Page 13 - CooperatorNews New York December 2021

COOPERATORNEWS.COM COOPERATORNEWS — DECEMBER 2021 13 Paving The Way... • Concrete Specialists • Decorative Sidewalks • Color Tinting • Stamping • Acid Stain • Structural Steel • Waterproofing • Fireproofing • Landmark Buildings • Parking Garages • Structural Concrete • Granite & Brick Pavers • Caulking • Granite Curbing • Steel Face Curbing • Sidewalk Violations Removed Serving Manhattan for over 40 Years Approved Phone: 718-858-4668 Fax: 718-243-9354 171 Dwight Street Brooklyn, NY 11231 www.EtnaContracting.com ECI Since 1966 CONTRACTING INC. Complete Restorations & Rebuilding of Sidewalk Vaults Certified Waterproofing Systems: Kemper Liquid Plastics Siplast WR Grace BIC # 2562 Consumer Affairs #11335626 Formerly known as Lipner, Sofferman & Co., LLP and Katz Viola Lebenhart & Mauro, LLP Over 50 Years Serving the NY Coop/Condo Community KVLSM LLP is a full-service accounting firm with a staff of professionals available to guide its clients through every facet of business and personal tax processing. The firm has been providing the highest level of professionalism and guidance to the New York coop/condo community for over 50 years. The firm’s services include, but are not limited to: • Financial Statement Preparation • Audits, Reviews, and Compilations • Mergers and Acquisitions • Tax Preparation • Cash Flow and Budget Analysis • Financial and Retirement Planning • CFO Services Formerly known as Lipner, Sofferman & Co., LLP and Katz Viola Lebenhart & Mauro, LLP Over 50 Years Serving the NY Coop/Condo Community KVLSM LLP is a full-service accounting firm with a staff of professionals available to guide its clients through every facet of business and personal tax processing. The firm has been providing the highest level of professionalism and guidance to the New York coop/condo community for over 50 years. The firm’s services include, but are not limited to: Contact Ken Lipner: klipner@kvlsmcpa.com • 516-294-0400 • Financial Statement Preparation • Audits, Reviews, and Compilations • Mergers and Acquisitions • Tax Preparation • Cash Flow and Budget Analysis • Financial and Retirement Planning • CFO Services 415 Crossways Park Drive, Suite C Woodbury, NY 11797 Phone: 516-294-0400 • Fax: 516-938-0491 kvlsmcpa.com Formerly known as Lipner, Soff erman & Co., LLP and Katz Viola Lebenhart & Mauro, LLP Over 50 Years Serving the NY Coop/Condo Community KVLSM LLP is a full-service accoun� ng fi rm with a staff of professionals available to guide its clients through every facet of business and personal tax processing. The fi rm has been providing the highest level of professionalism and guidance to the New York coop/condo community for over 50 years. The fi rm’s services include, but are not limited to: • Financial Statement Preparation • Audits, Reviews, and Compilations • Mergers and Acquisitions • Tax Preparation • Cash Flow and Budget Analysis • Financial and Retirement Planning Contact Kenneth Lipner, CPA: klipner@kvlsmcpa.com • 516-294-0400 415 Crossways Park Drive, Suite C Woodbury, NY 11797 Phone: 516-294-0400 • Fax: 516-938-0491 kvlsmcpa.com the flooding along the coasts from storm surges and high tides of rising seas. Salt- water is especially damaging to infrastruc- ture, and many of our condo communities are built at or near the coasts. “Our association program addresses the climate crisis two-fold,” he continues. “First, we encourage co-ops and condos to take on climate-friendly upgrades like solar, insulation, and \[installation of\] elec- tric vehicle charging stations by offering competitive terms and pricing for values- aligned loans. Second—and this is particu- larly significant in Florida as all of the con- dos that were built in the 80’s condo boom are now at their 40-year recertification age—we finance retrofits and storm-hard- ening to make buildings more resilient to the harsh environment. Overall, the value- add is exponential, as buildings—which contribute such a substantial amount of carbon emissions and water use—reduce their climate impact while also reducing energy expense for their residents, en- hancing desirability and property value of their community, and having a positive impact on the world.” Cucci adds that under the bank’s loan program, multifamily buildings are in- centivized to include green components into all of their capital projects. A window replacement, for example, would ben- efit from adding tinting or insulation. The bank engages in partnerships with green vendors, allowing for more competitive labor and materials pricing with these companies and an ease of project approv- als. For boards, managers, and owners/ shareholders, Climate First provides edu- cational resources and tools to overcome the challenges that properties face in to- day’s world. True to the B Corp mission, positive impact reaches far beyond the fi- nancial bottom line. n CO-OP & CONDO... continued from page 7 tion. It is possible that the conduct cited violates criminal code, and that would give the police the ability to take action if they see fit. The problem is that the writer cannot compel the police to take action, as the police maintain the discretion with regard to enforcement of the laws in this context, which is beyond the writer’s con- trol.” Litigious Neighbors Q What should you do as an own- er if you know of a small subset of owners in your condo that keep bringing coordinated and merit- less legal actions, and even make public postings about your building that could harm your own valuation? Are there any actions you can take? —Sick of the Suits A Dov Treiman, managing partner at Adam Leitman Bailey, P.C., in Manhattan, says, “There is very little a condo unit owner can do to get relief from other unit owners who bring meritless legal actions and make improper public postings. The board of managers may possibly have the power under the governing documents of the condo to impose fines and even to foreclose on them or even to collect its attorneys fees for defending the merit- less actions. However, unit owners do not have the power to force the board to do that. In some jurisdictions, there are pro- cedures in the courts that allow for some- one who is being hurt by meritless actions to ask the court to impose its own fines on the improper plaintiffs or even to require that before any further suits be filed, they first have to be checked for potential mer- it by a judge. This latter, while useful, is extremely rare. In extreme circumstanc- es, an aggrieved unit owner can sue the troublemakers for reducing the value of the aggrieved unit owner’s unit. However, not one of the procedures outlined in this answer is wisely undertaken without the assistance of a very experienced lawyer. “In New York, there are other proce- dures that are available for a co-op, but your question was about condos.” Where’s Our Meeting? Q Last year for our annual co- op meeting, we walked into the meeting area to vote, and were instructed by the board to leave the space immediately afterward due to CO- VID. This year, the board is doing the same thing, using the same excuse—but the COVID rates aren’t that high. Also, there are many issues that shareholders want answers about. Is this allowed? The bylaws are very old and simply state that an annual meeting must be held in Sep- tember. Is this “vote and leave” policy ac- ceptable? —Missing the Kibitzing A “The questioner properly surmises that the answer to his question is set forth in the corporate bylaws,” says Mark Axinn, chair of the Cooperative and Condomin- ium Practice Group for Manhattan law firm Phillips Nizer. “Most bylaws state that a meeting of shareholders must occur annually to elect members of the board of directors, but do not require that any oth- er business be conducted. Although the Q&A continued from page 5 continued on page 14