BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Amending the governing documents of a cooperative (co-op) in New York City (NYC) involves making changes or updates to the co-op’s bylaws, proprietary lease, or other governing documents. These changes could be necessary due to evolving needs, legal requirements, or other reasons. Here’s a general guide […]
Category: Co-Op Laws
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Dealing with NYC Coop common charges disputes
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Dealing with common charges disputes in a New York City (NYC) cooperative (co-op) involves addressing disagreements between the co-op board and individual unit owners regarding the payment of common charges. Common charges are fees paid by co-op owners to cover the costs of maintaining and operating […]
Rentable Square Feet when dealing with NYC Condos and Coops
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M “Rentable square feet” (RSF) is a term commonly used in commercial real estate to denote the total area within a property that is available for rent, including both the usable space occupied by the tenant and a portion of the common areas. However, in the context […]
The legal challenges for collecting common charges for NYC Coops
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Collecting common charges in NYC co-op buildings can present various legal challenges due to the unique ownership structure and governing documents of co-ops. Here are some common legal challenges and considerations when collecting common charges: Non-Payment by Unit Owners: One of the primary challenges is […]
Electric vehicles: NY Coop Board Regulations
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Electric vehicle (EV) charging in New York City (NYC) cooperative buildings (co-ops) involves considerations related to building infrastructure, regulations, and the rights of co-op unit owners. Here’s a guide to understanding co-op board regulations for EV charging: Review Governing Documents: Begin by reviewing the co-op’s […]
The legal pitfalls when conducting NYC Coop board meetings over the phone
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Conducting New York City (NYC) co-op board meetings over the phone can be convenient, especially when board members are not able to attend in person. However, there are potential legal pitfalls and considerations to keep in mind to ensure that these meetings are conducted in compliance […]
The Business Judgement Rule for NYC Co-ops
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M The Business Judgment Rule is a legal principle that applies to the decision-making of the board of directors or board of managers of a cooperative corporation (co-op) in New York City (NYC) and other jurisdictions. It provides a level of protection to board members by […]
Fiduciary duty rules for NYC Coop Boards
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Cooperative boards in New York City owe a fiduciary duty to the cooperative corporation and its shareholders. Fiduciary duty is a legal obligation that requires board members to act in the best interests of the cooperative and its shareholders, prioritizing the welfare of the corporation over […]
The legal complications of multiple tenants in NYC Coops
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Having multiple tenants in a New York City (NYC) cooperative (co-op) can introduce various legal complications and considerations that both the co-op board and the tenants need to be aware of. Here are some of the key legal issues that can arise: Subleasing and Alteration […]
NYC Coop laws involving smoking
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M In New York City, smoking regulations within cooperative buildings (co-ops) are often governed by a combination of the co-op’s bylaws, city regulations, and state laws. While co-ops have the authority to set their own smoking policies, there are legal considerations and restrictions to be aware of. […]