Advice Regarding Coop Or Condominium Law Matters
Our attorneys offer a wide range of services to our cooperative and condominium clients, including management and governance issues, contracts, real estate transactions, dispute resolution and litigation.
Our clients include large multi building complexes, as well as smaller buildings, Mitchell-Lama and HDFC developments.
We have successfully litigated a broad range of matters, including sponsor and construction disputes, establishment of the rights and powers of boards on such issues as subleasing, use of apartments, alterations to apartments, pets, nuisance and other quality of life issues. We have frequently interpreted governing documents and advised on issues regarding elections and proxies. When necessary we have litigated those disputes. Our attorneys are also very experienced in handling transactions, from refinancing, to contracts with vendors and contractors, to selling (or licensing) common areas to individual owners. Our firm also serves as transfer agents to many cooperative corporations.
New York Is A Fast-Changing Real Estate Environment
Coops and condos in NYC have a very complex set of rules associated with them, making them much more complicated than they seem at first glance. Whether you are a company looking to break ground on a new building, or an established ownership group involved in a dispute of some type, the lawyers at Borah, Goldstein, Altschuler, Nahins & Goidel, P.C. are here to provide you with tailored guidance designed to help you accomplish your goals and protect your investment.
Our firm is well-known throughout the region for our skills in handling issues connected to cooperative and condominiums. We serve as general counsel to more than 100 condos and coops of varying size throughout the city. We have a subsidiary company, Director Protector, which focuses on these types of buildings.
Matters We Handle In Condo And Coop Law
Our team of lawyers handles a number of different issues for clients. We are here to make sure that you are well-informed of your options moving forward at each step in the process.
Start-Up: We review the initial plans of your company, and help negotiate or draft any of the construction contracts connected with the project. This includes any documents related to the financing of the building or development.
Continued operation: We offer assistance to boards and managing agents to help them design, draft and review their specific policies to make sure they comply with various regulations.
Dispute resolution: We actively engage in negotiations on behalf of clients, which includes boards, owners, developers or others, in disputes between parties in matters related to the condominium or cooperative.
Litigation assistance: In situations where disputes cannot be resolved, we are trial lawyers, and able to advocate for our clients’ interests in any type of legal proceeding involving city, state or federal administrative agencies. We routinely handle matters such as nonpayment disputes, flip taxes, subletting agreements, pets, board member elections, proxies and agreements with vendors or contractors.
Transfer agents: Should the property need to change hands, our lawyers can review the proposals, draft any necessary documents and serve as guides for the transaction throughout the process.
Harness The Power Of ‘Director Protector®’
A part of our cooperative and condominium practice is Director Protector®, an innovative proactive legal service developed by the firm. With Director Protector®, cooperative and condominium boards and board members may be better insulated against legal proceedings. What’s more, the costs of insurance claims and other expenses may also be lowered.
How Director Protector® Reduces Your Personal Exposure
Many board members may not even realize how vulnerable they are to a legal action in which they are named personally. Typically, these actions are based on allegations of wrongful, illegal or discriminatory practices. For board members who do not take the proper steps to limit their liability, the consequences could be financially disastrous.
The New York State Legislature and Courts adopted the Business Judgment Rule to effectively shield cooperative boards and board members from most liability for actions taken in good faith on behalf of a cooperative apartment corporation. Although condominiums lack the corporate structure, by analogy courts have frequently extended the Business Judgment Rule to the actions of condominium boards.
Director Protector® helps ensure that the Business Judgment Rule works in the best interest of board members by implementing sound and uniformly applied practices.
First, a comprehensive review of a development’s current systems and policies is conducted by attorneys in the firm. The review includes an intricate and multi-step audit of board operations. Among the many areas scrutinized are admissions, subletting, alterations, pets, disability issues, meetings, finances, communications, corporate governance, and construction management.
Next, suggestions are made by the law firm for the reorganization of board functions in order to improve upon, adopt or put into place consistent and tried-and-true practices designed to reduce the risk of board members. Our firm also acts as liaison with the development’s managing agent, accountant, insurance broker and engineer, further protecting the interests of the board.
Among the important elements of the Director Protector® preventive maintenance program is the availability of frequent updates about the latest laws affecting cooperative corporations and condominium developments.
Schedule Your Consultation Today
To talk to one of our lawyers about your cooperative or condominium law matters, please call our office at 212-431-1300 or send us an email. We will help you determine how you or your company can take full advantage of your options, and protect what is important to you.