A Consolidation, Extension and Modification Agreement (“CEMA”) is an often-employed vehicle to essentially refinance a mortgage without having to pay the mortgage tax for the full amount of the refinance, as you are only paying mortgage taxes on the “new money”. Adam Leitman Bailey, P.C. represented the insurer of the initial mortgage for $1,995,000. That Full Article…
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Adam Leitman Bailey, P.C. Successfully Defeats Former Co-Op Board President’s Attempt to Enjoin Certification of Board Election Results and to Require New Election
Adam Leitman Bailey, P.C., secured a major victory for an incoming Cooperative Board defending against the former board president’s demands for a preliminary injunction to halt certification of election results in which she was ousted. After oral argument before the Queens County Supreme Court on the hotly contested dispute, the Court agreed with Adam Leitman Full Article…
Adam Leitman Bailey, P.C. Prevails in the Appellate Division by Successfully Defending Against Claim that its Client’s Complaint Should Have Been Stricken
In a heavily litigated foreclosure action that has had multiple motions and appeals, the borrower appealed from a decision of the Court that denied her motion to dismiss Plaintiff’s complaint pursuant to CPLR § 3126(c). The borrower argued that Plaintiff failed to comply with her discovery demands and dismissal of the complaint was warranted. Plaintiff Full Article…
Adam Leitman Bailey, P.C. Defeats a Yellowstone Application and Obtains Sanction Against Recalcitrant Commercial Condominium Unit Owner
Although the owner of a unit in a commercial condominium was aware of the prohibition against parking on the premises, and her proprietary lease did not permit same, she parked four cars on her premises for many years. When the Board of Directors enacted new house rules reaffirming that no unit owner had parking rights, Full Article…
A Street Fight in the Bronx
ADAM LEITMAN BAILEY’S FIRM HELPED SETTLE A BRONX BRAWL OVER LAND BETWEEN TWO PARTIES AND BROUGHT VICTORY AGAINST A LONG-STANDING POWERFUL FAMILY IN NEW YORK. This matter came to Adam Leitman Bailey, P.C. (ALBPC) at the beginning of 2017. The resulting decision issued by the Appellate Division on March 9, 2023—six years later—shows how dogged Full Article…
What Happens When a Party Wall Spoils the Party?
Many reasons occasioned by the Housing Stability and Tenant Prevention Act disincentivized property owners from improving existing buildings because either (a) they could not greatly increase rents after a rent-regulated tenant vacated a unit, or (b) they could not obtain approved rent increases by improving the major components of a building. The only way to Full Article…
Adam Leitman Bailey, P.C. Prevails at Making New Law as Appellate Division Finds Second Sponsor Not Liable For Condominium Building Defects
COURT LETS FORTIS OFF HOOK FOR WILLIAMSBURG CONDO DEFECTS Developer wins argument that shoddy workmanship is board’s problem now In a dispute between the Board of a condominium and the Sponsor of a condominium who acquired several condo units following a Chapter 11 Bankruptcy of the original sponsor, the Board brought suit alleging breach of Full Article…
Adam Leitman Bailey, P.C. Secures Landmark Decision for Title Insurer Establishing New Precedent Regarding a Title Insurers’ Obligations Related to Consolidated Mortgages
Adam Leitman Bailey, P.C. was retained to defend a title insurer in an action where the lender sought declaratory judgment that a title insurance policy remained in full force and effect. The title insurer issued a title insurance policy in connection with a mortgage in the amount of $1,995,000.00. That mortgage was assigned twice. Thereafter, Full Article…
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