Is Your Co-op or Condo Property "Recession-Proof"?

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Today, it is more important than ever to protect your building's financial health.  Your building should consider taking these important steps:

• To protect itself from shareholder or unit owner defaults by ensuring that new shareholders and unit owners are financially qualified to join your community or will provide you with additional financial assurances, such as escrows, guarantees and letters of credit;
• To establish a multi-year financial plan for capital improvements and maintenance plan so that your shareholders and unit owners are not hit with large assessments all at once;
• To make sure that the building has sufficient revenue for operations and that you have met all legal requirements to impose assessments, "flip taxes" and other transfer charges and fees, so you won't face a legal challenge down the line.

Our Co-op & Condo Team at Phillips Nizer LLP, part of the Real Estate Department, is led by partner and chair, Marc A. Landis.  Mr. Landis is a member of the executive board of the Council of New York Cooperative and Condominiums and has over 20 years of real estate transactional experience.

The Co-op & Condo Team, assisted by our Corporate, Land Use, Litigation and Tax Departments, can guide you through a review of your legal documents and operating procedures, so that you can face today's economic challenges head on.