BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Rules and regulations in New York City (NYC) condominiums (condos) are established by the condo association and its board of directors to ensure the orderly and harmonious operation of the building. These rules help maintain the building’s standards, protect residents’ rights, and address various aspects of […]
Category: Fiduciary & Regulatory Laws
Arbitration(4)
Fiduciary Duty rules for NYC Condo Boards
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Condominium board members in New York City (NYC) owe a fiduciary duty to the condominium association and its unit owners. This duty requires board members to act in the best interests of the association and its members, putting their needs before their own. Here’s an overview […]
Security Deposit Regulations for Residential Leases in NYC
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Limit on Security Deposits: In NYC, there is a limit on the amount landlords can charge for security deposits. As of September 2021, the maximum security deposit allowed for an unfurnished residential rental unit is one month’s rent. For furnished units, the maximum security deposit is […]
How to deal with condo common charge late payments by unit owners in NYC?
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Dealing with late payments of condo common charges by unit owners in New York City (NYC) requires a systematic approach that balances the need to collect dues while maintaining positive relationships with residents. Here are steps to address late payments effectively: Clear Communication: Maintain open […]
In New York City, can a zoning lot consist of more than one tax lot?
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Yes, in New York City, a zoning lot can consist of more than one tax lot under certain conditions. Zoning lots and tax lots are two distinct concepts that are used in land use and property regulation, and they have different purposes. Here’s an explanation of […]
NYC Real Estate Dispute Arbitration
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Arbitration is an alternative dispute resolution method commonly used in New York City (NYC) real estate disputes as an alternative to traditional litigation. It involves submitting the dispute to a neutral third party, called an arbitrator, who will make a binding decision after considering the evidence […]
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 […]
Zoning and Land Use: NYC Legal Guide
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Zoning and land use regulations in New York City (NYC) play a critical role in shaping the city’s physical development, ensuring orderly growth, and balancing the interests of property owners, developers, communities, and the public. Here’s a legal guide to understanding zoning and land use in […]
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 […]