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Co-op question--how is this possible?

Started by drummer
almost 17 years ago
Posts: 1
Member since: Mar 2009
Discussion about
We looked at a unit on East 15th street recently and learned that the president of the co-op board is a real estate broker who owns units in the building but doesn't actually live there. How is being the listing broker and on the co-op board not a conflict of interest? I've never seen a building before where the co-op pres wasn't also a resident...is this common?
Response by manhattanfox
almost 17 years ago
Posts: 1275
Member since: Sep 2007

not unheard of... I had a similar situation in my old building whereby the sponsor owned many apts and controlled the board. Elections are by shares and shares control the votes -- so ot makes sense. In terms of a conflict of interest -- unless a package has an issue -- perhaps the director recuses him/her self during the vote.

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