By Adam Leitman Bailey While sponsors of new construction condominiums have extensive obligations regarding the physical construction of their projects, Sponsors of condominium conversions really only have one material obligation (other than actually converting the form of ownership) — to provide sufficient funds to create reserves for capital repairs, improvements, and replacements required for the Full Article…
By Adam Leitman Bailey and Colin E. Kaufman The Appellate Division decision titled Fletcher v. The Dakota Inc. held that the business judgment ruled does not protect individual condominium and cooperative board members from some personal tort liability. This alarming result has caused real estate and insurance attorneys to review directors and officers policies and the law to try Full Article…
By Adam Leitman Bailey and John M. Desiderio New York Law Journal | October 10, 2012 Recently, the Appellate Division First Department, in Fletcher v. Dakota, Inc.,1 held that the business judgment rule does not protect individual condo and co-op board members from personal tort liability where a board acting in its corporate capacity has Full Article…
By Adam Leitman Bailey and John M. Desiderio Kramer v. W10Z/515 Real Estate Ltd. Partnership, 1 a recent decision of the Appellate Division, First Department, is a case of great importance to purchasers of new condominium and cooperative apartment units. In a sweeping opinion, the court completely overhauled, if not expressly overruled, a line of Full Article…
By Adam Leitman Bailey and John M. Desiderio At the height of the housing boom, some builders attempted to recapture profits lost in the price they paid for their properties by cutting costs spent on labor and materials, and many others could not find good contractors or obtain low prices for building materials. At the Full Article…
“AVOID LAWSUITS BEYOND ALL THINGS; they pervert your conscience, impair your health, and dissipate your property.” Said French writer Jean De La Bruyere in the 1670s, and his statement holds true today. Nothing is more irksome than a long, drawn-out, complicated, and expensive legal battle. Sound legal advice can be a saving grace. That’s why Full Article…
By Adam Leitman Bailey and Dov Treiman In an era when this nation’s economic stability depends, in part, on stable and unfettered real estate transfers, equitable subrogation provides a solution to some of the cracks in the system. However, as evidenced by a split between two departments of the Appellate Division, these cracks need some Full Article…
By Adam Leitman Bailey and Dov Treiman Most owners and nearly all educated tenants in this state are aware of the existence of the warranty of habitability. Few may know that it is statutory in basis, fewer care that it contradicts he common law, but most would be surprised by the types of occupancy to Full Article…
TwitterFollow @alb_pc on Twitter
TwitterFollow @Aleitmanbailey on Twitter