CASE STUDY: Newly Constructed Condo Takes Over Board and Receives $450k + Apt + Construction Work w/o Judicial Intervention
Manhattan Newly Constructed Condominium Takes Over Sponsor Controlled Board and Receives $450k + Apartment + Significant Construction Work without Judicial Intervention
The unit owners of a 24 unit luxury new construction condominium in Manhattan hired Adam Leitman Bailey, P.C. after the unit owners' complaints and concerns about construction defects were ignored by the sponsor-controlled Board, and demands by the unit owners to the sponsor that the sponsor turn over control of the Board to the residents were denied.
Adam Leitman Bailey, P.C. organized the unit owners, and despite Sponsor's tactics to prevent its loss of power, the residents took control of the Board. Once in control of the Board, the board was officially able to bring Adam Leitman Bailey, P.C. on as board counsel, and Adam Leitman Bailey, P.C. was able to bring in a forensic engineering team to investigate the construction defects at the building. Adam Leitman Bailey, P.C. then made comprehensive demands upon the Sponsor and showcased the strength of the Board's case and its arsenal of legal weapons.
Without ever having to turn to court or utilize intervention of the Office of the Attorney General, Adam Leitman Bailey, P.C. negotiated a settlement with the once stonewalling sponsor. The board gained the following in the final settlement: $450k cash upon signing of the agreement, transfer of the remaining sponsor owned apartment to the board, and two significant construction projects, both of which are secured by a cash escrow and liquidated damages. The value of the settlement for this 24 unit condominium was well in excess of 1 million dollars.
Adam Leitman Bailey and Leni Morrison Cummins represented the board of directors in this matter.