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Few areas of New York residential real estate
present the opportunities and headaches of coops and condos.
Like single family homes, over the long term,
primary residence coop and condo apartments have proven to
be among the largest assets held by their owners and have
appreciated well in value, despite occasional periods of flat
to negative appreciation. Yet, unlike single family homes,
residents of coops and condos rely on their neighbors to run
their buildings, usually with the assistance of professional
management companies.
While these boards of one’s peers frequently
don’t get the respect and appreciation they deserve
for volunteering their time to safeguard and improve the value
of their neighbors’ investment and lifestyles, the need
for seasoned counsel in this arena is both obvious and inescapable
to provide the right advice on questions of fairness, legality
and prudence.
Boards must come to grips with thorny questions
on a regular basis and Hollander and Company LLC has years
of experience in assisting boards with questions like:
- What are appropriate criteria to accept
or reject potential purchasers of coop units?
- When is it better to authorize an assessment
instead of a raise in maintenance or common charges?
- How can boards avoid charges of discrimination
when dealing with shareholders and occupants?
- What are responsibilities of unit owners
vs. responsibilities of the Coop or Condo?
On the other side of the coin, shareholders
or unit owners trying to assert their rights alone against
a professionally managed and represented board face quite
an uphill battle. For the individual shareholder or unit owner
who feels they have not been treated fairly, professional
legal guidance and advocacy can often mean the difference
between enjoying the rights and benefits you’re entitled
to as a shareholder and unit owner or not. In today’s
world, where a coop or condo apartment represents hundreds
of thousands of dollars in investment and more, shareholders
and unit owners need experienced guidance.
Through the use of our innovative Rapid
Contracts program, buyers and sellers of New York City residential
coop and condo units, as well as single family homes, can
retain the firm’s services over the Internet twenty
four hours a day, seven days a week, dramatically accelerating
the initial drafting of contract documents. The program can
be a huge benefit to real estate sales brokers who can throw
away their set up sheets and rest easy, knowing that the essential
details of a contemplated transaction have been submitted
electronically for prompt attention by our staff. For more
detailed information on our Rapid Contracts system, please
consult our Real Estate Online
Services page.
If you’d like to send us a request
for information or assistance, please go to our general
online inquiry form, send us an email directly at info@hollanderco.com,
or call Jay Hollander, Esq. at 212-576-1061.
And don’t forget our Real
Estate Mini Portal, we provide late breaking real estate
news daily, as well as a collection of useful links for residential
and commercial properties, as well as coop and condominium
interests.
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