By Adam Leitman Bailey Q. We are a 73-unit co-op in the Riverdale section of the Bronx. Approximately 50 percent of the residents are tenants in sponsor-controlled apartments. Among these are six rent stabilized tenants who have been here for at least 20 years. The co-op, at its inception established some “House Rules” and everyone (both Full Article…
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Constraints on Board Action – BCL §501(c), New York Law Journal
By Richard Siegler and Eva Talel For decades, Business Corporation Law §501(c),1 which mandates equality of shares in a corporation, has been a limit on actions of cooperative housing corporations, culminating in the 1985 Court of Appeals decision in Fe Bland v. Two Trees Management Co.2 which expressly applied §501(c) to co-ops.
Q & A: Is That Fair? The Cooperator
By Adam Leitman Bailey Q. My question is pretty straightforward: can a board member hold both the title of president and secretary concurrently? Article VI Paragraph 1 of our bylaws, entitled “Officers” states that “The officers of the Corporation shall be a President, one or more Vice Presidents, a Secretary, and a Treasurer” but our Full Article…
Q & A: Shareholder Preventing Sale, The Cooperator
By Adam Leitman Bailey Q. We have a shareholder who has posted notices around our co-op that condemn the co-op and the board. They are in plain view of potential buyers. When the buyers read these notices, they refuse to even look at the available unit that we have. The real estate agent is embarrassed Full Article…
Q & A: When Maintenance Is Long in Arrears, The New York Times
By Dov Treiman Q. I was fascinated by the response to a question in this column on Jan. 15, about the circumstances under which elderly tenants can break a lease. In our co-op in Queens there has been an ongoing dispute between the board and the son of a shareholder who is in a nursing Full Article…
Q & A: Aggressive Board Clamps Down On Unapproved Tenant, The Cooperator
Q. I am a non-resident owner in a 10 unit co-op in Manhattan. I have been renting out my unit for the past 7 years. Recently, while I was away from the country on work, my son inadvertently rented my apartment to a tenant without first getting board approval. I know we violated co-op board Full Article…
Q & A: Renting and Owning in the Same Building, The New York Times
By Adam Leitman Bailey Q. Is it legal to live in a rent-stabilized apartment and to also own a co-op in the same building? A. “It is perfectly legal,” said Adam Leitman Bailey, a Manhattan real estate lawyer, “Where the writer could run into problems is with the doctrine of primary residence.” He said there Full Article…
Q&A: Lender Says No to Co-op Sublet, The New York Times
By Jay Ramano Q. I want to sublet my co-op apartment in Chelsea, and I know that paperwork must be submitted to the management company to get approval of my subtenant. The co-op board also requires a letter from the bank stating that it approves. But the bank said it would allow a sublet only Full Article…
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