Welcome to Concerned Shareholder Advocacy for 8701 Shore Road
Ira Polly - Shareholder at 8701 Shore Road
With over 25 years of experience managing the physical, financial, and legal complexities faced by homeowners associations, I am dedicated to empowering shareholders and homeowners. As a former president of a 470-unit co-op, a 105-unit townhome condominium, and a 71-unit townhome condominium, I have firsthand knowledge of the challenges that arise in community governance and management.
In 2017, I purchased my unit in a New York City co-op and encountered a troubling reality: a defensive and insular board, largely unqualified to manage the business aspects of the building. Critical decisions were left in the hands of one individual, working in concert with the building sponsor, Babad. Alarmingly, the board even included a convicted felon and shareholder, raising significant concerns about transparency and accountability.
As I sought to address issues such as conflicts of interest, the building’s deteriorating physical condition, and the sponsor's blatant disregard for maintenance and stewardship, I was left with more questions than answers. These experiences inspired me to create this platform.
The purpose of this website is to bring important issues to the attention of shareholders—issues they might not be aware of but that are crucial to their rights and responsibilities as owners of real estate and shares of stock. Through a combination of editorials, informed opinions, illustrated examples of problems, and links to resources that substantiate my claims, I aim to provide valuable insights and tools to help shareholders make informed decisions.
Together, we can demand accountability, transparency, and effective governance to protect our investments and strengthen our communities. Let’s ensure that every shareholder’s voice is heard.
8701 Shore Road is a co-op apartment building in Brooklyn, New York.
A co-op is a corporation under the Business Corporation Law (BCL) of New York State. As such, you are not just an apartment owner, but also a shareholder.
It's important for us to be aware of our Board of Director's responsibilities to keep it accountable to its shareholders, including the services it is obligated to provide to you, breakdowns of the maintenance charges it levies against you, and its financial planning process. I hope this website can serve as a useful resource for you as we work to ensure our building is run in our best interests.
People can have disagreements about how to operate the co-op and what are in our best interests, but we need to know all the parameters to make that decision and what factors impact those decisions. Let's talk about:
Responsible Financial Management
Eliminating Conflicts of Interest
Proper Sponsor Voting
Elections and Candidate Selection