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Law & Legislation
The Subtle Art of Mediation
Several years ago, before relocating to Westchester County, I served as board president at my 112-unit co-op building in Manhattan. Like most co-ops, we had a history of occasional disputes between tenants and among board members. But, by using the subtle art of mediation, we were able to resolve these invariable disagreements to the satisfaction of all involved. Read More
Tenancy by the Entirety
Most co-op owners have never given much thought to the manner in which they took title of their apartments. But by overlooking this important aspect of such a significant purchase, some shareholders may have put themselves at considerable financial risk. The method by which a married couple takes title to their real estate holdings can have major reper-cussions in the event of the death, bankruptcy or default of a spouse, or in the case of a divorce. Read More
Big Trouble at Big Six
Trust. It's a word often heard when board members and shareholders of Big Six, a 982-unit co-op complex in Woodside, Queens, talk about their former managing agent, Richard Stone, and what they think went wrong. Essentially, they say, we trusted the wrong man. Why did individual shareholders, mostly retirees, invest up to $80,000 each in a shopping center expansion that ballooned in cost and has yet to be finished? Why did board members allow themselves to be convinced that the expansion was in the co-op's best interests? Read More
Cover Story: Real Estate Indictments: 1999
After Manhattan District Attorney Robert M. Morgenthau handed down indictments against dozens of New York property managers in 1994 for taking kickbacks from contractors, New Yorkers, including the D.A.'s office, thought there would be at least a brief reprieve from local real estate corruption. Even so, the D.A.'s office continued to monitor the real estate industry. "This is Round One," predicted Dan Castleman, chief of the D.A.'s Investigative Division. This past June, Round Two was unveiled. Read More
UCC Article 9 Revisions
A couple years ago, I became genuinely surprised to learn of conflicting opinions throughout the legal community and in court decisions (including rulings from New York State Supreme Court’s Appellate Division) which centered on how to classify cooperative apartment stock and how to deal with liens on co-op stock. The issue became so contentious that there are even several court decisions challenging whether a co-op corporation’s built-in lien on its own stock (as described by the proprietary lease and bylaws) is a perfected security agreement. Read More
The Men Who Would Be Mayor
With all the recent grief and confusion in our city, it’s almost easy to forget that there was a mayoral primary scheduled for September 11th. Voting had barely started when terror descended on New York. As images of destruction and chaos dominated the media and our everyday lives, the idea of voting in a new mayor seemed the furthest thing from our collective mind. Read More
Was it Something I Said?
Historically, co-op boards in New York City
haven’t been required to provide much of an explanation to applicants
about why applications for co-ops are rejected.
Read More
Defending Against Discrimination Claims
In what may prove to be a significant victory for cooperative and condominium boards sued for housing discrimination, an appellate court recently applied the protection of the business judgment rule to a discrimination claim for disability accommodation. Read More
Taxing Questions
Perhaps Benjamin Franklin said it best: “In this
world, nothing can be said to be certain except death and taxes.”
Read More
Breaking the Mold
Molds are naturally occurring organisms that are present almost everywhere. While molds need both moisture and nutrients to grow, moisture is the primary factor that promotes indoor mold growth. Therefore, whenever there is a water leak in a home or residential building, there is the potential for a mold-related legal claim. Read More
