Tag Archives: Board

Valet Parking is the Right Move

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The Board announced last week that they are in negotiations with a parking operator to switch the parking garage from its current approximately 388 capacity self-parking configuration to a valet system that will accommodate approximately 40% more vehicles.

There has been a predictable uproar from those who currently have parking spaces in the garage.  We are sympathetic to their concerns, as most of them waited a pretty long time to get a spot in the garage, and they will almost certainly suffer a very real loss of convenience as a result of the change.  Ultimately, however, we strongly support the Board’s decision to make this change.

The garage currently can be used by less than 25% of shareholders, most of whom waited 8 years or less to obtain a parking space.  But the wait has shot up in recent years.  The last shareholder to receive a spot waited over 12 years, and there are over 200 shareholders on the waiting list who have already waited more than 8 years.  That means that every single shareholder who will be offered a parking spot as a result of this change has already waited longer than most shareholders who currently enjoy parking privileges.

And based on recent rates of turnover in the garage, a shareholder who signs up today can expect to wait something like 25 years for a parking space.  The impetus for the change isn’t that newer shareholders aren’t willing to wait their turn, as some have suggested.  Newer shareholders are just as willing to wait as those who got here earlier, but they would like to have a turn at some point during their lifetimes.

Indoor reserved self-parking is also a luxury that is virtually unheard of in Manhattan.  We are not aware of a single other market-rate co-op, condo or rental building in Manhattan that has indoor reserved self-parking, let alone at prices that are significantly discounted compared to far less convenient nearby commercial options.  It strikes us as quite unfair to ask that this luxury be preserved for the benefit of 388 shareholders who happened to sign up for parking prior to 2003 or so, when there are 662 other shareholders who want a parking space, many of whom have already waited longer than most of the 388 privileged shareholders did.

A valet system that keeps costs from rising but allows significantly more shareholders to access the amenity, and brings the expected wait for new shareholders closer to historical averages, strikes us as a very sensible and cooperatively minded move. We applaud the Board for having the courage to do it, and we thank the shareholders with existing parking spots who will be sacrificing some convenience to enable more widespread sharing of our communal resources.

 

What it means to be a director

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The Spark reached out to a few former directors of Seward Park Cooperative to ask for their thoughts on what it means to serve on the board. Following is former director Jodi Zagoory’s response:

When you serve on the co-op’s Board of Directors you have the responsibility to set policies which the management company is charged with carrying out, and to vote on the numerous and various issues that come up in the ordinary and usual business of a residential co-op. Your service is voluntary. You do not and may not receive any compensation in any form. The following are among the duties you will have:

  • You must keep confidential the information you receive regarding the co-op’s business and shareholders. You may not disclose any information about any shareholder to anyone other than to another director, management personnel and the co-op’s legal counsel.
  • You must not discriminate against anyone or make any decisions out of spite or revenge.
  • All of your decisions are made in accordance with what you think is in the best interests of the corporation and in accordance with New York State Business Corporation Law and the co-op’s governing documents (proprietary lease, bylaws and house rules).
  • A regular board meeting is held every month. You are encouraged to attend in person but if unable to you may attend by teleconference.
  • The agenda of the regular meeting is compiled and set by the president of the board.
  • Monthly agenda items include reviewing and discussing the co-op’s financial status based on a monthly financial report, and voting on sales, sublets, and adding/removing names from stock certificates.
  • Serving as a director does not mean that you have the power to order co-op staff to do anything. Directors tell management what the board wants the co-op’s staff to do, and management directs the staff.
  • You, your family and your friends may not receive any preferential treatment from staff or management.
  • You will make decisions on whether the co-op should enter into contracts and leases.
  • You will make decisions on whether the co-op should take legal or other action against a vendor, commercial tenant or shareholder.
  • You will make decisions on whether to and how much to spend on projects.
  • You will decide on who will be the co-op’s attorney and accountant.
  • You will decide on the co-op’s annual operating and capital budgets to ensure that the co-op’s financial obligations are paid.
  • You will decide whether the co-op should borrow money or pay off any loans.

Service on the board is for a term of three years. It is time consuming. You will be asked to review and make decisions about contracts, proposals, reports and other documents. You must take your responsibilities seriously as the decisions that you make impact many people and businesses. But like any form of voluntary public service, it is also rewarding and satisfying to help guide your community into the future.