Written by Bill Morris on July 04, 2013
Though a sponsor or developer must, by law, turn over control of the condo or co-op board after 50 percent of the apartments are sold or five years have elapsed after the first closing, whichever comes first, we're all familiar with sponsors who overstay their welcome, creating refinancing obstacles and other lender issues, revolving-door rental tenants and other problems. But every once in a while, even in New York, things work out the way they're supposed to.
Co-op and condo board business broken down into bite-sized bits - 2 stories each week. Read now on all digital devices.
A free digital resource for co-op/condo board directors. Published twice a month. Read now on all digital devices.