Because sometimes you'll find New York City rental apartments that are, in fact, sublets within a condo or, less often, a co-op building, it's a good idea to understand the role of a building's Board of Directors. Both New York City condominiums and co-op buildings can have a Board, which is essentially a governing body of fellow condo tenants or co-op shareholders, elected by the other tenants or shareholders. In both case, the Board's duties include overseeing the maintenance, financing, and staffing of, as well as improvements to, such common areas as hallways, storage and laundry facilities, elevators, heating systems, stairwells, lobbies, and the building's exterior.
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