Adam Leitman Bailey, P.C. Negotiates and Obtains One of the Largest Condominium Settlements for a Deficiently-Built, Newly Constructed Building in New York City History
The board of managers of a very large new-construction Manhattan condominium tried to compel the sponsor-developer of the condominium to remediate the multitude of construction defects and reimburse the board for expenses that were improperly incurred when the sponsor-developer controlled the board. The sponsor-developer is one of the city’s largest and most active developers, and the sponsor-developer refused to acknowledge the board’s concerns.
After years of unsuccessfully trying to get the sponsor-developer to engage in settlement talks with another law firm, the board hired Adam Leitman Bailey, P.C. The building’s construction defects were highly complex and required numerous specialists to fully understand. Professionals were hard to find because no one wanted to go against this prolific sponsor-developer.
Adam Leitman Bailey, P.C. assembled the proper team, including international experts, and worked with the architects/engineers to restructure the demands in a cohesive manner, each defect linked to a strong legal argument. Within weeks, the sponsor-developer came to the settlement table. Adam Leitman Bailey, P.C. negotiated a tolling agreement that included negotiation guidelines in order to maintain all of the board’s causes of action and keep the negotiations on track.
Adam Leitman Bailey, P.C. tirelessly negotiated the complex construction defect issues and improper board expense issues. The intimate understanding of the architectural issues, and how each specific defect represented its own cause of action, gave Adam Leitman Bailey, P.C. the edge it needed to prevail in negotiations with this sophisticated sponsor-developer. In the end, the settlement yielded millions of dollars in remediation work and a seven-figure cash settlement. Adam Leitman Bailey, P.C. achieved this favorable settlement without ever commencing legal action.
Adam Leitman Bailey, P.C.’s Condominium & Cooperative department represented the client in this case.