Realty Law Digest Scott E. Mollen New York Law Journal | March 16, 2011 Co-Ops — Sellers Rented Apartment Before Board Approved the Pending Sale of Their Co-Op and Board Rejected the Sale — Sellers Sued — Individual Board Members Had No Personal Liability— NYS Human Rights Law — Federal Fair Housing Act— Breach of Fiduciary Duty — Full Article…
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Appellate Division Finds that Condo Board Not Liable For Repairing Newly Constructed Building
On November 8, 2009, the Appellate Division ruled that a building’s developer and not a condominium board shall be responsible for making repairs to a newly constructed building. In Lorne v. 50 Madison Avenue LLC, a unit owner sued the board of directors for failing to remediate a construction defect. A unanimous Appellate Division dismissed Full Article…
Are Buyers of New Condos and Co-ops Subject to Caveat Emptor?
BY ADAM LEITMAN BAILEY AND JOHN M. DESIDERIO Before purchasing a condominium or cooperative apartment in a newly built high rise of six or more stories in New York, a prospective buyer needs to pay close attention to the warranty provisions of the sponsor’s offering plan and purchase agreement. Unless the agreement contains the sponsor’s Full Article…
Understanding This Real Estate Market: Securing, Surviving and Profiting
By Adam Leitman Bailey Understanding our local real estate market is vital to making current or future housing plans. New York City home prices have slowly been falling. Developers’ betting on the condominium market has turned every inch of property they could buy into condominiums that have expanded the selection of homes. This condominium conversion Full Article…
Enforcing the Contract – Obtaining Down Payment on Specific Performance
By Adam Leitman Bailey and John M. Desiderio At the pinnacle of real estate law, the real estate closing may be the most basic and common real estate experience, but the familiarity ends once a provision of the contract of sale has been breached. Inspired by the number of telephone calls, e-mails, and general correspondence Full Article…
Condominium Conversion Reserve Fund Obligations
By Adam Leitman Bailey While sponsors of new construction condominiums have extensive obligations regarding the physical construction of their projects, Sponsors of condominium conversions really only have one material obligation (other than actually converting the form of ownership) — to provide sufficient funds to create reserves for capital repairs, improvements, and replacements required for the Full Article…
Directors and Officers Discrimination Coverage
By Adam Leitman Bailey and Colin E. Kaufman The Appellate Division decision titled Fletcher v. The Dakota Inc. held that the business judgment ruled does not protect individual condominium and cooperative board members from some personal tort liability. This alarming result has caused real estate and insurance attorneys to review directors and officers policies and the law to try Full Article…
Finding Individual Tort Liability for Board Members
By Adam Leitman Bailey and John M. Desiderio New York Law Journal | October 10, 2012 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 Full Article…
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