New York Co-op & Condominium Attorneys

We advise clients across a wide range of co-op and condominium matters, including:

Co-op and Condominium Transactions

Representing buyers and sellers in purchases and sales, including contract drafting, negotiation, and closing coordination.

Board Applications and Approvals

Preparing and reviewing co-op board packages, guiding clients through interviews, and addressing board requirements to improve the likelihood of approval.

Purchase and Sale Agreements

Drafting and negotiating agreements tailored to co-op shares or condominium units, including contingencies and building-specific considerations.

Bylaws, Proprietary Leases, and Offering Plans

Reviewing governing documents to identify restrictions, obligations, and potential risks before entering into a transaction.

Title and Ownership Issues

Handling title review for condominiums and ownership rights related to co-op shares and proprietary leases.

Disputes with Boards or Associations

Advising unit owners and shareholders in disputes involving board decisions, rule enforcement, or building governance.

New York real estate includes two distinct ownership structures, each with different legal implications:

Cooperative (Co-op) Ownership

Buyers purchase shares in a corporation that owns the building and receive a proprietary lease for their unit. Board approval is typically required, and financial scrutiny can be extensive.

Condominium Ownership

Buyers own real property and receive a deed to their unit. While boards still play a role, approval processes are generally less restrictive than co-ops.

Understanding these differences is critical when evaluating a purchase, structuring a transaction, or resolving a dispute.

We guide clients through each stage of the process:

1. Offer and Deal Terms
   Negotiating price and key terms before contracts are finalized.
2. Contract Review and Negotiation
   Drafting or reviewing agreements with attention to contingencies and building requirements.
3. Due Diligence
   Reviewing financial statements, building policies, bylaws, offering plans, and board minutes.
4. Board Application Preparation (Co-ops)
   Assembling and submitting comprehensive board packages and preparing clients for interviews.
5. Financing and Coordination
   Working with lenders and managing financing requirements.
6. Approval Process
   Navigating board review timelines and responding to requests.
7. Closing
   Coordinating documents, funds transfer, and final execution.

We regularly assist clients in addressing:

• Co-op board rejections or delays
• Restrictive bylaws or building rules
• Financial concerns identified during due diligence
• Disputes between unit owners and boards
• Maintenance and common charge disagreements
• Subletting and use restrictions
• Transfer fees and closing cost disputes

Our goal is to resolve these issues efficiently while protecting your rights and investment.

• Co-op buyers and sellers
• Condominium unit buyers and sellers
• Shareholders and unit owners
• Real estate investors
• Co-op boards and condominium associations
• First-time buyers navigating New York’s unique market

Co-op and condominium transactions in New York involve unique legal structures and approval processes that require experienced guidance.

Working with counsel helps ensure:

• Contracts reflect building-specific requirements
• Risks in bylaws and financials are identified early
• Board applications are complete and competitive
• Transactions proceed smoothly and efficiently
• Ownership rights are protected in disputes

Why do co-ops require board approval?

Co-ops are owned by a corporation, and the board has the authority to approve or reject prospective shareholders based on financial and other criteria.

Are condominiums easier to purchase than co-ops?

Generally, yes. Condominiums typically have fewer restrictions and a less intensive approval process.

What happens if a co-op board rejects my application?

Options may be limited, but we can review the situation and advise on potential next steps or alternative strategies.

Can I rent out my co-op or condo unit?

It depends on the building’s rules. Co-ops often have stricter subletting policies, while condominiums are usually more flexible.

What documents should I review before purchasing?

Key documents include the offering plan, bylaws, financial statements, board minutes, and proprietary lease for co-ops.