South Florida building collapse

oldfort
Mon, 05 Jul 2021 00:37:25 +0000

I have owned few apartments in NYC, and most of them are high risers. As a shareholder, I don’t have a say about repairs or assessments. The board and the management agent decide when something needs to get done. This year during Covid when we lost some commercial tenants, we were informed we had to pay additional assessment instead of drawing down on our reserve. Whenever I buy a new apartment I usually have my accountant and lawyer review the coop’s bylaws and financials.
Few years ago when NYC decided buildings needed to repair the facades to prevent bricks from falling down and hurting people, my building had a special assessment for few years.