Co-ops Can Ease the Condo Crisis

October 5, & Real Estate New York

Erica Buckley, an assistant attorney general in the Real Estate Finance Bureau, and Douglas P. Heller, a Herrick partner specializing in all aspects of condo and co-op law with an emphasis on financing, encourage developers, sponsors and lenders on troubled condominium projects to consider converting to a co-operative ownership structure. They argue that in certain circumstances it might make good business sense, and discuss some issues regarding compliance with laws and regulations enforced by the Office of the Attorney General.