AREAS OF PRACTICE
Homeowner Associations: Sample Transactions
Adam Leitman Bailey P.C. Works with Attorney General’s Office to Enforce $11 Million Judgment and with the Department of Buildings to Obtain a Certificate of Occupancy For the Building
The owners of 72 condominium units situated in four attached condominium buildings located in an up and coming section of Brooklyn came to us in late February, 2007, after having been represented by two prior law firms. They had entered into a settlement agreement that eliminated any right to commence suit against the Sponsor of the four buildings. Investigation of this matter revealed that the buildings needed over 9 million dollars in remediation to the building exterior, interior and mechanicals. The Sponsor, represented by counsel, put up every road block imaginable to delay the remediation of the buildings. The scope and amount of the remediation and the process of the investigation was quite extensive. In order to apply maximum pressure against Sponsor, we involved the Office of the Attorney General, the Department of Buildings, and the Courts in our offense. After much effort by the Litigation Department of Adam Leitman Bailey P.C. led by Adam Leitman Bailey as overall supervising attorney, we negotiated an agreement with Sponsor that would ultimately lead to either a complete buyout of the units or a multimillion dollar judgment against Sponsor – a true win-win scenario for the unit owners. When Sponsor was unable to deliver under the terms of the buyout, the unit owners received an 11 million dollar judgment against the Sponsor, and circumvented a potentially lengthy litigation.