By Adam Leitman Bailey and Dov Treiman It’s amazing how good building owners and managers are at increasing and garnering revenue from residential tenants while at the same time leaving themselves to the will and whim of laundry room operators who impose contracts lasting for decades with automatic renewals, rights of first refusal and other Full Article…
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Corruption in Mitchell-Lama Co-ops! How Boards Can Fight Back: Part 1, Habitat Magazine
By Adam Leitman Bailey The New York City Mitchell-Lama program provides 54,000 homes to low-income buyers. And as with many things designed to aid the poor and the helpless — some of them uneducated, sometimes some of them old and frail, some of them optimistically naive — corruption pervades the process. Like grain shipments to Full Article…
Select Issues in Representing HPD Supervised Mitchell-Lama Cooperatives, New York Real Property Law Journal
By Adam Leitman Bailey New York City Mitchell-Lama cooperatives provide heavily publicly subsidized maintenance payments to those lucky enough to call them home. The New York City Mitchell-Lama program provides 54,000 homes to persons whose financial circumstances would otherwise negate such a possibility. As a result, Mitchell-Lama cooperatives are extremely popular and have decade long Full Article…
Board Turns Down Loan Refinancing, The New York Times
By Adam Leitman Bailey Q. I want to refinance the share-loan on my Manhattan co-op apartment. The refinance will be for the same amount as the original loan, but at a lower interest rate. When I bought the apartment, I financed 70 percent of the purchase price. The board will not approve the refinance, however, Full Article…
Condominium Conversion Reserve Fund Obligations, Real Estate Weekly
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…
Collecting Condo Arrears, Habitat Magazine
By Adam Leitman Bailey How can a condo collect common charges from defaulting unit-owners without spending a lot of time and money in court? Backstory with the recent economic downturn, condominium boards have been plagued by unit-owner common charge defaults. With fewer unit-owners paying their common charges, boards are faced with the prospect of increasing Full Article…
N.Y. Courts’ Reading of ILSA Is Within Statutory Bounds, New York Law Journal
By Adam Leitman Bailey As counsel to numerous condominium unit buyers seeking relief under the federal Interstate Land Sales Full Disclosure Act (ILSA), including the prevailing plaintiffs in the Bacolitsas and Indomenico cases cited in the article, “Applying ILSA to Sales of Condominium Units,” by Todd E. Soloway and Luisa K. Hagemeier, (Jan. 11), I Full Article…
The Martin Act ‘Shield’ and Private Fraud Actions, New York Law Journal
By Adam Leitman Bailey and John M. Desiderio On Dec. 20, 2011, the New York Court of Appeals, in Assured Guaranty (UK) LTD v. J.P. Morgan Investment Management Inc.1 finally put to rest a see-saw controversy that, for nearly a quarter century, had engendered much litigation in both the lower state courts and in the Full Article…
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