Wednesday, August 17, 2011

New buyers being told building is 90% owner occupied, reality it is around 50 %

I spoke to one of my neighbors and she told me that when she bought she was told the building was 90% owner occupied. I have been here since conversion, this co-op has never been 90% owner occupied. The last five plus years has been around 50%. The managing agent and board president refuses to provide me the list of shareholders as provided by in the proprietary lease. They are also fighting me on my right to look at the financials, as provided by in the proprietary lease.
The board members do not know we paid a $15K prepayment penalty on our old mortgage which had almost 2 years left. Yet our new mortgage is via the bank that the owner of the managing company is a board member and our co-op president is an investor, and he handed all the mortgage paperwork. As an investor he should have been reclused, and the board should have made him recluse himself. The board president and his now deceased vice president/ mother in law were/are self dealing in many aspects of the building. Parking and storage room being the two outstanding ones.
I have given the board president the 3 page NYS law journal article concerning the courts rulings on who has the right to occupy a co-op.
I have frequently quoted and made copies of the proprietary lease where it states shareholder "AND" in paragraph 14 concerning right to occupy.

No comments: