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December 30, 2021

What Are Some Things to Know About Co-op and Condo Housing in New York?

John A. Viterittiby John A. Viteritti
in Real Estate
Home Real Estate

When Covid-19 first struck, many New York City residents who lived in co-ops and condos rented or bought homes in areas farther from Manhattan, including the Hamptons. These homes provided relative safety from Covid-19 coupled with the ability to work from home. A trade-off was that they were still responsible for the payment of maintenance and common charges as well as their loans and mortgages on their co-ops and condos. Many co-op shareholders and owners of condo units chose to sell their interests.

 

According to a Bloomberg Report, through June 16, 2021, 177 co-ops $4 million or higher went into contract as compared to 615 condos.

 

Before delving into some of the reasons the Bloomberg Report offers for the obvious preference of condo purchases as compared to co-ops, we have to define the most critical differences between the two.

 

With co-ops the building and the land under it are owned by the corporation. The residents are shareholders who own stock, personal property in the corporation for which they receive a proprietary lease, not a deed. The expenses of the corporation, an underlying mortgage, property taxes, insurance, funding of reserves, maintenance, etc., are collected through maintenance charges paid by the shareholders.

 

The board of directors has a fiduciary responsibility to manage the co-op in the interest of the shareholders consistent with the Offering Plan that has been approved by the New York Attorney General before the shares may be marketed.

 

With respect to the authority of the boards, in 1990 in Levandusky v. One 5th Avenue, the New York Appellate Division recognized the broad authority of the board to make business judgments that are in the best interest of the shareholders as long as those judgments are not unlawful. This includes the unfettered right to deny any applicant for the purchase of the shares without giving a reason, as well as board policies regarding sublets. If an applicant thinks that they have been a victim of federal, state, or municipal fair housing laws, their recourse is through the courts and Human Rights Divisions of municipal governments. Legislation is pending before the New York State Legislature that  requires the co-op board to acknowledge, in writing, the receipt of applications, approve them within a certain time period, and if rejected, give a reason in writing for the rejection.  Some municipalities including Suffolk County have already adopted laws regarding transparency in co-op applications.

 

With condos, on the other hand, the condominium is managed by a Board of Managers that has a fiduciary responsibility to manage the condo in the interests of the unit owners. The unit owners own the unit and an undivided interest in the common elements, pay common charges for the maintenance of the common areas, can mortgage the unit, pays their own taxes, and the Board, rather than an unfettered right to reject a sale by the owner of the unit, has a right of first refusal that could be exercised in the interest of the other unit owners that do not create an unreasonable restraint on alienation, violate federal, state, and fair housing laws.The ability to purchase the unit by the condominium is dependent upon the funds in its reserve account and its willingness to draw upon it.

 

Within that context, here are some of the reasons the Report suggests explains the preference for condos compared to co-ops.

 

Buyers who once sought the status that comes with acceptance into the city’s most exclusive co-ops are now favoring newly developed condos with better amenities and no lifestyle restrictions or intrusive financial questioning. Owners want to be able to buy and sell freely, not be hampered by co-op boards’ length and time-consuming process that make sales more difficult and therefore less liquid. And when boards reject buyers or sublets without giving a reason, it subjects the co-op to allegations of discrimination, which can be very costly for the share holders. A prime example is a New York Federal Court’s February 4, 1997 decision with respect to a sublet by one of the tenant shareholders, Broome v. Biondi involved Beekman Hill House, a Manhattan co-op whereby the jury awarded the plaintiff $640,000 in damages, including $410,000 in punitive damages. The jury also awarded $125,000 in damages against the president of the board, $60,000 against another board member, and $25,000 against each of the others. The jury also awarded a tenant shareholder $107,000 in compensatory damage and $57, 000 in punitive damages. In New York, it is unlawful for an insurance company to compensate the insured for punitive damages. Under the Federal Fair Housing Act, there is no limitation on the amount of punitive damages that may be awarded. Effective October 1, 2021, the New York State Division of Human Rights will no longer grant requests for discontinuance of complaints due to confidential private settlement.

 

These facts serve to demonstrate why condos have achieved greater market value as opposed to co-ops. The Bloomberg report states. “It’s a preference that has been building for years, along with a boom in luxury condo construction that makes more choices available. And that’s fast eroding the value of some of the most storied real estate in town, brokers say.”

