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New York Times “Ask Real Estate” Section Questions Debra J. Guzov about Co-Op Board’s Authority to Impose Assessments on Shareholders

Co-ops and Condos

The New York Times “Ask Real Estate” column features commentary from Debra J. Guzov, discussing a Riverdale co-op shareholder whose board recently announced a $500,000 assessment that must be paid over the next three years.

In the article, “Co-op Assessments: Do You Have to Pay What They Say?” Guzov explains that in any financial disagreement between a co-op board and its shareholders, it’s always best to find an amicable resolution through open dialogue rather than initiate a protracted and costly legal battle. In this case, she added, the shareholder should start by requesting the minutes from the board meeting in which the assessment was discussed and adopted to get further insight into the reasoning behind it.

Guzov works with co-op boards, owners, and managing agents in hundreds of buildings throughout New York City. If you require assistance with your rights as a shareholder or owner or general counseling regarding your co-op or condominium, contact Guzov, LLC for a consultation.

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