December 2nd, 2010 Q. A number of rent-regulated apartments are for sale in a New York City condominium building. Several of the tenants pay less in rent than the combined common charge and real estate tax on their apartments, creating a negative cash flow. What are the chances that a new owner could get a 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
Q & A: Subletting vs the Board ?, The Cooperator
March 1st, 2011 Q. I am the owner of a one-bedroom apartment on the Upper West Side of Manhattan. I have a legal subtenant who filled out all forms and paid all the fees as described on the required two-year lease provided by the board, including that of a credit check, move-in and move-out fees, Full Article…
Q & A: Effects of Warranty of Habitability on Mortgage Foreclosures, New York Apartment Law Insider
By Adam Leitman Bailey and Dov Treiman March 1st, 2011 Q. Since the financial crisis in 2008, it seems as though more and more owners are becoming unable to pay for repairs to their over-mortgaged buildings. These owners may be unable to borrow additional money to finance repairs because they have negative equity in their Full Article…
Navigating Buyers and Developers Through New Construction Deals, New York Law Journal
By Adam Leitman Bailey and John M. Desiderio May 3rd, 2010 In late 2008, the real estate sky had started to fall and fall quickly. As a result of the loss of financing and wages, many purchasers in contract to buy a unit in a newly constructed building were either no longer able or willing Full Article…
Criminal Liabilities for Cooperatives, The Cooperator
By Adam Leitman Bailey and Dov Treiman April 1st, 2011 Two state laws make the illegality of a tenant’s use of rented premises a matter of considerable concern to property owners of all kinds, including cooperatives. One empowers local prosecutors to bring eviction proceedings against both the illegally-operating tenant and the landowner; the other makes Full Article…
Q & A: No Guarantees on Code Compliance, New York Times
By Adam Leitman Bailey May 12th, 2011 Q. Is there a law in New York City that requires a seller to give a prospective buyer a certificate of occupancy that indicates the property is in compliance with local codes? A. “There is no such requirement,” said Adam Leitman Bailey, a Manhattan real estate lawyer. “For Full Article…
Construing the HETPA Foreclosure Procedures, New York Law Journal
By Adam Leitman Bailey and Dov Treiman June 8th, 2011 As governments continue to wage war in the form of legislation against lending institutions, we move one step closer to economic chaos and the collapse of marketable title. When business cannot rely on government and courts to enforce contracts and provide for the smooth transfer Full Article…
When Purchasing a Newly Constructed Condominium Unit, Let the Buyer Beware, Real Estate Weekly
By Jeffrey R. Metz and Adam Leitman Bailey September 23rd, 2009 The real estate crisis has hit home for thousands of buyers of newly constructed condominium properties. Negligently built units with serious construction problems have forced homeowners to look for a real estate superhero to come to the rescue. But many builders have simply run Full Article…
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