Reverse mortgages have, until recently, been available only to owners of one to four family homes and condominium apartments. Shareholders in co-ops, however, were unable to take advantage of reverse mortgages as they did not own a real property interest that could...
Boards of directors of co-ops should be aware that there is always a claim that may be filed when an applicant for a purchaser is rejected. The general rule has always been that a co-op board may reject anyone for any reason except on the basis of discrimination...
“I’m sick to death of cleverness. Everybody is clever nowadays.” Oscar Wilde wrote for his protagonist Jack Worthing in “The Important of Being Earnest”. It’s as true today, as it was in 1895. And just as it did for the characters of Wilde’s play, this practice can...
Countless New Yorkers are living in financial uncertainty. And, as some tenants in co-ops struggle to pay their rent or maintenance, co-op boards are starting to feel the pinch. Many properties, like co-ops, require collective participation by occupants to help pay...
As the coronavirus pandemic sweeps the nation, New York City co-ops and condominiums are grappling with difficult questions. Social distancing – the frontline strategy that’s so essential for mitigating the spread – is much more complicated in New York City than, even...
A decision of the Appellate Division, 1st Department issued at the end of February 2019 may be a real game changer for cooperatives that have individuals who own units as holders of unsold shares. In a brief decision in Pastena vs. 61 West 62nd Street (Read decision...
Subletting apartments in New York City is a time-honored tradition, but in the era of Airbnb when the city, tenant councils and landlords are cracking down on short-term subletting, what are your rights? The first thing you need to know is that it is illegal to sublet...
There are many attorneys who serve on their co-op or condo board and are often asked by their fellow board members for their legal opinion on a matter. Since law school, we have been trained that we are attorneys 24 hours a day, seven days a week so we are often...
