# A co-op's $16M reserve mystery

> An East Village co-op wants to sell a parking lot for $30M, and one shareholder wants to know where the money went first.
- Title: A co-op's $16M reserve mystery · New York Post | Shortify
- Summary: An East Village co-op wants to sell a parking lot for $30M, and one shareholder wants to know where the money went first. Before a co-op board sells off…
- Keywords: real estate, co-op governance, east village, nyc housing, affordable housing, news, entertainment, co-op's, 16M, reserve, mystery, New York Post
- Source: New York Post — https://nypost.com/2026/09/15/real-estate/nyc-co-op-faces-court-battle-over-30m-parking-lot-sale
- Published: 2026-09-15T19:11:56+00:00
- Read time: 1 min
- Topics: real estate, co-op governance, east village, nyc housing, affordable housing, news, entertainment
## One resident goes to court
Village View shareholder Sebastian Kot filed a books-and-records proceeding in Manhattan Supreme Court to force the seven-building Mitchell-Lama complex to hand over its financial records.
## Reserves fell off a cliff
A board presentation filed as a court exhibit shows reserves dropping from $18.6 million in 2021 to $2.9 million in 2026. Kot says nobody has explained the gap.
## Years of paperwork problems
The petition alleges missing or inaccurate meeting minutes, financial disclosures that contradict each other, and repeated refusals to produce corporate records.

> It's an important step toward restoring transparency and lawful governance at Village View.
## The board says privileged
Village View's attorneys didn't comment, but told residents in a letter that the requested documents are privileged or confidential corporate records.

> are privileged and/or constitute confidential and sensitive corporate records
## What the $30M lot buys
Selling Parking Lot 7 next to 40 First Ave. could net about $30 million after taxes. The board says that clears recurring debt, refills reserves, and keeps 1,236 units affordable.
## Who gets to approve it
Kot argues state business law requires a two-thirds shareholder vote. Hundreds signed a June petition, and a disabled resident sued in September over losing his space in the same lot.
## Key takeaway

Before a co-op board sells off shared property, shareholders can use a books-and-records petition to force the numbers into the open.