HABITAT
NYC co-ops and condos face legal and financial challenges that have to be solved. Whether it's a question of how to raise more money, how to deal with angry owners, or the best ways to work with a building's accountant or lawyer, co-op and condo board directors have to make decisions. The collection of articles here will help your co-op or condo board navigate these waters.
Co-Ops and Condos Are Exempt From Good Cause Eviction Law
April 29, 2024
Long-awaited law will apply only to landlords and tenants in rental properties.
Understanding Fiduciary Duty For Co-op and Condo Board Directors
Written by Mark L. Hankin, Partner, Hankin & Mazel on April 24, 2024
New board directors often underestimate the scope of their responsibilities when they assume their roles, including the financial complexities and legal constraints of managing a co-op or condo, the importance of a code of ethics, the need to declare conflicts of interest, and the importance of reading the bylaws and governing documents.
LIC Condo Board Settles Wage Dispute with Service Workers
April 22, 2024
Condo board settles for $119,000 after not paying required benefits to service workers.
Estate Planning and Trusts for Co-op Shareholders
Written by Aaron Shmulewitz, Partner, Belkin Burden Goldman on April 18, 2024
Estate planning options such as trusts, limited liability companies, family limited partnerships, and closely held corporations have become increasingly common in co-ops, providing shareholders with diverse options for asset management and estate planning.
Group led by NCB proposes converting vacant office space into 20,000 affordable co-ops.
Resolving Conflicts over Cost Allocation in Condominiums with Commercial Units
Written by Peter Moulinos, Managing Partner, Moulinos & Associates on April 11, 2024
A dispute can arise when a commercial unit-owner is asked to pay an assessment or common charges for an expense that is unrelated to their unit, which can be resolved through the governing documents, amendment of the bylaws, and professional opinions.
Suit Targets NYC Property Tax Inequities
April 05, 2024
High-end co-ops and condos likely to be big losers if property tax reform comes.
A ruling from the state's highest court has made it more likely that the city will be forced to make changes to its property tax system.
Record-Breaking Tax Delinquency as New Yorkers Stop Paying
April 01, 2024
New York City's overdue property taxes are at their highest level ever — $880 million — with single-family and condo owners making up a third of delinquencies.
Mayor Eric Adams wants to life restrictions on building density and add affordable units.
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