Q. I own a cooperative apartment in Brooklyn and I’m hoping you could offer an opinion on a plumbing issue. In my bathroom I have two water valves protruding from the wall that control the hot and cold water flow to the sink and the tub. The problem is when I close the hot water Full Article…
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Collecting Common Charges in Co-ops and Condos, The Cooperator
By Adam Leitman Bailey While for many lay people, cooperatives and condominiums are essentially interchangeable, from the legal point of view they are radically different institutions. Much of this difference can be attributed to history. Co-ops have existed in one form or another for a thousand years; condos have only been around for 50. As Full Article…
Certifying Professionals May Be Subject to Lawsuits, New York Law Journal
By Adam Leitman Bailey and John M. Desiderio Assured Guaranty1 and Kerusa2 decisions, the New York Court of Appeals has made it clear that preemption is no longer an issue in private securities and real estate syndication cases where plaintiffs allege common law causes of action that overlap possible violations that only the attorney general Full Article…
Condo Arrears? Try DILF. It Means More than ‘Debtors I’d Like to … Foreclose On’, Habitat Magazine
By Adam Leitman Bailey Most condo boards that attempt to collect common charges from delinquent unit-owners are faced with essentially three choices – enter into a payment plan with the defaulting resident, sue for money damages or foreclose. The problem with the payment-plan option is that when a unit-owner misses a payment, the board must Full Article…
Q & A: Selling Common Space In a Co-op Building, The New York Times
Q. If a co-op board agrees to sell co-op common space to a shareholder, what is the most effective way of structuring that transaction? Does the co-op have to amend the offering plan and assign shares? A. Adam Leitman Bailey, a Manhattan real estate lawyer, says the co-op should first hire an appraiser to determine Full Article…
Rules for Replacing Co-op Board Members, The New York Times
Rules for Replacing Co-op Board Members By Jay Ramano Q. Can a co-op board remove a member without shareholder approval? If so, how is a replacement chosen? A. Leonard H. Ritz, a Manhattan co-op and condominium lawyer, says it is necessary to review the building’s governing documents to determine the board’s powers. The bylaws typically Full Article…
Q & A: Rejection Before an Interview, The New York Times
By JAY ROMANO Published: September 21, 2012 Q. Can a co-op board reject a purchase application before interviewing the prospective buyer? A. Adam Leitman Bailey, a Manhattan co-op and condominium lawyer, says boards may, and frequently do, reject purchase applications without interviewing the prospective buyer. “If the board has determined that it will not approve Full Article…
Finding Individual Tort Liability for Board Members, New York Law Journal
By Adam Leitman Bailey and John M. Desiderio 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 acted in bad faith, but where it is Full Article…
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