This legislation does not change the priority between the mortgagee and the condominium, it simply accelerates the process so that it can be completed in three months rather than four years. This bill has been introduced in the Assembly by John Ravitz, but does not yet have a sponsor in the Senate. D. Assuring Principled Management. In 1994, the Manhattan District Attorney brought indictments against dozens of managing agents, shedding light on a most unfortunate aspect of this industry. Providing that court costs can be awarded to cooperatives and condominiums whose agent has committed a fraud.
Security is jeopardized because a board has less control over who is now occupying the apartment.
Lastly, the apartment may be too small for the number of occupants. Experience has shown that non-owner tenants are less careful about the building and its amenities. Mr. Rappaport concluded by voicing his organization's support for a co-op and condo section of the Housing Court.