Wotman Law PLLC | Cooperative Representation | Experience
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Cooperative Representation

  • Representative Cooperative Transactional Matters
     

    • Representation of 50 percent partner in Sponsor in connection with sale of Unsold Sponsor Package in apartment building in Manhattan.
    • Representation of Sponsors’ interests holding Unsold Shares in connection with actions taken by hostile Boards of Directors controlled by resident shareholders.
    • Representation of Sponsors in connection with negotiations with Co-op Boards regarding Master Commercial Leases.
    • Representation of Manhattan Cooperative as to enforceability of lending agreements between mortgage lender, Sponsor and cooperative.
    • Representation of Sponsor in Soho regarding bulk sale of Unsold Shares of Cooperative Stock.
    • Representation of Sponsor in connection with sale of Unsold Cooperative Shares for 10 Residential Units in Manhattan to Investor Group.
    • Representation of Sponsor in connection with sale of Unsold Cooperative Shares for 17 Residential Units in Manhattan to Investor Group for $7.3 million.

  • Representative Cooperative Litigations
     

    • Representation of Sponsor in action in Supreme Court, New York County, Commercial Division, in connection with proceedings to remove members from Co-op’s Board of Directors
    • Representation of Purchaser of Commercial Art Gallery Condominium Unit in Manhattan against Sponsor for failure to timely complete construction of building and closing on Unit.
    • Representation of Purchaser/Investor/lender of Cooperative Apartments in action in Supreme Court, New York County, for breach of contract and specific performance against Sponsor to compel conveyance of apartments to purchaser.
    • Representation of Sponsor in action in Supreme Court, New York County, Commercial Division, to enforce Demand for Special Meeting of Shareholders to remove counsel with conflict of interest and board member.
    • Representation of Sponsor relating to defense of succession claims to rent controlled apartments by claimed relatives to decedent and surrender of apartments upon death of rent controlled tenants.
    • Representation of residential shareholder associations in post conversion residential cooperative corporations in protecting their rights to control their Co-op's Board of Directors, ensure proper use of reserve funds, cancellation of sweetheart leases and contracts with Sponsors and removal of real estate management companies with close ties to Board members who have abused their positions.
    • Representation of commercial condominium owner of medical practice in action against Condominium and Board relating to ongoing substantial water intrusion causing significant damage to premises resulting in settlement of action.
    • Representation of Seller of Cooperative Apartments relating to collection of down payment for failure of purchaser to abide by terms of contract of sale.
    • Representation of condominium owner against Sponsor for faulty construction resulting in correction of construction defects and damages.
    • Representation of North Shore Towers Shareholders Association in its successful battle to gain voting control over the Board of Directors of North Shore Towers Cooperative Corporation from its sponsor Edgar Bronfman. The case was featured in Newsday. North Shore Towers, with $35 million dollars per year in gross revenues, is one of the largest residential cooperative housing corporation in the United States and is located on the Grand Central Parkway in Queens, New York. North Shore Towers Shareholders Association v. Three Tower Associates, U.S. District Court for the Eastern District of New York.