The Proprietary Lease Amendment That Backfired Spectacularly
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The Proprietary Lease Amendment That Backfired Spectacularly
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The Dakota, a historic co-op on Manhattan’s Upper West Side, won their case — spending $2.4 million in legal fees defending themselves against a shareholder’s charge of discrimination. And then the court said they couldn’t collect a dime in legal fees.
William McCracken, partner at Moritt Hock & Hamroff, walks through this head-spinning case, explaining how a seemingly minor amendment to the building's proprietary lease unraveled everything. McCracken reveals which buildings might face the same problem and what boards should be asking their attorneys right now. It's a cautionary tale about the hidden risks lurking in legal documents that seemed perfectly fine for decades. Habitat's Carol Ott conducts the interview.
The business of running a building is demanding work that requires making endless decisions — some that can quickly lead your board into a quagmire of legal difficulties. Legal Talk interviews New York's leading co-op/condo attorneys to find solutions, and get some guidance, on these challenges. For more co-op and condo insights, sign up to receive Habitat's free newsletters or become a Habitat subscriber today!