Legal Talk: How 100 Sponsor Units Sold Across 28 Buildings in One Day
Co-chair of Herrick's Condominium and Cooperative practice, Andrew Freedland, was interviewed by Habitat Magazine's Carol Ott to discuss unsold shares in co-ops and condos. In this episode of "Legal Talk," Andrew unpacks how large-scale sponsor transactions actually work, what boards can expect when ownership of unsold shares suddenly changes hands, and why the arrival of a new investor isn't necessarily bad news.
When a group of real estate investors decided to purchase a hundred sponsor-owned apartments spread across 28 different co-op and condo buildings, the legal challenges were unlike anything a typical real estate transaction demands, and the lessons from that deal extend far beyond one extraordinary closing. Understanding how these deals come together, and what they mean for everyone else in the building, is knowledge worth having.