All Forum Posts by: Hanna Edwards

@Ronald Roetsel  I am a property manager in NYC and I specialize in small properties, including co-ops, under 10 units. However, I OWN a co-op in a fairly large building and have witnessed mistakes made for my neighbors.  

Assuming there is no fraud going on, you would need to assume ineptitude on the part of the person who is keeping the books and/or entering charges.  You need to look at the history of these overcharges holistically from the time they began -in other words, you have to do their work for them.  If you can find the place where everything starts, then you present the history of overcharges and unwarranted penalties and demand they straighten it out.

The only other things you can do are what you have already spoken about - come to NYC or hire someone on the ground to sort it out for you by physically going to the management company.  Threaten action against the co-op  (not the management company - the co-op is responsible for employing the management company and making sure its books are correct - what do the co-op's books look like if your ledgers are wrong?), and possibly follow through, in small claims if possible.

Or, sell, but talk to a lawyer to make sure that you still have the right to sue the co-op for overcharges if you leave the co-op.

Sorry, that isn't what you want to hear, but there's no simple way to get this straightened out.

Hanna

Hi Sherry,

I am a real estate broker here in NYC.  Currently the market continues to push higher unevenly, but the sense is that we might be nearing a top or slow down. Depending on the size of your co-op, there may not be much more appreciation for you there. So, I don't think it's a good reason to hold on.

Do you think you may move back to NYC in the next 3 years?  If the answer is yes, and you anticipate that the unit could still fit your needs, then that might be a reason to hang on to it and rent for another year.

On the other hand, you mention the unit is just paying for itself, except that you have had assessments that make it a cash suck. How much longer is that going to go on? Do you foresee more assessments in the near future?  If so, I would call that a strong reason to sell.

You didn't mention which part of California you are in, either, or how much you think you'd get from the sale (50% of what, exactly?). If you're in San Francisco and you anticipate getting $100K from the sale, maybe it doesn't make sense. If you're in Fresno (or other more suburban/rural area in CA) and you anticipate the same or more, then I think it would make tremendous sense to invest in a multiunit that may cash flow for you.

Hope that helps.

Hanna

Steve Salveson, RIPNY (expediter)  

Patrick Hammond / Hammond Architecture (architect/also has expediter)  

Sorry I can't post the contact info in the forum per BP rules.

I have only completed one closing in Hudson County. We used Corrado & Martella - Nick Corrado was the attorney.  They did a good job, and Nick has taken a couple calls from me in the years since that didn't turn into billable hours.  It was too long ago to give you the cost, but I think the other ranges mentioned are appropriate.  http://www.corradofirm.com/

I'm sure it's along the lines of NYC rent stabilized tenants, but can anyone point me to the law that states the rights of Jersey City or State of NJ's "protected tenants"?  

Thanks!