Legal Question in Real Estate Law in New York

Co-op Problems (Assessment & Maintenance)

Hello,

I was wondering if you could answer a question or two regarding a pressing matter with a co-op.

I became an owner in late March of last year and the President of the co-op proposed an assessment for 2004 as well as increased maintenance without my vote.

My share of the assessment is four payments of $336.55. My maintenance was increased by $166.06 from $720.94 to $887.

My question to you is: Do I have to pay the full amount for the assessment considering the fact that I did not live in the building until the end of March? If I was to pay according to how long I have been there, it would be the following:

$336.55 X 4 months = $1346.20 (To Cover The Assessments For 2004)

$1346.18 / 12 months = $112.18/month

$112.18 x 9 months = $1009.62

Also, is it common for maintenance to go up by such a huge amount so fast?

I just want to know my rights. Any answers you can provide would be greatly appreciated.

Thanks


Asked on 1/28/05, 3:55 pm

1 Answer from Attorneys
Seth Kaufman Kaufman PLLC

Re: Co-op Problems (Assessment & Maintenance)

The rules governing such matters can be found in the bylaws. It is possible, although highly unlikely, that your agreement with the seller contemplated a post-closing assessment. You should consult the attorney who represented you in the deal. Assuming he reviewed the coop's financials, he can probably explain what prompted the steep increase in maintenance.

This post is not legal advice and does not create an attorney-client relationship. It is a comment on the legal question posed by the poster and should not be relied upon in any way. All readers are advised to consult an attorney to address their specific legal concerns.

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Answered on 1/29/05, 9:24 am


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