anything is possible when there is no agency to oversee.
in the 1980’s while Mario Cuomo was NY Governor, there was a huge drive to convert many rent stabilized buildings to cooperative apartments, 1000’s were converted. Many were working class buildings.
Since that time there has been no state agency to oversee the complaints of shareholders concerning the management of their building and money. This became very evident when Andrew cuomo was AG , but the AG’s office has refused to even look into complaints of self dealing, conflicts of interest, fraud, mortgage fraud.
There is this huge real estate money sucking black hole and no government oversight. The management companies, many who were the original sponsors have tuned the building into a huge cash cow.
It is the the perfect arena for theft, since shareholders are scared to make noise and lose their investment.
The yearly audit is a pure pony show, as they just OK the documents that are given to them, they perform no investigative work
Think about it, hand over the reigns of the buildings to board that no nothing, the answer is all fraud.
|Dear shareholders of cooperative housing around the State of New York:
In a few weeks, our state will have elections. Several incumbents and challengers will compete for posts to become members of NYS Assembly and Senate, Governor, Attorney General, Comptroller, etc. All of them are jumping in front of each other to show how they care about constituents they are eager to represent. They are talking about police, schools, senior care, etc. The only issues they carefully avoid are about economy, specifically concerning working people.
As we mentioned before, there are about 370,000 units of cooperative housing just in the City of New York which harbor about 1,000,000 population. We are facing many problems being harassed and robbed by corrupt Board of Directors and greedy Sponsors. We are begging for help and practical actions at all political levels of the State of New York (since cooperative housing solely belongs to responsibility of the State). All of them pretend our problems do not exist and are hiding from us. NYS Legislature has not even discussed (not saying-approved) any even single bill protecting shareholders of cooperative housing – in at least a decade. This 1,000,000 DOES NOT exist for our politicians.
We urge you to pursue the introduction and implementation of the following pieces of legislation to remedy deficiencies in the law and redress the segregation of all coop apartment resident shareholders from rights to due process and recourse.
Please maintain a dialogue with your coop tenant constituents, many of whom are elderly and/or infirmed and cannot reach out to their legislators as much as they would like.
A00034/S03152 Creates the office of the cooperative and condominium ombudsman
A00305 Governs election of board by residents of cooperatives and condominiums
A00360/S00054 Voting rights in cooperative apartments
A00372/S01809 Creates a subpart of the housing part to handle cases involving condominiums and cooperative buildings
A00436 Management of cooperative apartment buildings
A00894 Financial statements for assessments of condos, cooperative buildings andcooperative communities
A00895 Disclosure of information on the fiscal health of a condominium, cooperativebuilding or cooperative community
A05838/S04626 Provides for the appeal of disputes between shareholders and boards of directors of residential cooperative corporations to a hearing officer appointed by the attorney general
|-=-=-Cooperative Community Organization · United States
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In the 1980’s when Mario Cuomo was governor, many of the rent stabilized apartments were converted to cooperative apartments. The state was supposed to enforce the guidelines in these conversion agreements. Fast forward twenty plus years and Andrew Cuomo was the Attorney General and now Governor. The few original shareholders are disabled or senior citizens, and the AG office refuses to do anything about corruption and mismanagement in the coop apartment boards and managing companies, some control the board and building by fraudulent coop voting rules they changed in the 1990’s, Yet another item the AG refuses to look into. Board self-dealing, conflicts of interest including mortgages, Board refuses to provide their contact information, and refuses to provide a list of shareholders, refusal to disclose financial information as AG’s office required at conversion.
99.9 % of owners in all coop’s do not want the truth to come out, since the price of their apartment would suffer,
This is the perfect fraud, since if one makes too much noise they lose value in their apartment.
I will not commit fraud, lie to prospective buyers, even if everybody else is.
The cooperative apartments are the cash cows for the management companies.
#cooperative apt#cuomo#mario cuomo#andrew cuomo#AG#fraud
Laundry Room payment method changed to ID theft friendly Credit Card Only
with zero shareholder input , the coop board changed the payment method for a washer/dryer debit card from the original cash or credit card to credit card or debit card only.No Cash anymore. Wonder if someone who was supposed t be working for the c
Makes it great for hackers and Identity theft rings to steal credit card numbers this way.
The fraud and ID theft potential is huge,since your address is already known.
#identity theft#credit card fraud#cooperative-apartment
I have to go through my piles of paperwork , i believe when we received the memo that the mortgage was refinanced for 10 years and the then president was resigning, the same president was an investor in same mortgage bank . Also owner of managing company for cooperative apartment is on the board of the same mortgaging bank “The Westchester Bank”. This is the 3rd mortgage in a row , i believe ,from this bank , 3 annual meetings ago i called this a conflict of interest,especially since we never received a written report of the loan rates by competing banks., That would be the only way we could look at everything in the same light. However they do not want us to look at anything.
In this mortgage memo I do not believe we received any of the finance rate information nor the full closing cost and prepayment penalties. I also believe we had over a year left on our current mortgage , with a large prepayment penalty.
This board, the cooperatives apartment board has a couple of members that are beholden to the management company.
Does Barhite and Holzinger give such limited info on the buildings mortgage to the Bronxville,NY or Scarsdale, NY cooperative apartments ?
I also doubt that Bronxville, NY and Scarsdale cooperative apartment are owner occupied by under 50% yet sold at 90% owner occupied.