HABITAT

Co-op and Condo Monthly Charges Will Keep Going Up. Here’s Why.

May 16, 2022

Monthly maintenance in co-ops and common charges in condominiums will continue to rise over the long term. But, Brick Underground reports, there are certain red flags that may indicate to residents and buyers that steep hikes are coming.

Monthly fees are up in both condos and co-ops, thanks to the rising costs of just about everything: energy, taxes, regulatory demands and higher staff wages recently awarded to members of the Service Employees International Union’s Local 32BJ under a new four-year collective bargaining agreement. Moreover, the COVID-19 pandemic has meant residents spending more time at home and in common spaces, which in turn means more wear-and-tear, and the need for costly repairs. As a result, on a national level, the monthly median condo fee increased by 19% from August 2020 to August 2021, according to Zillow. In New York, the past few turbulent years have upended the traditional math of budgeting.

Co-op and Condo Monthly Charges Will Keep Going Up. Here’s Why. View Full Article
ENTREPRENEUR

Woods Lonergan – Bringing a Cutting-Edge Approach To Law

Nowadays, both companies and individuals need their legal teams to be prepared for the fast-paced and rapidly evolving world we live in. With the legal landscape growing more complex by the day, it’s not enough for legal professionals to simply know the law. Lawyers are required to have an extensive skill set in order to deliver the results that their clients are expecting and deal with the intricacies of the legal field.

At Woods Lonergan, this ideal has been successfully converted into a reality. As a prestigious law firm recognized for its skilled trial lawyers, highly-experienced negotiators, and strategic advisors, Woods Lonergan has a simple but ambitious mission: to bring a cutting-edge approach to law by delivering valuable expertise, solid advice, and comprehensive solutions for their clients in corporate, real estate and business law. 

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HABITAT

Cascading Conflicts Finally Brought Her Down

James Woods, Woods Lonergan

Conflicts between boards and the building’s shareholders or unit-owners are nothing new in New York City. But once in a long while, these disputes wind up going to trial. You’re familiar with a recent case. What was the nature of the beef? 

The essence of the complaint was that the sponsor controlled the board. In 1986 the building submitted an offering plan to become a condominium, and the sponsor had control of the building for five years or so. She wound up putting family members on the board and giving out contracts to family members to be the management company. It was self-dealing.

What did the unit-owners do?

They filed a lawsuit, a derivative action, on behalf of the condominium. They wanted to hold the sponsor and the board to task for what was going on. The case has an interesting procedural history. Initially, the New York Supreme Court wound up dismissing the complaint. The amended complaint then went up to the Appellate Division, which said: “The lower court erred. We’re going to send this back. We’re not going to allow the business judgment rule to bar the court from examining whether or not these self-dealings were breaches of fiduciary duty, or if they were breaches of contract.”

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