اينگنگ انفراسٽرڪچر
The glaze on the bricks have become less water-repellent, especially around the windows and mortared lintels on the north corners allow seepage creating water problems.
The risers carrying water to the top of the buildings have become more and more blocked by mineral build-up to the point where many have only 10-15 percent of their original area clear to permit water flow. Even the apartments (except for those that have been completely upgraded within the last 3-4 years) look increasingly shabby and in need of renovation in comparison to the shiny newness of the condo inventory.
Co-op Boards of Directors
Co-op boards are composed of a small group of building shareholders who are entrusted with overseeing everything from the financial health of a building to maintenance and viewed as if they are Directors of a private corporation, which is what co-ops are.
74 سيڪڙو تائين منڇٽن’s apartment stock is composed of co-ops and are the 20th /21st century model for an urban Planned Community. In some situations, they resemble country and private social clubs assuring shareholders (those who have bought units in the building) that they will be surrounded by others who look and earn money just like they do. The secrecy allows for discrimination with impunity. Unfortunately, the model has not adapted to modern transparency standards and unlikely to change given the political power that comes with such economic might. In reality, it is dangerous for buyers who do not fit the persona mold of any given building.
As physical problems have surfaced in co-ops, pushing maintenance costs ever higher and higher, the co-op Boards have stubbornly refused to adjust to the times.
They severely restrict financing and transparency. They put anyone who wants to renovate through an arduous review and approval process which tends to take months and costs thousands of dollars. The BODs continue to judge applicants on personal criteria (investments, where the children go to school, employment and employers, whether they have been involved in litigation no matter how benign) and other queries that should not enter the review process. The result? The value of co-ops, especially larger ones, has been declining relative to condos for at least the last 15 years. In reality, you have to be a little bit nuts to be willing to run both the Board review and renovation gauntlets.
The paperwork associated with the application for purchase can take months to complete and include bank statements, W2s. tax returns, gift letters, and explaining sums of money received from third parties. In addition, there is a requirement for a personal statement on why the applicant wants to live in the building, along with other letters that include personal and professional references.
After all the time, effort and money, prospective buyers may be rejected by the BOD and they will never know the reason. The rejection can be based on age, gender, culture, wealth, personality, marital status, language spoken…and no one will ever have to provide an honest explanation to the interested buyer or to the broker.
As a private entity there is no legal obligation to tell the applicant why he/she was denied; however, if pushed, they are likely to claim the reason was financial. The members of the BOD do not think your income is high enough, your debt -income ratio is not to their liking, they see something they did not like in the credit report, they did not like you, your personality and/or the answers to their questions…whatever. You can also be turned down because they did not like your offer price. It does not matter that you and the seller are happy – they will just say NO. In spite of all the issues and physical problems with co-ops, the Boards stubbornly refuse to adjust.
© ڊاڪٽر ايلنور گريلي. هي ڪاپي رائيٽ آرٽيڪل، فوٽوز سميت، ليکڪ جي لکيل اجازت کان سواء ٻيهر نه ٿي سگھي.
سيريز:
حصو 1 نيو يارڪ شهر: گهمڻ لاءِ سٺي جڳهه پر... واقعي هتي رهڻ چاهيو ٿا؟
حصو 2. بحرانن ۾ C0-OPS
مٿان اچي رهيو آهي:
حصو 3. هڪ ڪمپني وڪڻڻ؟ سدا خوشقسمت رهو!
حصو 4. توهان جا پئسا ڪٿي ويندا آهن
حصو 5. پئسن جي کڏ کي کودڻ کان اڳ
