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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About Adam Leitman Bailey
Actively at the helm of the law firm he built from scratch, Adam Leitman Bailey, Esq. practices residential and commercial real estate law. Among New York’s most successful and prominent real estate attorneys, Mr. Bailey is one of two attorneys from a law firm with less than 30 attorneys that has been ranked in Chambers & Partners, honored with a Martindale-Hubbell “AV” Preeminent rating, rated by Best Lawyers for himself and his law firm, and selected by Super Lawyers as one of New York’s “Top 100” attorneys, a list that included only five real estate law firms’ attorneys that year.
One New York State Judge wrote that Adam Leitman Bailey “was the best trial lawyer I saw in my nine years as a Judge in New York City” while another stated that he had known Bailey for fifteen years and “that he is a brilliant lawyer and innovative who always worked zealously on behalf of his clients.” The Commercial Observer named him as one of New York’s Most Powerful Real Estate Attorneys. Real Estate Weekly recognized him as “one of the most respected commercial real estate attorneys in not only New York City, but arguably the country.”
The New York Times referred to his legal strategy and legislation proposed in one case as “novel,” in addition to remarking on another case in which “Adam Leitman Bailey fought on…grinding through excruciating detail and obscure Perry Mason moments.” After Mr. Bailey’s firm used a forgotten statute to prevail in a landmark case, the Wall Street Journal quoted a prominent New York developer’s attorney who called the holding a “game changer” affecting real estate nationwide. Dateline NBC referred to Mr. Bailey as “aggressive, tenacious and smart” in asking him to share his negotiating secrets on its nationally syndicated television program. Mr. Bailey’s advocacy has prevailed in numerous important trials and cases before various courts and trial venues, including Housing, Civil, and New York State Supreme and Federal Courts, as well as various New York Appellate tribunals.
Adam Leitman Bailey has successfully defended a number of leading title companies and lenders in the nation and prevailed in numerous trials and settlements involving commercial and residential building owners, tenants, real estate developers, real estate brokerages, insurance companies and cooperative and condominium boards. In addition, Mr. Bailey has favorably represented a number of tenant and homeowner associations as well as commercial and residential tenants, garnering millions of dollars in compensation and rent abatements for these associations and individuals. For clients facing landlords who leave buildings in disrepair, Mr. Bailey has an unusually successful track record of getting those residential towers, apartments, and stores repaired and all services restored.
Adam Leitman Bailey has also applied his expertise in closing various real estate deals and commercial leases. He has been named to the Board of Editors for Commercial Leasing Law & Strategy and has a regular real estate column in the New York Law Journal. Bailey’s lease-drafting skills received national attention when BlumbergExcelsior, the nation’s leading form distributor, responsible for over 70 percent of the residential leases signed in the United States, tapped Bailey to draft a new set of residential and office leases for purchase nationwide. BlumbergExcelsior’s principal remarked that Bailey’s lease drafting skills were “remarkable.”
His success as cooperative and condominium general counsel earned Adam Leitman Bailey recognition in “Who’s Who in Real Estate” by Habitat Magazine. Mr. Bailey authored his first book, Finding the Uncommon Deal: A Top New York Lawyer Explains How to Buy a Home for the Lowest Possible Price (Wiley, 2011). This guide through the purchasing process for first-time home buyers became a New York Times bestseller and is available for purchase worldwide. Mr. Bailey has also been elected a Fellow of the American College of Real Estate Lawyers (ACREL), where he serves on the Insurance and Title Insurance committees, and is a former member of the American College of Mortgage Attorneys (ACMA).
Adam Leitman Bailey’s Personal Website
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Adam Leitman Bailey, P.C. Makes New Cooperative Law on Repairs During Street Fight on the Upper East Side
Kahn v. 230-79 Equity Inc. Twenty one years ago, Adam Leitman Bailey, took off its glove and went toe to toe in a street fight for a shareholder in an Upper East Side Cooperative that involved multiple causes of actions and published decisions. The shareholder prevailed in each battle but not before settling a long Full Article…
Kahn v. 230-79 Equity Inc.
In 2004, an Upper East Side cooperative was determined to evict our client in any way possible filing multiple causes of action and multiple cases. But, no one involved in the case ever thought that a ruling would come down in Housing Court that would be cited in 3 out of the 4 Appellate Divisions Full Article…
Escaping the Default Formula at the DHCR
In the past five years, we have had an increasing number of owners of rent stabilized buildings in New York City come to us in desperate need of help after receiving a “final notice” from the Division of Housing of Community Renewal of the State of New York (“the Division”). The “final notice” says that Full Article…
Adam Leitman Bailey, P.C. Forces Cooperative to Approve Alteration Plans and Settles Discrimination Lawsuit
A European woman and her young family sought to perform renovations to their cooperative apartment to expand the Building Code (“Building Code”), and submitted plans to the Board for review and approval. After multiple exchanges with the Board’s architect, the Board fully approved the renovations to the apartment, and the work went underway. Little did Full Article…
Adam Leitman Bailey, P.C. Secures Dismissal of Claims Against Individual Sponsor Principals in a Construction Defects Litigation
Plaintiff, the Board of Managers of a Brooklyn County condominium, brought an action against the Sponsor of the Condominium and its principals, asserting twelve causes of action relating to the allegedly defective construction of the Condominium. Using its expertise in construction defect litigation, Adam Leitman Bailey, P.C. was able to secure dismissal of all twelve Full Article…
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 on Motion to Amend Complaint to Assert Federal and State Civil Rights Claims on Behalf of Real Estate Broker and Agent Against Brokerage
In an ongoing case in which Adam Leitman Bailey, P.C. is representing a real estate broker and agent who are pursuing claims against their former employer for civil rights law violations and unpaid commissions, the EEOC issued right-to-sue letters permitting the firm’s clients to bring claims under Title VII of the Civil Rights Act of Full Article…
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