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Council of New York Cooperatives & Condominiums
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Sponsor Issues

Published: Summer 2002

APPEALS COURT ACKNOWLEDGES
SHAREHOLDER RIGHT
TO A "VIABLE COOPERATIVE"

A June 11, 2002 Court of Appeals decision in the matter of 511 West 232nd Owners Corp. v. Jennifer Realty Co. advances CNYC's campaign to have sponsors “complete the conversion” by selling units as they become available. The Court recognized a right of shareholders to live in “a viable cooperative.” Reversing a decision by a lower court, the Court of Appeals denied the sponsor's motion to dismiss the claim of the cooperative, holding that the cooperative had set forth a legally sufficient claim against the sponsor.
Twelve years after Jennifer Realty Co. converted 511 West 232 St. to cooperative status, the sponsor still held 62% of the shares and had been renting units as they became available, refusing offers to purchase. The resident shareholders brought suit against Jennifer Realty for this practice. When the court found for the cooperative, the sponsor appealed. This decision remands the case to the lower court, where the challenge will be to determine what is meant by a “viable cooperative.” This case is explained in more detail here.

 
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Events

BUILDING ENVELOPE ISSUES FOR POST WAR BUILDINGS
Tuesday, September 14, 2010
7 PM
Location to be announced

FIRST-TIME HOMEBUYER SEMINAR: MAINTAINING HOME OWNERSHIP IN CHALLENGING ECONOMIC TIMES
Tuesday, September 14, 2010
6:00 - 9:00 PM
Adam Clayton Powell, Jr.
State Office Building
163 West 125th Street, 17th Floor
Harlem CDC - Conference Room

SELF-MANAGEMENT 101 : A 3-Session Program for Small Buildings
Tuesdays, 9/21, 10/19 and 11/22, 2010
7 to 9 PM
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NYARM REAL ESTATE EXPO
Wednesday, September 22, 2010
8 AM to 4 PM
Hotel Pennsylvania at 7th Ave & 33rd St, NYC

HOW CO-OPS AND CONDOS CAN COMPLY WITH
NYC'S NEW GREEN BUILDING REGULATIONS

Wednesday, September 22, 2010 - 6:00 PM
Science, Industry and Business Library (SIBL)
Conference Room 018 Lower Level
188 Madison Avenue @ 34th Street

THE ASSET OVER YOUR HEAD
Wednesday, September 29, 2010
7 PM
Location to be announced

WORKSHOP FOR BUILDING TREASURERS
Thursday, October 7, 2010
7 PM
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INTRODUCTION TO CO-OP BOARD RESPONSIBILITIES:
An Intensive Seminar for New Directors

Wednesdays, October 20 and 27, 2010
6 - 9:30 PM
Queens Location to be announced

AN AESTHETIC MASTER PLAN FOR YOUR BUILDING
Wednesday, November 3, 2010
7 PM
Location to be announced

30th ANNUAL HOUSING CONFERENCE
Sunday, November 14, 2010
8 AM to 5:15 PM
Baruch College, Newman Vertical Campus
55 Lexington Ave., NE corner of East 24th St.

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