#NYTIMES REAL ESTATE BOARD ELECTIONS CODE#

Greenstein, a Manhattan co-op and condominium lawyer said that the superintendent is permitted to obtain proxies and vote them as he wishes, as long as the proxy is not a “directed proxy” To the co-op’s compliance with New York State statutory requirements,” she said.ĭennis H. “Therefore, the shareholder should review his or her proprietary lease provision dealing with maintenance allocation and may wish to consult with the co-op’s counsel and accountants with regard Talel said, are the provisions of New York’s Business Corporation Law that address allocation of maintenance charges among shareholders. “It is the co-op corporation’s proprietary lease that determines maintenance allocation among shareholders,” she said.Īlso relevant, Ms. With regard to the allocation of maintenance payments among shareholders for co-op expenditures other than real estate taxes and mortgage interest, however, Section 216 does not require “proportionate It thereforeĪppears that the letter writer’s tax deductions are being properly calculated on a “per share” basis. “Proportionate share usually means the percentage interest that the shares owned by the shareholder bear to the co-op’s total issued and outstanding shares,” Ms.

#NYTIMES REAL ESTATE BOARD ELECTIONS CODE#

Eva Talel, a Manhattan co-op and condominium lawyer, said Section 216 of the Internal Revenue Code generally provides that the amount a tenant-shareholder in a co-op corporation can deduct from gross incomeįor amounts paid or accrued by the corporation for real estate taxes (and mortgage interest) may not exceed the shareholder’s “proportionate share” of such expenditures.

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