Co-ops or Condos? – Association of Riverdale Cooperatives & Condominiums

Dealing with Co-op Boards

Co-ops or Condos?By arcriverdale December 1, 2022

Owners of co-op apartments are both shareholders in and tenants of the same corporation. That corporation is governed by a board of directors, elected
by its shareholders. It is a unique and sometimes complicated relationship, one that can become difficult when problems arise between neighbors, or between shareholders and board members.
When trying to resolve issues, it’s important to understand the role the Board of Directors plays and from where they obtain their authority.

Duties of Co-op / Condo Boards

Co-ops or Condos?By arcriverdale August 6, 2016

The charges for Boards are several: fiduciary responsibility; policy and operational
decisions; loyalty and reporting to the building’s residents; and long-term care for
the physical aspects of the corporation.

Responsibilities of Directors

Co-ops or Condos?By arcriverdale December 1, 2015

The Attorney General of the State of New York has published the guidelines governing the actions of Directors of all not-for-profit corporations. The guide is available here.

Choosing Between a Co-op and a Condo

Co-ops or Condos?By arcriverdale December 2, 2014

Most people looking to buy an apartment in New York City know the basic trade-offs between a co-op and a condominium: the approval process and building rules are usually stricter with a coop, but co-ops make up a much bigger percentage of the city’s housing stock, and they tend to be
less expensive than condos. But once you dig into these differences, the comparison gets more complex.

Co-op and Condo Property Tax Guide

Co-ops or Condos?By arcriverdale February 8, 2014

N.Y. State Law mandates that New York City value all Class 2 properties as income producing, based on their income and expenses. This means that when you see the Market Value that NYC assigns to your property, it may not look like what you would expect its sales price to be.

To get to your Market Value, NYC uses a statistical model as a tool to find typical income and expenses for properties similar to yours (in terms of size, location, number of units and age). Next, a formula is applied to the income data to get to your Market Value. All rental buildings, cooperatives and condominiums are valued as if they are income producing properties. There are variations in how your Market Value is determined depending on whether you live in a larger condo or co-op with 11 units or more, or a smaller building with 10 units or fewer.

The rules, regulations and the system can all be very confusing, but NYC has published a guide that explains and may clarify the issues. The guide is available here.

Sound Fiscal Policy

Co-ops or Condos?, News and ResourcesBy arcriverdale May 29, 2013

One of the most important responsibilities of any co-op board is the establishment and maintenance of sound fiscal policies and procedures that will protect their shareholders, provide for the continuity of the property and protect the Board of Directors and its individual Board members from any financial miscues.

Fair Admissions Policy

Co-ops or Condos?By arcriverdale May 29, 2013

Most cooperative corporations require a prospective purchaser to submit an application and various supporting documents containing personal and confidential information concerning an applicant’s history and finances. The Board of Directors may also require one or more personal interviews with the prospective purchaser. The handling of this application and interview process may be subject to scrutiny and claims of unlawful discrimination. The Council of New York Cooperatives has published an easy reference guide to help Boards of Directors stay within the law. Click here for a “Co-op Board Admissions Guide”.

Code of Ethics for Board Members

Co-ops or Condos?, News and ResourcesBy arcriverdale June 10, 2011

So, you are considering running for the Board of Directors. OK, so you have tons of time and are a glutton for punishment — you have met the two most important criteria. Now, let’s consider your real responsibilities and obligations to the Board, to the Corporation and to the shareholders.

Just how will you be expected (by your neighbors and by law) to conduct yourself if you are elected?

And, for those of you who have just been crowned “President” of your Board, you might want to start on day one, minute one by reviewing this hugely important document:

Before You Buy

Co-ops or Condos?By arcriverdale February 2, 2010

For many, the choice to buy a cooperative apartment or a condominium is often perfect in terms of availability, location and finances. It is one of the most important decisions that families and individuals will ever make in their lifetimes, and should not therefore be made without thoroughly investigating the property that is being considered.

The office of the Attorney General of New York has published an excellent brochure that may serve to assist prospective purchasers. The brochure is available for download here:

Problems With Your Board of Directors?

Co-ops or Condos?, News and ResourcesBy arcriverdale June 7, 2007

As our Attorney General, Eric Schneiderman reminds us, members of co-op boards are usually other shareholders who are serving without pay. They generally want to resolve problems and keep peace in the building. But, sometimes that is not the case. New York State has published a Q & A brochure that may provide some helpful information for dealing with a Board of Directors that you believe may have gone astray.

Duties of Co-op Boards

Co-ops or Condos?By arcriverdale February 2, 2005