Herrick is active in all areas of condominium and cooperative law, particularly those requiring more sophisticated representation, including complex transactions, litigation and investigations by governmental agencies.
We regularly help real estate developers navigate the many complicated requirements for ongoing public offerings of new construction and conversion projects in and outside New York State. Outside of public offerings, we often structure complex transactions, including the creation of condominiums to separate different uses and ownership interests in individual buildings, sale-condoback transactions, and transactions involving blocks of unsold shares and units. Additionally, Herrick has assisted many not for profits in New York City, including hospitals, schools and charitable organizations, with eligible exemptions on their real estate taxes through leasehold condominiums.
We represent lenders nationally in assessing loans for potential condominium projects, and frequently advise lenders on problematic issues once a loan is made. We also have an active practice litigating construction defect cases, and representing developers who are subject to investigations by the New York Attorney General’s office. Individual cooperatives and condominiums also turn to us when dealing with financial concerns, development rights sales, restructurings and entire property sales, as well as concerns such as Local Law 11 compliance and zoning issues.