Page 6 - CooperatorNews New York Expo May 2022

6 COOPERATORNEWS — MAY 2022 COOPERATORNEWS.COM PULSE Industry Pulse Events CooperatorEvents Expo Returns to the Hilton Wednesday, May 11 coopexpo.com CooperatorEvents New York Expo re- turns to the New York Hilton Midtown on Wednesday, May 11, 2022, from 9:00 a.m. to 4:30 p.m. We have an exciting lineup of exhibitors eager to interact in person, cov- ering every aspect of multifamily living— from board governance, financial plan- ning, and community engagement to roof repair, energy management, and landscape design. This year’s Spring Expo will include a full day of free seminars, networking, and more. And as always, registration and at- tendance are FREE to all! Visit www.coop- expo.com to see who’s exhibiting, get more information, and register as an exhibitor or an attendee. This will be a must-attend event for all co-op and condo board mem- bers, property managers, residents, and real estate professionals in the NYC Metro Area! We look forward to seeing you there! Law & Legislation City Council Bill Seeks to Hold Develop- ers Accountable for Defects The Real Deal recently reported that City Councilmember Diana Ayala is spon- soring a bill that aims to institute a 10-year window for developer accountability for construction defects in co-ops and condos. As currently written, the legislation ap- plies to such “homeownership” projects that receive financial assistance from the city such as financing, tax breaks, loans, and other benefits, according to TRD. While these parameters are likely to change, ac- cording to the reporting, the measure in- tends to target affordable, city-subsidized homes that inspired the bill—like the Colin Powell Apartments, an affordable co-op in Hunts Point whose residents complained of cracks and leaks soon after it opened in 2010. “We want to make sure that we are building with good quality materials,” says Ayala. Opponents of the measure as written include Council of New York Coopera- tives and Condominiums (CNYC) chair Stuart Saft, partner at Manhattan-based law firm Holland & Knight, who fears the 10-year accountability will turn developers off from building co-ops and condos. He notes that it would also be difficult to prove that damage was caused by a construction defect rather than homeowner negligence after such a duration. “No developer is going to want to build, plain and simple,” says Saft. “If the Council- member wants to do something that makes sense, it can’t be 10 years. That is a lifetime.” He says a two-year window would be more reasonable. According to TRD , owners of co-op and condo units have largely relied on civil liti- gation to be compensated for defects dis- covered after they move in. Last year, for example, the condo board at 432 Park Av- enue sued the tower’s developers, alleging an array of construction and design defects that led to flooding, broken elevators, and noise from the ultrathin building’s ‘sway’ during high wind conditions. Actor Justin Theroux’s Co-op Sues Neighbor In the latest step in a back-and-forth le- gal battle between a Greenwich Village co- op—where actor Justin Theroux lives and serves on the board—and lawyer Norman Rensicow, who lives below the actor, the co-op has asked a judge to enforce a stand- ing eviction order against Resnicow and his wife, Barbara, according to Page Six. According to the board, the couple have allegedly engaged in “objectionable conduct” at the Washington Place co-op since they moved in. The board further alleges that the behavior escalated around 2016 when Theroux and then-wife Jennifer Aniston began a $1 million renovation on their penthouse. Theroux and Aniston filed a lawsuit against the Resnicows in 2017 claiming they were the victims of a “campaign of ha- rassment” by their downstairs neighbors, according to the gossip rag. In September, Resnicow brought his own case against the board, claiming it was trying to make his “life as miserable as pos- sible” as part of its effort to oust him and Barbara, according to Page Six . That case is still pending. Now, in a new Manhattan Supreme Court lawsuit, the board is asking a judge to enforce its February 7 eviction notice against the Resnicows, claiming the couple failed to move out by a February 15 dead- line. The court papers also allege that Resni- cow has “screamed \[at\] and harassed” people working at the penthouse of the building, trespassed on Theroux’s prop- erty, threatened co-op board directors and members, and has yelled so loudly at Bar- bara that police were called to the building twice in 2020. While Theroux’s lawyer Eric Sherman declined to comment, Resnicow’s lawyer Peter Levine told Page Six, “This comes as no surprise and we will respond appropri- ately when it’s time to respond.” Trends NYC Market Returning to “Normal” Seasonal Patterns Brick Underground reports that Febru- ary saw a record number of listings hit the market in New York City for that month. The outlet cites a StreetEasy report that says that the previous February record was in 2018, with 3,538 new listings. February 2022 had 4,078. Although total inventory is down com- pared to last year, the uptick in homes coming to market is an indication that ac- tivity is returning to pre-COVID normal seasonal patterns, with spring being the prime time for both listings and purchases. Casey Roberts, StreetEasy spokesper- son, says, “This spring will be competi- tive for homebuyers, but the increase we’re seeing in new inventory is promising. The recent rise in home prices should moti- vate even more sellers to list their homes for sale.” StreetEasy’s data show that there were a total of 16,622 New York City list- ings in February, which is up 549 from the previous month, but still 12.2% lower than February 2021. According to Brick Underground, the report also notes that sellers seem to be increasingly willing to negotiate on price. The sale-to-list price ratio, which compares the difference between the original asking price and the closing price, indicates how close properties are selling to their asking prices. In January, that figure was 98.7% for Manhattan sales—showing that sellers were getting close to their original asking prices. For February, it dropped to 90.9%, meaning that more homes sold below ask- ing. Brick Underground also cites the month- ly Elliman Report, which showed that Manhattan co-op listings were up 15.1% in February compared to the previous year, while Manhattan condo listings increased 30.8% year over year. Interestingly, listings for one- to three-family homes were down 25%. Brooklyn patterns were slightly dif- ferent: co-op listings were up 21.3%, con- do listings increased 24.9%, and one- to three-family home listings were up 31.1%. Overall, February was the first month the borough saw a listing increase over the pre- vious year since October. n THE BEST TIME TO FIND AN EXPERT IS BEFORE YOU NEED ONE. NEW YORK HILTON MIDTOWN — WEDNESDAY, MAY 11, 9:00–4:30 FREE REGISTRATION: COOPEXPO.COM Please submit Pulse items to Darcey Gerstein at darcey@cooperatornews.com