Recently, in The Board of Managers of 266 West 115th Street Condominium v. 266 West 115thStreet, LLC, et al., 2014 NY Slip Op 33047 (Sup. Ct. 2014) – a precedent-setting decision on two separate issues – the New York State Supreme Court held that: (i) the principal of a Sponsor can be found to be personally Full Article…
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Setting New Precedent, ALBPC Obtains A Victory for Condominium Board
In The Board of Managers of 266 West 115th Street Condominium v. 266 West 115th Street, LLC, et al., Index No. 159552/2014 [Sup Court, NY County 2013], a precedent-setting decision, Adam Leitman Bailey, P.C. obtained a victory that could benefit Condominiums throughout Manhattan. The following two critical issues were presented in this case: (i) whether Full Article…
New Sprinkler-Notification Law Could Require Reissuing Proprietary Leases
By: Frank Lovece December 26th, 2014 A New York State law that went into effect Dec. 3, requiring all residential leases to contain a notice about the building’s sprinkler system, appears to mandate that even co-op proprietary leases must be amended to reflect the language change. The new law also impacts leases offered by condominium Full Article…
Adam Leitman Bailey, P.C. Saves a Piece of History
Our client, a shareholder in a landmarked, prestigious cooperative apartment building faced a unique challenge:the cooperative was responsible for maintaining the windows in his unit that were installed in mid-century and pivoted in and out. However, the cooperative failed to maintain the windows and a leaking condition ensued. When the shareholder sought to have the Full Article…
How To Overcome Tenant Resistance To An MCI Application
By: Adam Leitman Bailey & Dov Treiman September, 2014 Part I: How To Overcome Tenant Resistance To 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. Full Article…
Housing Development Fund Corporations: Is Now The Right Time to Privatize?
By: Adam Leitman Bailey, P.C. September 1st, 2014 In the 1970s the City created HDFCs via Land Disposition Agreements (LDAs) to promote developing blighted and underdeveloped areas into affordable housing. The LDAs transferred land to cooperative housing corporations in exchange for the promise that those cooperatives would adhere to strict principles to create and maintain Full Article…
Courts Rule on Underfunded Condominium Reserve Funds
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…
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…
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