Q. If a co-op board agrees to sell co-op common space to a shareholder, what is the most effective way of structuring that transaction? Does the co-op have to amend the offering plan and assign shares? A. Adam Leitman Bailey, a Manhattan real estate lawyer, says the co-op should first hire an appraiser to determine Full Article…
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Rules for Replacing Co-op Board Members, The New York Times
Rules for Replacing Co-op Board Members By Jay Ramano Q. Can a co-op board remove a member without shareholder approval? If so, how is a replacement chosen? A. Leonard H. Ritz, a Manhattan co-op and condominium lawyer, says it is necessary to review the building’s governing documents to determine the board’s powers. The bylaws typically Full Article…
Q & A: Rejection Before an Interview, The New York Times
By JAY ROMANO Published: September 21, 2012 Q. Can a co-op board reject a purchase application before interviewing the prospective buyer? A. Adam Leitman Bailey, a Manhattan co-op and condominium lawyer, says boards may, and frequently do, reject purchase applications without interviewing the prospective buyer. “If the board has determined that it will not approve Full Article…
Finding Individual Tort Liability for Board Members, New York Law Journal
By Adam Leitman Bailey and John M. Desiderio 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 acted in bad faith, but where it is Full Article…
The Fine Lines in Suing to Evict Tenants’ Families, New York Law Journal
By Adam Leitman Bailey When it comes to subletting, relatives are in an entirely different category than other persons. Relatives stand at the boundary line between family members who occupy the premises as an incident of the family relationship1 and strangers who bought into the right or privilege to occupy the premises.2 While occupancy as Full Article…
Q & A: The Owner of Record Has Left the Building, The New York Times
By Adam Leitman Bailey Q. I have a co-op unit on the market that has water damage from a shower leak in the apartment above me. I asked the management company to write a letter advising the resident of the unit that she is responsible for the damage. The management company wrote the letter to Full Article…
Leasing Dinosaurs, New York Law Journal
By Adam Leitman Bailey and Dov Treiman All of the commercially available form leases for rent-stabilized tenancies are admirable examples of attorney language crafting. They were in their day the latest brilliant word in what sorts of protections a landlord would want to have for the landlord and begrudge to the tenant. They carefully walked Full Article…
Q & A: Creaks, Leaks and the Law, The Cooperator
By Adam Leitman Bailey Q. I recently purchased a unit in a newly built condominium complex in Manhattan. Upon moving into my apartment, I discovered that the plumbing systems did not function. In addition, the shelves in the kitchen were improperly installed, the floors were chipped and the roof leaked. Unfortunately, I had already closed Full Article…
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