Dennis Greenstein Quoted in The Cooperator
"Co-op and Condo Boards in the Age of Transparency"

Seyfarth Shaw New York partner Dennis Greenstein was quoted in The Cooperator in the October 2011 issue. The article discussed growing frustrations among condo board and association members, due in part to the fact that foreclosures and defaults now account for nearly 20 percent (or more) of condo units.

"The economy is driving people to feel upset generally," said Dennis. "Oil was very expensive last year, and real estate taxes are flying through the roof. And when you put capital repairs and improvements to the building on top of that, we're getting increases in maintenance charges, common charges and assessments."

The need for transparency and better communication has become greater than ever. The article lists what is required to be disclosed by the board as well as the records that must be kept, including any minutes of meetings, as they are essential for defense if faced with a lawsuit, and it concludes by providing an example of a successful disclosure program.

Click here to read the full article: http://www.cooperator.com/articles/2320/1/NY-Confidential/Page1.html