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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Q&A: Insurance Coverage for Unofficial Sublet, The New York Times
By Jay Romano Q. I am unofficially subletting an apartment in Brooklyn. I pay the person whose name is on the lease, who lives in another state. We have not written up any official sublease, and I am guessing the management company doesn’t know I am here and wouldn’t approve of the arrangement. Will renter’s Full Article…
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…
Harnessing the Internet, New York Law Journal
By Adam Leitman Bailey and Colin E. Kaufman The World Wide Web has changed real estate law forever. Harnessing the massive amounts of information on the Internet to enhance the practice of real estate law has become essential for every dirt lawyer. New York’s state and city governments have created useful Web sites to assist 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: When a Stabilized Unit is Not the Sole Residence, The New York Times
By Adam Leitman Bailey Q. In 1999, I leased a rent-stabilized apartment in a building owned by my employer. My employer was fully aware that I had a residence in another state and would be using the apartment about 10 days a month while on company business.
Legal Quandries and How They Were Resolved, Habitat Magazine
“AVOID LAWSUITS BEYOND ALL THINGS; they pervert your conscience, impair your health, and dissipate your property.” Said French writer Jean De La Bruyere in the 1670s, and his statement holds true today. Nothing is more irksome than a long, drawn-out, complicated, and expensive legal battle. Sound legal advice can be a saving grace. That’s why Full Article…