Cooperative apartment buildings in New York governed by Mitchell-Lama Rules are required to ensure residents’ compliance with the rules. Akin to rent stabilization and rent control laws, shareholders must primarily reside in the apartment and may not generally sublet their apartment. When suspecting rules violations, management investigates whether unauthorized occupants are present in the apartment Full Article…
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About Adam Leitman Bailey
Actively at the helm of the law firm he built from scratch, Adam Leitman Bailey, Esq. practices residential and commercial real estate law. Among New York’s most successful and prominent real estate attorneys, Mr. Bailey is one of two attorneys from a law firm with less than 30 attorneys that has been ranked in Chambers & Partners, honored with a Martindale-Hubbell “AV” Preeminent rating, rated by Best Lawyers for himself and his law firm, and selected by Super Lawyers as one of New York’s “Top 100” attorneys, a list that included only five real estate law firms’ attorneys that year.
One New York State Judge wrote that Adam Leitman Bailey “was the best trial lawyer I saw in my nine years as a Judge in New York City” while another stated that he had known Bailey for fifteen years and “that he is a brilliant lawyer and innovative who always worked zealously on behalf of his clients.” The Commercial Observer named him as one of New York’s Most Powerful Real Estate Attorneys. Real Estate Weekly recognized him as “one of the most respected commercial real estate attorneys in not only New York City, but arguably the country.”
The New York Times referred to his legal strategy and legislation proposed in one case as “novel,” in addition to remarking on another case in which “Adam Leitman Bailey fought on…grinding through excruciating detail and obscure Perry Mason moments.” After Mr. Bailey’s firm used a forgotten statute to prevail in a landmark case, the Wall Street Journal quoted a prominent New York developer’s attorney who called the holding a “game changer” affecting real estate nationwide. Dateline NBC referred to Mr. Bailey as “aggressive, tenacious and smart” in asking him to share his negotiating secrets on its nationally syndicated television program. Mr. Bailey’s advocacy has prevailed in numerous important trials and cases before various courts and trial venues, including Housing, Civil, and New York State Supreme and Federal Courts, as well as various New York Appellate tribunals.
Adam Leitman Bailey has successfully defended a number of leading title companies and lenders in the nation and prevailed in numerous trials and settlements involving commercial and residential building owners, tenants, real estate developers, real estate brokerages, insurance companies and cooperative and condominium boards. In addition, Mr. Bailey has favorably represented a number of tenant and homeowner associations as well as commercial and residential tenants, garnering millions of dollars in compensation and rent abatements for these associations and individuals. For clients facing landlords who leave buildings in disrepair, Mr. Bailey has an unusually successful track record of getting those residential towers, apartments, and stores repaired and all services restored.
Adam Leitman Bailey has also applied his expertise in closing various real estate deals and commercial leases. He has been named to the Board of Editors for Commercial Leasing Law & Strategy and has a regular real estate column in the New York Law Journal. Bailey’s lease-drafting skills received national attention when BlumbergExcelsior, the nation’s leading form distributor, responsible for over 70 percent of the residential leases signed in the United States, tapped Bailey to draft a new set of residential and office leases for purchase nationwide. BlumbergExcelsior’s principal remarked that Bailey’s lease drafting skills were “remarkable.”
His success as cooperative and condominium general counsel earned Adam Leitman Bailey recognition in “Who’s Who in Real Estate” by Habitat Magazine. Mr. Bailey authored his first book, Finding the Uncommon Deal: A Top New York Lawyer Explains How to Buy a Home for the Lowest Possible Price (Wiley, 2011). This guide through the purchasing process for first-time home buyers became a New York Times bestseller and is available for purchase worldwide. Mr. Bailey has also been elected a Fellow of the American College of Real Estate Lawyers (ACREL), where he serves on the Insurance and Title Insurance committees, and is a former member of the American College of Mortgage Attorneys (ACMA).
Adam Leitman Bailey’s Personal Website
Adam Leitman Bailey, P.C. Youtube
Adam Leitman Bailey, P.C. Defeats Retroactive Application of Anti- SLAPP Action After Victory on Defamation and Malicious Prosecution Claims for Cooperative.
Adam Leitman Bailey, P.C. was retained by a Cooperative to pursue a defamation claim brought against a former Board member and a shareholder for posting and disseminating libelous and defamatory remarks against the Cooperative Board of Directors. The Defendants counterclaimed alleging “lack of probable cause” and “intimidation” and seeking unspecified damages. The Cooperative filed a Full Article…
What is a PUD? (Planned Unit Development)
What is a Planned Unit Development (“PUD”)? This question has been coming up lately in the banking department at Adam Leitman Bailey, PC. It is important to understand what a PUD is when closing mortgages as there are certain steps a bank attorney must take to ensure the lender has perfected its lien accordingly. So, Full Article…
Precautions to Take for New Development and Sponsor Deals
New York City arguably has the most complex residential real estate transactions compared to other cities in the United States. Starting with numerous types of property available and its unique contract and due diligence process, to the examination and clearance of any potential title issues, and finishing with the actual closing. Each step of the Full Article…
Adam Leitman Bailey, P.C. Saves Client From Buying Unit that Would One Day Have Lost The Unit’s Windows
New development transactions pose an entirely different set of risks, benefits, and logistical challenges than a traditional re-sale. Many times, Purchasers enter a contract for a Unit that is not yet built, in a building without a financial history and potentially not yet cleared by institutional lenders for closing. These factors often cause confusion around Full Article…
Adam Leitman Bailey, P.C. Secures A Highly Favorable Settlement On Behalf Of New Home Buyers Against A Developer That Breached Its Own Option Contract
Buyers who purchase homes in new developments can face a myriad of potential problems from construction delays to workmanship issues. However, during the overheated upstate pandemic real estate rush, a new hazard arises when unscrupulous developers cancelled contracts in favor of better offers, which was the very situation faced by Adam Leitman Bailey, P.C.’s clients, who Full Article…
Adam Leitman Bailey, P.C. Defeats Application for Stay Pending Appeal, Defeats Renewal Motion, and is Awarded Judgment Of Foreclosure and Sale
In a foreclosure action being repeatedly delayed by the tactics of the Borrower, Adam Leitman Bailey, P.C. was retained to change in as counsel for Plaintiff and aggressively complete the action to a Judgment of Foreclosure and Sale. The 2015 action was originally dismissed in 2018 for Plaintiff’s failure to timely move for the appointment Full Article…
Adam Leitman Bailey, P.C. Successfully Navigates HUD Approval Process In Achieving Interest Rate Reduction Of A Senior Citizen Not-for-profit Housing Corporation’s Underlying Commercial Mortgage.
Adam Leitman Bailey, P.C. acts as general counsel to a not-for-profit housing company for senior citizens located in Brooklyn. The building in question was in dire need of various capital improvements and repairs, but with limited cash on hand to do so. The housing company sought to take advantage of pandemic-level interest rates to reduce Full Article…
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