New York's Cooperative and Condominium Community

Habitat Magazine Business of Management 2021

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BOARD OPERATIONS

HOW CO-OP/CONDO BOARDS OPERATE

Using Rent Receiverships to Collect Rent from Abandoned Condo Apartments

David J. Byrne in Board Operations on October 30, 2012

New York City

Rent Receiverships Abandoned Condo Apartments
Oct. 30, 2012

We filed foreclosures with respect to the condo liens, and sought and secured rent receiverships, which resulted in tenant-occupied units. The rent was then used to pay the units' ongoing common charges and pay down the arrearage.

Legal Lesson

Boards should learn that in this economy, this real estate market and this ever-changing world that standard, thoughtless, assembly-line common-charge management and recovery efforts will not suffice.

When dealing with unpaid common charges, boards must think outside the box and be open to utilizing all of the legal means available to them — regardless of how unorthodox. 

 

David J. Byrne is a partner at Herrick, Feinstein

Photo by Carol Ott

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