The economy cratered—to use a term in popular parlance at that time—in September, 2008, with the collapse of too-big-to-fail Lehman Brothers. While the measures undertaken by the federal government and the Federal Reserve averted complet…
Following the nationwide mortgage crisis, there is a lot of concern across the country about communities being faced with the prospect of foreclosure. Many states have enacted legislation relating to how to handle properties in arrears…
Given the state of the economy and the real estate market, a novel issue is whether when a bank conducts a foreclosure sale on the shares relating to a cooperative apartment (without a judgment of the court), the successful bidder is su…
Consider the (fictional) couple, Mr. and Mrs. Smith. They love their co-op apartment, and have lived in their comfortable and convenient New York City neighborhood for the last seven years, moving in when Mr. Smith took a job as editor…
Q I recently received a memo from the board of directors of my co-op in Queens Village, stating that the building will not allow cooperators to sell their apartments below a sales price that they determine. Is this legal? —Suspicious…
In the early 1990s, thousands of New Yorkers purchased apartments in newly converted co-op buildings; in the early 1990s, thousands of New Yorkers also watched their investments collapse. The co-op market was tanking, equity was at risk …