence to apply for and obtain your funds. Borrow- ers—including cooperatives—can apply for a First Draw PPP Loan until March 31, 2021. As indicated above, unfortu- nately, at this time this stimulus bill does not include condos and HOAs, which re- main ineligible for PPP money. n Marc Schneider is an attorney and part- ner with the New York City-based law firm of Schneider Buchel LLP. CO-OPS AND PPP... continued from page 10 AMS, PCAM—The Westchester Corpora- tion in Washington, D.C. • Kelly Zibell, AMS, PCAM—Associa Northern California in Roseville, Califor- nia. Falcon Hires Forensic Expert and Architect Ravelo The Falcon Group has announced the addition of registered architect Julio C. Ravelo, R.A. to its team. With more than 36 years of experience in the architecture and construction industries, says the an- nouncement, Ravelo concentrates his services on litigation support, historical preservation, building envelope restora- tion, new construction, and project man- agement in New York and New Jersey. The study looked at construction fil- ings across the city in 2020, finding sig- nificant declines in square footage for both new building filings and major con- struction projects from the prior year. New building construction fell 28%, and major construction dropped a whop- ping 35% year over year. The number of proposed residential units also declined significantly from 2019, falling 17% to 27,402, according to Patch.com. In a press release, REBNY urged Gov- ernor Andrew Cuomo, Senator Chuck Schumer, and President Joe Biden to in- vest in infrastructure plans, notes Patch. com. Cuomo’s recent proposal of a $306 billion infrastructure plan for New York State, along with calling for converting unused commercial space into residential use, suggests that the electeds are focused on real estate’s role in the city’s and state’s recovery. “It’s welcome news to the industry that Governor Cuomo, Senator Schumer, and President Biden are committed to invest- ing in middle-class careers with benefits through large-scale, pivotal infrastruc- ture projects,” said Gary LaBarbera, president of the Building and Construc- tion Trades Council (BCTC) of Greater New York, in a statement, “and we look forward to a year where construction leads the way forward in pioneering New York’s way out of the economic crisis, just as it always has during previous crises.” n er-landlords is that they may not be physi- cally present to conduct a walk-through as mandated, and may not be familiar with the other requirements of the law. This is why REBNY... continued from page 8 2019 NY RENT LAWS... continued from page 9 single unit owners may find it helpful—even necessary—to retain a legal pro to make sure they’re fulfilling their legal responsibilities vis-a-vis the HSTPA. “It can take a good deal of worry out of the lease or sub-lease trans- action,” says Coopersmith. “It can provide peace of mind.” Co-op Complications In a condo setting, the application of these legal requirements is typically relatively straightforward—but as is often the case, the ownership structure of a co-op can compli- cate matters a bit. For example, as the arbiter of just about everything in a co-op building, what involvement does the board have if a shareholder’s request to sublet their unit is approved, and the shareholder subsequently retains someone to manage that rental rela- tionship and oversee compliance with regula- tions under the HSTPA? The answer is both ‘none’ and ‘some.’ Once the shareholder has obtained an ap- proval to sublet, the board has no governance over the relationship between the sharehold- er and his or her tenant, except in cases where that tenant breaks or disregards co-op rules and policies. If the shareholder retains out- side help in order to stay compliant with the rules around lease renewals/non-renewals, walk-throughs, and security deposits under the HSTPA, that agent is free to conduct nec- essary business, within the co-op’s rules and regulations. The obvious exception is that if the shareholder wishes to keep their tenant in place, they (or their agent on their behalf) will have to obtain board approval for the renewal of the sublet—again, in accordance with co-op policies. Owning an apartment is a great invest- ment, and a good experience for personal growth and financial stability. Being a land- lord may be not! If you need to sublet or lease your unit, know your rights and responsi- bilities. And if you need help, make sure the pro you hire is qualified and competent, and committed to keeping abreast of the often- complicated thicket of rules and regulations that govern the landlord-tenant-board rela- tionship. n PULSE continued from page 6 The announcement reports that his forensic and expert witness services in- clude: • $30 million construction defect & standard of care case in New York City brought on by the owner against the de- veloper and design team. • $8 million construction defect case in New Jersey brought on by owner against the general contractor. • $5 million wrongful death suit in New Jersey brought on by a spouse against the owner, contractors, and design team. • $4 million multiple water damage case in New York City brought on by a tenant against the landlord and construc- tion teams. • $3 million loss of revenue case in New York City brought on by medical tenant against cooperative landlord. • $2 million standard of care case brought on by tenant against the landlord and design professional. Development The Benson Approaches $100M in Sales Via a press release, developer the Naf- tali Group announces that its Madison Avenue condominium project The Ben- son has signed nearly $100 million in con- tracts since launching sales in September. This milestone represents approximately 40% of total unit sellout, including two penthouses that crown the 19-story, Peter Pennoyer Architects-designed building. “The Benson offers an unparalleled private, club-style residential experience and we have seen such an overwhelming response from buyers, especially in the current market,” says Miki Naftali, chair- man and CEO of Naftali Group. “Created by a team of world-class designers, lo- cated on one of the world’s most famous avenues and offering spectacular and gra- cious spaces as well as an amazing collec- tion of amenities, buyers are recognizing the value of purchasing a home here.” Residences at The Benson range from three to seven bedrooms, with pricing starting at $12.8 million. Those currently under contract all signed at full asking price, notes the press release, including the aforementioned penthouses, which signed for $35 million and $22 million, respectively. Among homes still avail- able is a duplex townhouse residence that overlooks a garden. Alexa Lambert of Compass Develop- ment, who is exclusively selling and mar- keting residences at The Benson, says, “Beyond the beautiful amenities at The Benson, Central Park is right next door, and you are immediately nearby some of the best museums in the world to pop into anytime. The great shopping, and best and chicest dining and coffee spots are also within a few blocks. The quality of design and construction is a big part of our current popularity, but our location is literally perfect.” Insurance Mackoul Acquires Brooklyn Condo as Insurance Provider Mackoul Risk Solutions informs Co- operatorNews of its recent acquisition of Brooklyn Heights Luxury Condo- miniums, located at 326 State Street in Brooklyn. In the heart of Boerum Hill, this new construction, seven-unit build- ing features a video intercom system and rooftop deck with vast views of Brooklyn. The boutique condo building is on a qui- et, tree-lined street in close proximity to shops and restaurants, Atlantic Avenue, and subway access. “We are pleased to have been selected as the association’s insurance broker and look forward to continuing our relation- ship with Venture NY Property Manage- ment, who specialize in managing co- ops, condominiums, and rental buildings throughout the tristate area,” says Saman- tha Tucci, business development special- ist with Mackoul. “This is a gorgeous, modern building, and we could not be happier to represent them.” Mackoul Risk Solutions is an insur- ance agency in Manhattan, New Jersey, and Long Island that specializes in co-op and condominium insurance. n Please submit Pulse items to Darcey Gerstein at darcey@cooperatornews.com