Brick Underground

Bolster, a NYC design-build firm, helps Astoria homeowners with a gut renovation to convert their two-family house into a single-family home.

Even though the shareholders who are most affected by the sale of air rights may want compensation for an air rights deal, it is not advisable to have the co-op pay money to the tenant shareholders from the proceeds of the sale.

A gut renovation of a building with rent-stabilized apartments may result in the building no longer being subject to stabilization. However, in order to gut renovate the entire building—or demolish it—the building owner would have to obtain the approval of the New York State Division of Housing and Community Renewal (DHCR).

Elizabeth and Daniel’s Tribeca townhouse was in good shape but the layout needed more functionality. Their broker referred them to Bolster, a NYC renovation company that offers a suite of project delivery methods to meet homeowners’ needs.

James Woods, Esq., a partner at Woods Lonergan, recommends boards be proactive when a condo owner defaults on their common charges. “A responsive board signals to residents that the board will remain diligent and vigorously pursue payment when there is this type of delinquency,” he says.

“Shareholders have a right to call a special meeting for any reason, including to amend the bylaws,” says Bonnie Reid Berkow, a real estate attorney at Adam Leitman Bailey, P.C.