A recent newspaper article reports that between 2009 and 2012, a total of 117 rental buildings in Manhattan and Brooklyn were converted to cooperative or condominium ownership.1 Many of the units contained therein were deregulated. This article explores what rights tenants of these units have vis-à-vis rent-regulated tenants when a building is being converted, if and Full Article…
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Finding Individual Liability for Sponsor’s Principals And Sponsor’s Waiver of The Notice Requirement Under The Offering Plan
Recently, in The Board of Managers of 266 West 115th Street Condominium v. 266 West 115thStreet, LLC, et al., 2014 NY Slip Op 33047 (Sup. Ct. 2014) – a precedent-setting decision on two separate issues – the New York State Supreme Court held that: (i) the principal of a Sponsor can be found to be personally Full Article…
Setting New Precedent, ALBPC Obtains A Victory for Condominium Board
In The Board of Managers of 266 West 115th Street Condominium v. 266 West 115th Street, LLC, et al., Index No. 159552/2014 [Sup Court, NY County 2013], a precedent-setting decision, Adam Leitman Bailey, P.C. obtained a victory that could benefit Condominiums throughout Manhattan. The following two critical issues were presented in this case: (i) whether Full Article…
Owners Should Never Gamble With Liquidated Damage Clauses
By: Adam Bailey and Dov Treiman January 14, 2015 Real estate leases are, by their nature, bets the parties are placing on what the future may hold. Both landlord interests and tenant interests try to hedge their bets by inserting clauses to produce certain results in the event of an uncertain future. Chief amongst these Full Article…
Amendments to UCC Law and How it Affects Major Lender’s in Cooperative Lending
By: Rosemary Liuzzo Important amendments to the New York Uniform Commercial Code (UCC) were enacted as of December 17, 2014. The amendments specifically amended Articles 1, 7 and 9. As attorneys for major lenders we are particularly concerned with amendments made to Article 9 §9-503 (a)(4), “Sufficiency of debtor’s name.” The new law, which is Full Article…
Defining the Limits Of Liquidated Damages Clauses
By: Adam Leitman Bailey & Dov Treiman December 31st, 2014 Real estate leases are, by their nature, bets the parties are placing on what the future may hold. Both landlord interests and tenant interests try to hedge their bets by inserting clauses to produce certain results in the event of an uncertain future. Chief among Full Article…
New Sprinkler-Notification Law Could Require Reissuing Proprietary Leases
By: Frank Lovece December 26th, 2014 A New York State law that went into effect Dec. 3, requiring all residential leases to contain a notice about the building’s sprinkler system, appears to mandate that even co-op proprietary leases must be amended to reflect the language change. The new law also impacts leases offered by condominium Full Article…
FDA’s Poison Prevention Packaging Rule: A Bitter Pill the FDA is Forced to Swallow
By John M. Desiderio The U.S. Court of Appeals for the Second Circuit recently ruled unanimously that the Food and Drug Administration (FDA) is not authorized to regulate the packaging of solid dosage dietary supplements and drugs for poison prevention purposes.1 The court held that FDA exceeded its statutory jurisdiction when it issued regulations requiring unit-dose Full Article…
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