Can the sponsor of a condo conversion raise maintenance unilaterally at his will? Is there a cap or any rule?
I am looking at a condo conversion in NYC with fairly low maintenance, which would allow me to take a big mortgage. However, I fear that current maintenance might be kept low just to make the selling process easier during the conversion, and that it may go up abruptly in the near future. I fear that the sponsor will keep over 50% of the apartments as rentals, have full control over the board, and when he thinks that he has sold enough apts will start big embellishment projects unilaterally and raise maintenance significantly. Are condo owners in recently converted buildings protected from these practices, in particular in NYC?
That is a good question. First, you must read the Offering Prospectos and review your concerns with an attorney that specializes in the preparation of these documents. Certilman, Balin LLC in East Meadow is well known in this area.
Second, these documents are approved by NYS Attorney General's office. Contact them with your questions regarding this specific project.
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