New York's Cooperative and Condominium Community

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160 W. 66TH STREET

May unit-owners transfer their condominium unit when to do so avoids foreclosure of that unit to pay a debt? 

Sofia Frankel owned a condominium apartment at 160 West 66th Street in Manhattan. She had been a broker at Goldman Sachs when Jeffrey and Lauren Sardis entrusted her with some $19 million to invest on their behalf. They remained clients when Frankel left to join Lehman Brothers but, by 2004, complained that she had fraudulently churned their accounts, causing them more than $9.5 million in losses. The Sardises began an arbitration against Frankel and Lehman, and about two weeks before Lehman filed for bankruptcy, the court awarded the Sardises $2.5 million, holding both Frankel and Lehman responsible.

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Learn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments

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