By Adam Leitman Bailey Q. I have a one-bedroom co-op in a six –story, 78-unit building in the Bronx on the market for $53,000 and have a prospective buyer who filled out the board application and provided the financial information required by the board. After reviewing his information, the board interviewed the interested buyer in Full Article…
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Q & A: What A Co-op Can Do To Enforce House Rules? The Cooperator
By Adam Leitman Bailey Q. We are a 73-unit co-op in the Riverdale section of the Bronx. Approximately 50 percent of the residents are tenants in sponsor-controlled apartments. Among these are six rent stabilized tenants who have been here for at least 20 years. The co-op, at its inception established some “House Rules” and everyone (both Full Article…
Adam Leitman Bailey Recommends a Change to Cooperatives’ Corporate Documents for Habitat Magazine 2007 Attorney Survey
By Adam Leitman Bailey House rules and the proprietary lease are crucial elements in ensuring that a building runs properly. They create governing policy. Yet enforcement can become a difficult affair. You don’t want to be too harsh, nor do you want to be so lenient that the policy becomes meaningless. It is, in effect, Full Article…
Q & A: Closing Question, The Cooperator
By Guy Arad Q. I have an accepted offer on a condo in Manhattan, and I have a letter of commitment from my lender. Before proceeding to submit my application to the board, I was instructed by the managing agency that submission of tax returns, payroll stubs, and bank statements are necessary to process the Full Article…
Q & A: Is That Fair? The Cooperator
By Adam Leitman Bailey Q. My question is pretty straightforward: can a board member hold both the title of president and secretary concurrently? Article VI Paragraph 1 of our bylaws, entitled “Officers” states that “The officers of the Corporation shall be a President, one or more Vice Presidents, a Secretary, and a Treasurer” but our Full Article…
Q & A: Conservative Easements, The Cooperator
By Guy Arad Q. What is a conservation easement? What are the tax advantages to a conservation easement? Can a condo or co-op vote to place a conservation easement? — Curious in New York A. According to Guy Arad, Esq. of the Law Offices of Adam Leitman Bailey, P.C. in Manhattan: “An easement is a Full Article…
Q & A: Adding ‘Partners’ to Co-op Shares, The New York Times
By Adam Leitman Bailey 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.
Q & A: Roommate Law vs. Co-op Board Rules, The New York Times
By Adam Leitman Bailey Q. I live in a self-managed co-op, and we are getting conflicting information about whether co-ops can prohibit roommates. What is the law? A. Adam Leitman Bailey, a Manhattan real estate lawyer, says the state’s roommate law allows any tenant who has a lease to have a roommate — including the Full Article…
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