Old sponsor & Board control
Started by BlueDuke
over 9 years ago
Posts: 0
Member since: Oct 2009
Discussion about
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We live in a small condo (11 units + commercial ground floor), converted more than 20 years ago, where the sponsor has retained several of the units + the commercial space. As a result, he has 55% of the votes and still controls the Board by appointing non-owner individuals that respond to him (4 out of 7 Board members). Is that allowed? Isn't there a requirement in NYC that the sponsor relinquish Board control within 5 years of conversion, regardless of its share in the condo?