Page 17 - NY Cooperator May 2019

COOPERATOR.COM THE COOPERATOR — MAY 2019 17 Since 1958, out clients have been assured of excellence in building management. Our experienced management executives and support sta will provide your board with the facts it needs to consider its options and make informed decisions. Knowledge is power. At Buchbinder & Warren, we understand your apartment is not just an investment...it’s a home. Please call us to learn more about our services. One Union Square West • New York, NY 10003 212.243.6722 INFORMED www.buchbinderwarren.com 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 variation in the actual terms of the mortgages with regards to interest rates, loan length, etc. The ability to repay is still the paramount consideration. n AJ Sidransky is a staff writer at The Coopera- tor, and a published novelist. to protect the corporation or association.” Some Real-Life Tales While the abstractions of alteration agree- ments may seem like a what-if scenario to many owners, they can become a reality very quickly. Kasten relays the story of a condo- minium association he represented in Chi- cago where one of the unit owners – without board approval – built an enclosure in the hallway out front of his apartment door, cre- ating a private storage area for himself. Being a small, friendly association, the board didn’t make a fuss about it or insist that he take it down. They did try to figure out how the change affected the proportional ownership share of the unit to increase the unit owner’s assessment, but never came to a final conclu- sion. This went unresolved for several years; then the unit owner died. His estate wanted to sell the unit, but his unauthorized exten- sion of the unit perimeter became a serious problem as to who should be responsible for the cost of removing it. The problem wouldn’t have existed at all if the association had taken steps to halt the owner’s improper project or, failing that, acted promptly to re- solve the proportional share issue when the now-deceased owner’s unauthorized project had changed the building’s percentage own- ership. Regardless, the unit was unsaleable until the issue was cleared up. Chatt offers another tale of caution: a condo board allowed the combination of two adjacent units into one without any legal changes to the unit status, proportional share, etc. The owner died. It turns out she had two mortgages – one on each unit. A foreclosure ensued. There were actually two separate foreclosure actions, but since the space was one unit, there was no clear priority of lien. The case remained in the courts for a very long time due to the refusal of the two lend- ers to come to some sort of accommodation to resolve the problem. Though as an owner you may view altera- tion agreements as one more hassle imposed by your meddlesome co-op or condo board, always remember that the document is there to protect you as much as the association or corporation, and sign on the dotted line. n A J Sidransky is a writer/reporter with The Cooperator, and a published novelist. ALTERATIONS... continued from page 11 cost – not only in dollars, but in time to prep the raw material that your average homeown- er cannot afford. “I believe that the market has improved over the last decade. Ten years ago I might have had one client express an interest in try- ing to ‘go green.’ Today people are interested. But in the end, when confronted with the cost, it’s one of the first things cut from a bud- get as it’s just not viewed as a necessity.” Places In January 2018, construction was com- pleted on Carbon12 – an eight-story, 14-unit condo project in Portland, Oregon that is currently reported to be the nation’s tallest wooden structure. By spring of that year, half of the units had been sold for prices ranging from $800,000 to $13 million. The project was developed by Kaiser Group and designed by PATH Architecture, both firms owned by developer, architect and general contractor Ben Kaiser. A nearly all-wooden multifamily residen- tial mid-rise is virtually unheard of, but Car- bon12 flaunts its environmentally-friendly materials in every aspect of its design. The cross-laminated timber and glulam beams with which much of the structure was built were left visible inside the units themselves. The exterior of the property features vertical- ly-striated metal paneling and solar panels on the roof. In response to the march of climate change all but guaranteeing more frequent and more severe weather events, PATH Ar- chitecture claims that the Carbon12 proj- ect is especially resilient, regardless of what Mother Nature throws at it. In an interview with green design site Inhabitat in early 2019, a firm spokesperson said, “Carbon12 is one of THE LATEST... continued from page 13 continued on page 18