Coop Rights Bill: Update

The NY Sun reported about the bill that would affect coop boards that has long been stalled is now getting support from law professors.

The proposed law would require coops boards to put in writing their reason for rejecting a purchaser applicant from their coop. There is still opposition saying the law goes to far. I was quoted in the article.

They called me about the board interview process and how I prepare a buyer for the interview.

It's best to really keep your mouth shut, only answer questions, and not elaborate on things," a broker with Coldwell Banker Hunt Kennedy, Mitchell Hall, said. One client once talked with a board about making alterations to her apartment and barbecuing, Mr. Hall said, two things sure to turn off her interviewers.

In that example the coop had a reason "quality of life" issue for other shareholders in the building. Major renovations can be of concern, barbequing while practiced and condoned it is actually illegal in Manhattan buildings.

Richard Nixon and Madonna were rejected for "security" reasons. At least that was the reason given to the press. There are reasons why a coop rejects a buyer and coops should be able to put it in writing. IMHO this law does not go to far.

This bill along with the law passed last year brings Manhattan into the 21st century. It fully reflects the openness, transparency and consumer-orientation that I stand for.

Complete NY Sun Article