New York Condos in Despair – Workouts in 2009

June 11, 2009
Herrick, Feinstein LLP2 Park Avenue, New York, NY

Condominium developers find themselves with a surplus of unsold units and an increasing number of incomplete and abandoned projects and are at risk for borrower default. As a result, lenders are left to deal with the business risks of these potentially defaulting condominium loans. Our panel of experts discussed how to assess the risks and benefits of a workout, and as a lender how to strengthen your legal position both during and after the workout.

Topics Discussed:
Evaluating a condo project
Practical business concerns for developers
Lender liability
Implications of foreclosure, workout strategies, and condo conversions

Panelists Included:
Ray Hannigan, Partner, Herrick, Feinstein LLP
Douglas Heller, Partner, Herrick, Feinstein LLP

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