Do you live in a sponsor-controlled coop or condo? If so, there’s a meeting coming up on Wednesday (12/10) at 6:30PM in Carroll Gardens that might interest you. It takes place at MS 142, 610 Henry Street in Carroll Gardens and will be lead by Theresa Racht and Al Taffae, attorneys and partners in Racht & Taffae, LLP. They will help resident shareholders draft complaint letters to the Attorney General. Here’s a bit about the issue from the Resident Shareholders Unite blog:

In the very loose credit market that has now ended, it might have seemed like sponsor-controlled co-ops weren’t really such a bad thing — after all, if the building is comfortable to live in, who cares that the sponsor is running a free market rental business with half the apartments, or controlling the building finances? Now that we are in an era of extremely tight credit, banks will have much more stringent policies about lending in co-ops, preferring to see over 50% of units owner-occupied. When shareholders cannot sell or refinance their apartments, the sponsor is causing very direct harm to shareholders.

Here’s the info they say is important:

Address of Building. Name of Sponsor and principals of Sponsor. Date the building converted to a coop/condo. Number of residential units in the building. Number of residential units still owned by sponsor. Of sponsor owned units, how many are free market (non-rent stabilized)? Is Sponsor filing update amendments to the offering plan? When was the date of the last amendment? When did the sponsor last sell an apartment? Does the coop/condo have annual meetings? Do you receive minutes of the annual meeting? Does the sponsor control the Board of Directors? If sponsor controls, is it by electing sponsor’s own people (principals, employees) or by voting for allied shareholders? Does sponsor either manage the building or pick the managing agent? What is the name of the managing agent? Speak to the other shareholders in your building and work together to gather this information.

Fun times for all.