By Jay Romano Q We recently bought a small studio apartment next to our one-bedroom and created a two-bedroom. We are paying maintenance on the two units as if they had never been combined. There is a similar apartment in the building that has fewer shares — and pays less maintenance — for the same-size apartment Full Article…
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Adam Leitman Bailey, P.C. Saves Borrower $23,000.00 in Mortgage Tax
Our firm has recently begun representing a lender based out of Florida State for residential mortgage closings. The first refinance we closed with this new lender was for a $1.2 million dollar mortgage which at the time was held by the same lender. Our firm requested we close this mortgage with a Consolidation, Extension and Modification Agreement (CEMA). A Full Article…
Adam Leitman Bailey, P.C. Protects Bank of America in Common Charge Lien Foreclosure Proceeding
In The Board of Managers of House Beautiful Condominium I v. Hong, et. al., Adam Leitman Bailey, P.C. successfully protected Bank of America N.A.’s security interest in a premises in Queens, New York, in defeating Plaintiff’s claim that the insured, Bank of America, was not the first mortgagee of record as is defined in § 339-z of Full Article…
Directors and Officers Insurance Does Not Cover Intentional Discrimination
By Adam Leitman Bailey & Colin E. Kaufman In a recent decision that sent shivers of concern across New York co-op and condo boards, the state’s highest court held that the Business Judgment Rule does not protect individual condominium and cooperative board members against some personal liability. In response, real estate and insurance attorneys are reviewing directors and officers (D&O) policies and Full Article…
Laws Versus Rules: You Need to Know the Difference
New York’s co-ops and condos are both governed by a multitude of laws and rules… Sometimes, laws that are enacted that mandate change can cause conflict with co-ops and condos that are used to doing things a certain way. For example, the Fair Housing Amendments Act mandates that a multiple dwelling with a parking lot Full Article…
Adam Leitman Bailey, P.C. Wins Landmark Case and Makes New Law in Unsealing Court Settlements
A unanimous panel of the Appellate Division, First Department, upheld a lower court’s decision to unseal settlement documents stemming from the 2008 collapse of a construction crane that killed seven people. The panel ruled in Squeri v. East 51st Street Development, 117452/08, that Manhattan Justice Carol Edmead properly exercised her discretion when she unsealed the documents Full Article…
Q & A: An Inheritance, With Restrictions
Q. My mother inherited a co-op in Manhattan, but the co-op board will not give its approval for the shares to be transferred into her name. Can a co-op board do this? A. A co-op board may not prevent the estate of a deceased shareholder from being transferred to a beneficiary, according to Adam Leitman Bailey, P.C., a Full Article…
Q & A: No Dogs for Condo Renters
By JAY ROMANO Q. I own in a condo building that allows only owners to have dogs. Renters have been circumventing the rule by submitting a note from a therapist to the management company saying the dog is part of their therapy. Is it true that a condominium can be kept from enforcing its rules by Full Article…
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