Category: On The Board

1996 Dec/Jan Charging Legal Sublet Fees By Kenneth Jacobs, Esq.

In a recent decision, New York's second highest court ruled that the Hotel Des Artistes coop-erative did not have the authority to impose a 30 percent sublet fee on its shareholders. In Zimiles v. Hotel des Artistes, Inc., the judge requi…

1996 Dec/Jan Protection Against Sponsor Default By Stanley B. Dreyer

When a conversion sponsor fails to meet his financial obligations, the result can be a default on the underlying mortgage, one of the most destructive catastrophes to strike a co-op. Even a default on the sponsor's maintenance obligations c…

1995 Nov A Team Effort By Mark J. Luxemburg, Esq.

Anyone who has spent time serving on the board of his or her co-op or condo knows that it is a job that no one can do alone. Even if you have the most conscientious group of board members, the job is too time-consuming for a group of volunt…

1995 Nov Working With Your Accountant By Richard B. Montanye CPA

While real estate brokers live by the old adage, Location, Location, Location, accountants define their relationships with the real estate community with another phrase: Communication, Communi-cation, Communication. While cooperatives and c…

1995 Oct Change is Good! By Martin Librett, Esq.

Times change and your building's house rules should change along with them. A decade may have passed since your house rules were first written or last updated. In that time, the City has passed stringent new anti-smoking and recycling law…

1995 Oct Limiting Sponsor Power By Bruce A. Cholst Esq.

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…

1995 Oct Honest Board Elections By Stacey Cooper

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…

1995 Oct Welcome Aboard. . .Now What? By Ed Serken

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…

1995 Sep A Small Victory for Co-ops? By Edward T. Braverman, Esq.

To be, or not to be [taxed]? That is the question. It appears that William Shakespeare had been posing the same question that treasurers and other board members of New York co-ops have been asking their accountants for the past five…

1995 Sep Derivative Lawsuits By Richard L. Claman, Esq.

A cooperative is generally organized as a so-called business corporation, just like, for example, IBM or AT&T. Accordingly, shareholders of a cooperative have the same rights as shareholders in other New York business corporations to init…