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…
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The Newly Constructed or Converted Condominium, The Cooperator
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…
Navigating Buyers and Developers Through New Construction Deals, New York Law Journal
By Adam Leitman Bailey and John M. Desiderio 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 to close on Full Article…
Adam Leitman Bailey Gives Advice on Best/Worst Board Practices in Habitat Magazine’s 2003 Attorney Survey
By Adam Leitman Bailey The most effective board of directors recognize that its cooperative is not only the home of many residents but a business as well. When dealing with the business side, the best boards act in the best interest of the shareholders at all times. With each decision, the financial consequences are evaluated Full Article…
What You Must Know When Negotiating a Rooftop Antenna Contract, The Cooperator
By Adam Leitman Bailey and Dov Treiman As the trilogy of real estate values rising, building usage changing, and cellphone and Internet communications became universal, wireless telecommunications companies became popular defendants in the Commercial Part of New York’s Civil Court. Owners began examining their rooftop antenna agreements to determine means to terminate them. Many of Full Article…
Persuasive Personal Skills, Habitat Magazine
By Adam Leitman Bailey You may have an idea that is crucial to the viability of your building. How do you convince other that your idea is a good one? Here are a few suggestions that should allow you to persuade others and as a result, make your building a better and economically efficient place Full Article…
Constraints on Board Action – BCL §501(c), New York Law Journal
By Richard Siegler and Eva Talel For decades, Business Corporation Law §501(c),1 which mandates equality of shares in a corporation, has been a limit on actions of cooperative housing corporations, culminating in the 1985 Court of Appeals decision in Fe Bland v. Two Trees Management Co.2 which expressly applied §501(c) to co-ops.
When Boards Determine Not to Act, New York Law Journal
Urban living usually means sharing walls, ceilings, floors, hallways and lobbies with neighbors. This close living and sharing of space may lead to disputes between neighbors. In co-op and condominium buildings, the aggrieved party often looks to the board of directors or building manager to solve or alleviate the problem at the source of the Full Article…
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