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Most co-op board meetings are held in the lobby of the building or @ the managent company boardroom.
I remember when I was a youngin' and it seemed like practically every decent pre-war building in good neighborhoods went Co-op. Insider prices used to be 50% discounts to mark the market prices
I know families who purchased 4000 sq ft. 9 room apartments for 185,000 (shares representing) all up and down 5th and Madison back in the early 80's. Things were bad back then and many were concerned if these were viable investments.
Most co-op board meetings are held in the lobby of the building or @ the managent company boardroom.
I remember when I was a youngin' and it seemed like practically every decent pre-war building in good neighborhoods went Co-op. Insider prices used to be 50% discounts to mark the market prices
I know families who purchased 4000 sq ft. 9 room apartments for 185,000 (shares representing) all up and down 5th and Madison back in the early 80's. Things were bad back then and many were concerned if these were viable investments.
Ahhhh, the genius of hindsight :-)
And the reason for all the conversions to Co-Op was to eliminate RC and RS once and for all. In my building we have 32 apartments and only 2 are left RS, and one is an elderely man that is almost ready to become an angel. The other tenant is a woman that has lived there with her mother since she was 7, her mother has since died, she married and still lived there, got divorced and had a baby so now its her and her son, so they arent going anywhere anytime soon.
But now as the other RC RS have died or moved the apartment automatically becomes property of the sponsor, who is the LL and owner of the building so he rents them out but they are NO longer under the rules of RC and RS. Which was actually a brilliant idea.
And the reason for all the conversions to Co-Op was to eliminate RC and RS once and for all. In my building we have 32 apartments and only 2 are left RS, and one is an elderely man that is almost ready to become an angel. The other tenant is a woman that has lived there with her mother since she was 7, her mother has since died, she married and still lived there, got divorced and had a baby so now its her and her son, so they arent going anywhere anytime soon.
But now as the other RC RS have died or moved the apartment automatically becomes property of the sponsor, who is the LL and owner of the building so he rents them out but they are NO longer under the rules of RC and RS. Which was actually a brilliant idea.
What percentage of your co-op is still owned by the sponsor, aka landlord?
What percentage of your co-op is still owned by the sponsor, aka landlord?
The are 32 apartments
12 are individual owners
19 are owned by the LL
1 superintendent apt
I started renting here, then my friends on the top floor were getting a divorce and didnt want the apartment anymore so (long story) the bank let me assume thier mortgage. I basically took over from where they left off at. The apt has been paid off long ago.
The sponsor ( LL ) treat the owners 100 percent better than the renters. I had my whole kitchen installed by the LL's men for free, all I did was tip the guys. (they are the best).
There is a room in the basement they use pretty much only for board meetings.
Our annual meeting/voting stuff is held in the auditorium of the HS near us.
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