By: Adam Leitman Bailey, P.C. Sponsors of condominium conversions really only have two material obligations: to convert the form of ownership and fund the reserve fund. The formula for determining the amount of the reserve fund is set forth in New York Administrative Code Section 26-702(b) (the “Reserve Fund Law”). Historically, sponsors have interpreted the Full Article…
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How to Use A Tenants’ Association to Defeat an MCI Application
I. General Overview Major Capital Improvement Increases (MCI’s) are a concept that parties can contract for if they are not subject to rent regulation. However, generally speaking, unregulated residential tenants rarely do contract for them. They are therefore, in a practical sense, uniquely belonging to the world of rent regulation and are a means whereby Full Article…
Q&A: Setting Aside Accessible Parking
By: Adam Leitman Bailey & John Desiderio August 1st, 2014 Q: Who owns the handicapped parking spaces set aside in the parking facility of a newly constructed condominium? Keeping it Accessible in Kings County A: “Sponsors of newly constructed condominiums are responsible for creating the condominium as a legal entity and for constructing the physical Full Article…
What You Must Know When Negotiating a Rooftop Antenna Contract,” The Cooperator
By Adam Leitman Bailey and Dov Treiman September 1st, 2009 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 Full Article…
Business Judgment Rule: No Free Pass to Board Action
By: Adam Leitman Bailey & John M. Desiderio June 11th, 2014 The past 12 months has been the year unit owners and shareholders have found cooperative and condominium board of director’s kryptonite at the appellate courts. For years, the courts of New York have been rubber stamping board decisions under the shield of the business Full Article…
Q&A: Criminal Activity in Condo/Co-op Unit: What Should the Board of Managers Do?
By: Adam Leitman Bailey, Colin Kaufman & Rachel Sigmund June 1st, 2014 Q: When a condo/co-op board of managers becomes aware that a resident or tenant has committed a crime inside his or her unit (e.g., illegal drug sale), what actions should the board take? A: First, the board should report the alleged illegal conduct Full Article…
Q & A: Adding ‘Partners’ to Co-op Shares, The New York Times, Speakers: Jay Romano
By Adam Leitman Bailey May 12th, 2010 Q. What rights does being registered as “domestic partners” in New York City convey in regard to real estate? I moved into my partner’s co-op five years ago, but the board refuses to add my name to the shares and proprietary lease. A. Adam Leitman Bailey, a Manhattan Full Article…
Protecting Boards from Liability: The Roommate Law, The Cooperator
By: Adam Leitman Bailey August 1st, 2010 Q. I live in a self-managed co-op and we are getting conflicting information about whether co-ops can disallow roommates or not. We’ve heard that the board of directors has absolute decision making power over whether or not to allow roommates to move into a co-op. Others say it Full Article…
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