Bleakley Platt Partners Beck and Glatthaar in New York Real Estate JournalJanuary 2016
Ms. Beck’s review of the year discussed a matter in her co-op and condo practice involving a Special Election. Together with her clients, Ms. Beck formulated a cost-effective strategy for calling a Special Election and conducting an election which was ultimately held without the need for protracted litigation. Once the election was held and the outgoing board realized that the new group was organized, energetic and willing to defend their interests, the outgoing board stepped aside and worked with the new incoming group to transition the Board of Directors. The new Board has already made strides to clean up arrears, better communicate with its shareholders and plan for long term capital projects.
Mr. Glatthaar’s review of trends throughout the year noted the impact of low interest rates in 2015. He reports that three cooperatives and a condominium that he represents all refinanced mortgages to borrow additional funds for capital improvements while simultaneously reducing operating costs.
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