Condo Board reluctant to share Financial records

2 Replies

I own a condo in NYC and I am about to undertake a kitchen renovation project. Total renovation cost will $20,000. The condo board wants the higher of 3% or $6000 as an alteration fee. Another $6000 puts the job almost out of budget. I suspect the condo board president did not pay a renovation fee in 2015 when he did his renovation, so I requested the financial records for that year. I was denied access to them two times. First he told me these are old records and no longer relevant. And then he told me I am not entitled to the financial records and he can answer any questions I have. He also offered me 2017 records once they come available. Prior to purchasing the unit in 2013, I was given the 2010 & 2011 records. As an outside party (in 2013) I was given access to the financial records, but as an owner, I no longer have access to these records. Does anyone see the hypocrisy in this? I am willing to find a way to pay the fee. But I want to know that the Condo board president has paid. Do I have a legal right to see these records? How can I file with the courts to get a copy of the records? Some background… the condo board president is reluctant to allow owners to renovate their apartments. He has written rules into our by laws preventing moving kitchen and bathroom plumbing. In 2015, those laws were changed and he moved both his kitchen and bathroom. This is one of a few examples of how the he alters rules to prevent others doing certain things in our building but bends the rules as he sees fit. The board is comprised of two people, the president and vice president who are always in agreement. Thanks

Anyone wanting to purchase an apartment in your buildings will request to see the 2015 and 2016 financials so they are absolutely relevant. Most people renovating typically don't even interact with board members when renovating, you should be speaking with the management company about all this. I would contact them and request the financials and alteration agreements. They're the ones that should be sending it out in the first place. If you haven't been receiving audited financial statements every year that's troubling. I also don't recall seeing such a high alteration fee, or one based on the percentage of the renovation budget (It doesn't cost more for the condo's architect/engineer to review more expensive fixtures/finishes). Not allowing wet over dry renovations is very common. Are you saying he revised these rules only for his own renovation? Most condo boards like it when apartments are renovated as that typically raises the sales prices in the building but in smaller boutique condos where everyone will hear the renovations and be affected by water shut downs, etc, that might not be the case. I would first reach out to the managing agent.

Jason thanks for the great reply.

What do you typically see as a renovation fee for Manhattan condos? And is it a simple flat fee?

It’s a smaller building and the board tells the building manager what to do.

Thanks

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