Send us a text Co-op and condo boards often move too quickly when hiring contractors, which can lead to problems later on. Contractor-written proposals can lack board protections like indemnification and the ability to recover attorney's fees. Signing these inadequate contracts can leave a board trapped with a contractor doing subpar work — or just not showing up. In this episode, J. David Eldridge, partner at Taylor Eldridge & Endres, walks through how this can happen, and what it could ...

Send us a text A condo board let an arrears situation drag on for years, convinced they had no chance of recovering delinquent common charges against an owner with massive tax and mortgage debts. They were wrong. Eric Goldberg, partner at Kahn & Goldberg, reveals how a stroke of luck involving a 60-day window between the board and the IRS filing liens completely changed their outcome. Goldberg shares the details. Condo foreclosures are high-stakes — and timing can mean the difference betw...

Send us a text When buildings need to place scaffolding on a neighbor's roof or temporarily close off a courtyard, some owners see dollar signs, while others face project-killing delays. As a result, the space between New York City buildings has become a surprisingly lucrative battleground. Dani Schwartz, partner at Offit Kurman, explains why neighboring access disputes have exploded over the past 15 years, and reveals the high-stakes negotiations happening right above your head. Schwartz wal...

Send us a text That dry cleaner or restaurant on your building's ground floor might seem like a simple revenue stream, but the dynamics behind managing commercial tenants are surprisingly complex. Christopher Tumulty, partner at Smith, Gambrell & Russell, explains the different challenges commercial tenants bring depending whether they are in a co-op or condo, and what board directors should understand about their power in each circumstance. For co-ops, in particular, boards need to be an...

Send us a text A $30,000 water leak becomes a $300,000 nightmare — all because a board waited too long to act. Ian Brandt, partner at Davidoff Hutcher & Citron, exposes the surprising traps that leave buildings with massive repair bills when disaster strikes. He reveals why insurance companies are denying claims that used to be automatic approvals, including one jaw-dropping case involving nothing more than an overflowing sink. Brandt shares real cases where boards made costly mistakes th...

Send us a text When a co-op or condo loses a commercial tenant, a cash crunch often follows. Finding a new tenant is just the beginning — the real challenge is structuring a lease that protects the building’s finances and residents. Mark Axinn, partner at Phillips Nizer, explains how to think like a professional landlord while recognizing your unique constraints. Key elements are managing rent concessions, handling broker commissions, and funding upfront renovation costs when building reserve...

Send us a text No building is ever really prepared for a contractor accident, but you can be proactive about keeping your building protected. Howard Schechter, partner at Fox Rothschild, breaks down the critical concept of risk transfer and why it could save your co-op or condo from devastating financial losses. Learn why New York's unique Scaffold Law has made insurance premiums skyrocket and discover the surprising gap between what boards think they have and what they actually need. From ap...

Send us a text Every board dreads that moment when a shareholder demands to see corporate documents, contracts, or financial records. But ignoring the request isn't an option. Evan Gitter, partner at Cohen Warren Meyer & Gitter, breaks down the shifting landscape of transparency laws and reveals why boards without proper procedures are setting themselves up for trouble. From repeat requesters with hidden agendas, to legitimate residents seeking information, Gitter explains how smart board...

Send us a text When board members think they have unlimited power, they run the risk of going too far when handling unit owner alterations. Carol Sigmond, partner at GreenspoonMarder, shares eye-opening stories from her legal practice, including one particularly puzzling case involving dangerously hot walls and a board's baffling response that turned a straightforward renovation into months of conflict. Sigmond discusses the fine line between reasonable oversight and overreach, plus reveals h...

Send us a text The Business Judgement Rule protects a lot of board decisions, but when your actions are ruled “in bad faith,” everything changes. Steven Sladkus, partner at Schwartz Sladkus Reich Greenberg and Atlas, unpacks a shocking case where board members faced personal liability after a judge found they acted in bad faith. What started as a commercial unit alteration dispute spiraled into a nightmare scenario where the board became "defenseless" in court, despite following professional ...