 

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Celebrate New Year’s at these Hamptons Hotspots

Celebrate New Year's at these Hamptons Hotspots

  • 167 Dune Road, Bridgehampton, NY 11932⁠
Saunders Exclusive: $42,500,000⁠
@jenniferwilsonhamptons 
@edbruehl @leemohlerehamptons 
@hamptonsrealestate 
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Experience extraordinary coastal living with this exquisite oceanfront estate on Dune Road in Bridgehampton. ⁠
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Designed by the renowned architect Francis Fleetwood, this remarkable property boasts 300 feet of private ocean frontage, complete with its own private boardwalk leading directly to the beach, all set on over 3 acres of prime land.⁠
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The charming shingle-style residence encompasses 4,200 +/- sq. ft. of luxurious living space, featuring 5 bedrooms and 5 full bathrooms, plus an additional half bath.⁠
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Read the full article at Hamptons.com (Link in Bio)⁠
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#duneroad #oceanfront #bridgehampton #realestate #hamptons #francisfleetwood ⁠
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  • The Hamptons have seen their fair share of collaborations and takeovers this summer. Still, nothing compares to The h.wood Group and Chase Sapphire Reserve’s transformation of Montauk hotspot Mary Lou’s into Delilah Montauk.⁠
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The four-day takeover combined unforgettable dining experiences with show-stopping live entertainment featuring performances by Zack Bia, Alesso, Gwen Stefani, and DJ Pee.Wee (Anderson Paak). ⁠
⁠
Exclusively for Chase Sapphire Reserve cardholders, diners were treated to white glove hospitality and Delilah’s staples, including the famous chicken tenders and tuna tartare, and bold twists on Hamptons classics like lobster rolls, striped bass crudo, and crab and avocado toast. 

Check out more at Hamptons.com (Link in Bio)

#gwenstefani #alesso #djpeewee #chasesapphirereserve #delilahmontauk #montauk #hamptons
  • LVIS thrift shops are open Tuesdays through Saturdays 10 AM through 5 PM

donations are accepted Wednesday through Saturday 10 AM through 1 PM by appointment 

located at 95 Main St East Hampton
  • Check out the Top Hamptons Events This Weekend!⁠
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🚗 The Bridge IX⁠
📅 Sat, Sept 13 | 2–7PM⁠
📍 The Bridge, Bridgehampton⁠
Over 300 rare automobiles showcased across stunning landscapes.⁠
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🎬 23rd Annual Surf Movie Night⁠
📅 Fri, Sept 12 | 5:30–9PM⁠
📍 Southampton Arts Center⁠
Surfboard swap, live music & outdoor film screening. 🌊⁠
⁠
🍝 San Gennaro Feast of the Hamptons⁠
📅 Sat, Sept 13 – Sun, Sept 14 | 10AM⁠
📍 Hampton Bays⁠
Italian pastries, live entertainment & fireworks Sat @ 8:15PM 🎆⁠
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🎭 In Process: Roderick George⁠
📅 Sat, Sept 13 | 7PM⁠
📍 Guild Hall, East Hampton⁠
A special in-process presentation of The Missing Fruit (Part I).⁠
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🎤 Sheena Easton at WHBPAC⁠
📅 Sat, Sept 13 | 8PM⁠
📍 Westhampton Beach PAC⁠
Grammy-winning artist live on stage!⁠
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☕ Cars & Coffee⁠
📅 Sun, Sept 14 | 9–11AM⁠
📍 Bridgehampton Museum⁠
Classic & exotic cars, food, drinks & live music.⁠
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🛍 Hampton Vintage⁠
📅 Sun, Sept 14 | 10AM–5PM⁠
📍 Westhampton Beach Village Green⁠
Shop unique vintage finds!⁠
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🎶 Hamptons Festival of Music Finale⁠
📅 Sun, Sept 14 | 4PM⁠
📍 St. Luke’s Church, East Hampton⁠
Featuring Cimarosa, Berlioz & Beethoven.⁠
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🍷 Wine Dinner with Pradorey at R.AIRE⁠
📅 Tues, Sept 16 | 6:30PM⁠
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Five-course tasting menu with exquisite wine pairings.⁠
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🎥 Toy Story 30th Anniversary Screening⁠
📅 Sept 12–15 | Various Times⁠
📍 Southampton Playhouse⁠
Celebrate Woody & Buzz’s timeless adventure!⁠
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Check out more events at Hamptons.com (Link in Bio)⁠
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#carshow #hamptons #sangennaro #sangennarofeast #winedinner #bridgeIX
  • The Animal Rescue Fund of the Hamptons (ARF Hamptons) hosted the Bow Wow Meow Ball in East Hampton. The evening’s honorees, Ellen and Chuck Scarborough, were presented with the Champion of Animals Award, recognizing their more than twenty-five years of support to ARF. ⁠
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Over 400 guests celebrated ARF’s remarkable work with cocktails, followed by dinner catered by Olivier Cheng. Peter Marino, accompanied by his daughter and ARF Board Member Isabelle Trapnell Marino, presented the Scarboroughs with their award. ⁠
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📸: Patrick McMullan/PMC⁠
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Check out the full gallery at Hamptons.com (Link in Bio)⁠
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#arf #bowwowmeowball #hamptons #animalrescuefund #animalrescue
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