Tell us what’s on your mind? 
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Inquired with the board about the impossible emissions laws? What a joke! When the board got the 30 million they became kids in a candy shop.
Many think they gave contracts to companies who would kick back to the usual suspects. If they knew about the local laws 87 and 97 they would not have use $700 thousand on spy cameras on every floor and stairs. Also remember Akam tried to soak a Florida condo by doubling the real cost for repairs similar to the LL 87 and 97.
Akam should have told the board about it but David is Akam gift to Zarina representative who knows nothing. Maybe earlier writer is right about this board and the Rose&Zarina realty partnership wanting to run this co-op into public housing so to share in big profits. The extra charge of $4.35 per share upcharge does not explain what it is used for (raises for Akam David and useless office upgrade and office people?) Maybe scaring new owners away from this co-op. How many people want out of here so bad they are doing sublets so R&Z realty can get personal profit in managing sublets?
There is story of Greek man with lantern searching for an honest person, If he was here he must have left as soon as the new board took power.
On top of the special assessment issues, has anyone inquired with the board regarding Local Law 97 which will require that buildings in NYC over 25,000 square feet meet “green energy emissions”. Older buildings like ours would be required to retrofit some of our energy infrastructure and may cost millions of dollars which will fall on us shareholders in the form of massive capital assessments!
Yes and we should also have a protest this Friday in front of the management office.
We have to claim Grievance Appeal on attorney Emma to get her license revoked. She took unethical measures to get hired by our coop and make a nice pay check. Her actions and fees on the coop was just to steal more money from us. I thought she was nice but now I see her getting paid every where and anyway possible. Zarinas partner in crime. Zarina needs to get a life I don’t know how she lives knowing how many people hate her. Every listing or any person who wants to see her apartment she gets right on it like a beast! 👏
The assessment was proposed to pay all the fees we owe to the attorney and her dummy lawsuits against Chandra. They claimed they had so much proof, I really don’t see the litigation pending and any money being retrieved back. As a well rounded educated individual, seeing all oft this an all the lies that were made, it’s two years later and all I see is more expenses. I really don’t know what we are going to do. I don’t understand how people like them just barged into the office, the attorney Emma had a lot to do with that and she has a very strong mouth. Emma god bless I hope you enjoy your accrued attorney fees getting paid for soon!!
Did I miss a Board meeting that was held a few months ago to explain the When/What/Why of this VERY HIGH Special Assessment? Unless I don’t understand the May 1st letter-those of us with more than one apartment that auto pay maintenance with Click Pay are being slammed with an unexpected several thousands dollars payment in a few weeks!
With a few decades of shareholder experience in Park City and in Willoughby Walk (Bklyn) I’ve observed that sometimes a tax abatement significantly reduced my maintenance amount one month out of the year. Other times the coop “kept” the abatement to offset assessment costs and in those times it was transparent to the shareholder. At no time do I recall paying thousands in special assessments. Will our 2023 tax write-offs equally reflect the large payout amounts? Don’t we need questions+ concerns answered to all not just individually? HELP!
V. Melvin 9737
A one-time Special Assessment???
The Board approved a One-Time Special Assessment to be charged to you in June 2023.
It will come out to an 154% increase over your regular monthly maintenance.
Using average (170 shares) STUDIO the charge would be $740.00 PLUS your monthly maintenance.
Using average (240 shares) 1 BEDROOM the charge would be $1,045.00 PLUS your monthly maintenance.
Using average (340 shares) 2 BEDROOM the charge would be $1,480.00 PLUS your monthly maintenance.
Using average (425 shares) 3 BEDROOM the charge would be $1,850.00 PLUS your monthly maintenance.
THIS is what you get when you elect a Board based on their ethnicity instead of their experience and common sense.
So you didn’t get rewarded for your Board votes, as promised, but you certainly are being screwed.
The original unedited Co-op Prospectus listed 1,091 apartments – 303,849 shares. Both numbers have since been corrected but, using the 303,849 shares and the ‘special assessment’ of $4.3548 per share comes to a total of $1,323,201.63.
That’s One Million, Three Hundred and Twenty-Three Thousand, Two Hundred and Two dollars “to help offset increases in the operating costs of the corporation”. Of course, those increases are not being explained.
I’ve emailed my attorney and asked if it is legal to charge me a “slightly higher” assessment just because the NYC Dept of Finance issued STAR, SCHE, and VETERAN entitled tax credits to me.
When I get a reply, I’ll post it on this website.
Ron Migut
Is it normal that the assessment per share is $4.35 x each share for coming up next months bill? What was it in the past I would like to know. This appears to be a little bit to high. Tia!
There is no more Carol management.
It is now CAH which are the first letters of the children (heirs) of the original builder/co-op sponsor of our buildings (Carol, Alfred, Howard).
Look at the bottom of page 3 of our Certificate of Incorporation [see it at the DOCUMENTS tab on this website]
CAH retains ownership of all remaining rent controlled apartments.
As for the frequency of vacancies – put yourself in the position of any one of the actual renters.
They are not “financially bound” to this co-op and when they see and hear about what’s been happening since the current Board took power – they might either move out at the expiration of their high-priced lease – negotiate an early release with the privileged Holder or Investor Shareholder – or just skip out on the remainder of their lease.
On one hand, those could be the reason for so many cameras in the halls and stairwells… just to protect investor’s income?
On the other hand, invasion of privacy.
I know of one college student who lives in a studio here because its so close to his school (his parents pay for the annual lease instead of a costly dorm room per semester).
He feels this co-op is spying on him and invading his right to privacy and his parents agree and are looking elsewhere and will no longer rent any apartment in this co-op or the Estates co-op.
NYC needs to find space for all of the migrants.
Could we be on the precipice of public housing?
Ron Migut
So how many actual apartments are owned by Carol Management?
ABOUT NEW TENANTS WITHOUT BOARD APPROVAL:
When an apartment is purchased directly from the original Sponsor [Carol Management/now CAH] with no intent to occupy the apartment, they can obtain the classification of “Holder of Unsold Shares”.
That classification allows them to manage their apartment without any consents of the Board of directors. They can rent to whomever they want and as often as they choose and the Board has no power over them. A quote from the Proprietary Lease reads:
“Neither the subletting of the apartment nor the assignment of this lease, by the holder of the block of Unsold Shares allocated thereto, shall require the consents of the Directors or shareholders, as provided in Paragraphs…”. I used bold type to emphasize the meaning.
At one time, I knew of 20 shareholders, owning many more apartments, who claimed to be Holders of Unsold Shares.
The Proprietary Lease contains many benefits to the Holders of Unsold Shares. I could cite the pages and paragraphs but it’s the Board’s duty to know those things – and I don’t work for free.
Ron Migut
It’s probably made up
I’m seeing these posts regarding tenants moving in without board approval. How does anyone know this information unless they’re on the board? Is there another source of information or are these posts just made up? What is your source of information?
List some of the apartments with tenants who moved in without board approval. name and shame.
no board approval tenants keep moving into my building like a big surge
