By Jay Romano Q We recently bought a small studio apartment next to our one-bedroom and created a two-bedroom. We are paying maintenance on the two units as if they had never been combined. There is a similar apartment in the building that has fewer shares — and pays less maintenance — for the same-size apartment Full Article…
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Directors and Officers Insurance Does Not Cover Intentional Discrimination
By Adam Leitman Bailey & Colin E. Kaufman In a recent decision that sent shivers of concern across New York co-op and condo boards, the state’s highest court held that the Business Judgment Rule does not protect individual condominium and cooperative board members against some personal liability. In response, real estate and insurance attorneys are reviewing directors and officers (D&O) policies and Full Article…
Laws Versus Rules: You Need to Know the Difference
New York’s co-ops and condos are both governed by a multitude of laws and rules… Sometimes, laws that are enacted that mandate change can cause conflict with co-ops and condos that are used to doing things a certain way. For example, the Fair Housing Amendments Act mandates that a multiple dwelling with a parking lot Full Article…
Q & A: An Inheritance, With Restrictions
Q. My mother inherited a co-op in Manhattan, but the co-op board will not give its approval for the shares to be transferred into her name. Can a co-op board do this? A. A co-op board may not prevent the estate of a deceased shareholder from being transferred to a beneficiary, according to Adam Leitman Bailey, P.C., a Full Article…
Breaking Bad: Dealing with Rule Breakers
By Adam Leitman Bailey, Leonard Ritz and Dov Treiman Jan. 15, 2013 — In the aftermath of superstorm Sandy, many condo and co-op board members have been facing unprecedented challenges, with little experience to guide them. In the first of two installments today, three leading attorneys answer eight questions at the top of every affected board Full Article…
Post-Sandy: Three Attorneys’ Plain-English Guide for Co-op & Condo Boards
By Adam Leitman Bailey, Leonard Ritz and Dov Treiman Jan. 15, 2013 — In the aftermath of superstorm Sandy, many condo and co-op board members have been facing unprecedented challenges, with little experience to guide them. In the first of two installments today, three leading attorneys answer eight questions at the top of every affected board Full Article…
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