All too often boards of co-ops and condos find themselves at the mercy of the conversion sponsor. Wielding his influence over the building and all its affairs, the sponsor's goals are frequently in contrast with those of the board and build…
Imagine that your building's sponsor has planted a friend or business partner in one of the units he owns in the building. This shareholder then decides to run for a seat on the board and with the help of the sponsor, wins. In addition t…
Tom Marcossan laughs when he remembers joining the board as treasurer when his building went co-op in 1986. "I was stupid. I didn't read the magazines available or take advantage of any organizations out there. We were the first board the b…
The co-op and condo community has been shocked by recent disclosures concerning inappropriate and/or illegal activities by real estate managing agents, their employees and the various industries selling supplies and materials to co-ops and …
At eight o'clock on a weekday morning, you won't find Peter Grech hustling to catch a train or waiting in line for the bus. Nor will you find him snug in his bed, dreaming the morning away. Grech is a resident manager for the Alfred, a 224-…
While everyone at 24 Fifth Avenue will miss the doorman, Caspar Orenga, nicknamed Mr. Wonderful, those who will be affected most by his retirement will be the older residents he cared for and attended to with patience and a smile for over 2…
Board meetings provide the time and space for co-op and condo leaders to establish and direct building operations. These vitalmeetings can be productive decision-making sessions conducted in an atmosphere of mutual respect, or ego-driven ma…
Like most business corporations, co-ops rely on a board of directors to oversee operations and make decisions for the benefit of all shareholders. What makes a co-op's board unique is that itsmembers are responsible not only for the corpora…
One of the most distressing issues confronting board members is how to comply with their fiduciary duty to shareholders and unit owners. Although misconceptions abound as to the precise nature and scope of this obligation, a breach of the f…