Adam Leitman Bailey, P.C.’s client, a co-op owner of two adjoining luxury apartments facing Central Park West, undertook a major renovation nearly four years ago, and is only now being completed. The alteration rules of this co-op are very stringent, and in particular the Alteration Agreement imposed very stiff fines for late completion. Furthermore, the longer the completion delay, the faster pace at which the fines accelerated. As it turned out, our client ran into massive delays, in part to COVID-19, supply-chain issues, and due to a Board, which at times imposed costly and time-consuming requirements- even changing rules in mid-stream.
The potential late fees our client faced ran well north of $1,000,000. We took up negotiations on our client’s behalf and several times were able to negotiate time extensions and significant compromises to the late fees. As a result of Adam Leitman Bailey, P.C. aggressively advocating our client’s position, our client was able to arrange the financial means to not only complete the project, but also to pay the very significant reduction in late-completion penalties.
Thomas Furst of Adam Leitman Bailey, P.C. represented the client.