For our co-op and condo clients that find themselves in the middle of the annual meeting season, two of our partners, David L. Berkey and Scott M. Smiler, were recently quoted in this month’s Cooperator discussing how best to hold a virtual annual meeting. 

For a quick refresher, please read Virtual Governance: How Co-ops & Condos Hold Meetings Distantly. 

One of the provisions in the New Rent Law makes significant changes to the collection of security deposits.  In addition, one important and unintended consequence is the law’s effect on cooperatives. Under the New Rent Law, cooperatives collecting an escrow for the conditional approval of a purchaser could run afoul of the new law and be liable for damages.

In November, partner Scott M. Smiler closed on a $52.3 million dollar loan from the New York City Housing Development Corporation (HDC) for Lindsay Park. Lindsay Park is set to undertake a major capital improvement project, which included the negotiation of a $42 million dollar construction contract.
In October, Scott closed on the sale of a portion of real property belonging to one of our Mitchell-Lama clients, Lindsay Park Housing Corp.  The sale, together with an option premium, totaled $19.5 million dollars. To Scott’s knowledge, this is the first time that the sale of a portion of a Mitchell-Lama property to a private developer was permitted by HPD.

Partner Scott M. Smiler closed on a $42 million dollar loan from the New York City Housing Development Corporation (HDC) for one of GDB’s Mitchell-Lama clients, Masaryk Towers Corporation.  Masaryk Towers is set to undertake a major capital improvement project which included the negotiation of a $28 million dollar construction contract.

Legal Update

Legal Update

Legal Update

Legal Update

Legal Update