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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
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SPECIAL ISSUE : CAN YOUR BUILDING BE CERTIFIED LEAD FREE?
Wed., June 15, 2011
7 PM
Location to be announced

INTRODUCTION TO CO-OP BOARD RESPONSIBILITIES:
An Intensive Seminar for New Directors

Tues., June 21 and 28, 2011
6 - 9:30 PM
Location to be announced

BENCHMARKING: A REQUIREMENT BUT ALSO AN OPPORTUNITY
Wed., June 22, 2011
7 PM
Location to be announced

THE ASSET OVER YOUR HEAD
Wed., July 13, 2011
6 PM
Location to be announced

FUEL ISSUES : WEIGHING THE OPTIONS WHEN CHANGING FROM #6 OIL
Tues., Aug. 16, 2011
6:30 - 9:00 PM
Location to be announced

CONDO START-UP
Challenges for Boards and Unit Owners of New Condominiums

Tues., Sept. 13, 2011
6:30 - 9:00 PM
Location to be announced

 

CNYC’s 31st ANNUAL
HOUSING CONFERENCE & EXPO

All day Sunday, November 13, 2011
Baruch College

You may register for CNYC events by calling (212) 496-7400 or by completing the Registration Form. For events requiring payment, please mail a check for the appropriate amount to: CNYC, 250 West 57th Street, Suite 730, New York, NY 10107-0730. Please make checks payable to the Council of New York Cooperatives & Condominiums.

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CNYC
250 West 57th Street, Suite 730
New York, NY 10107-0730
Tel: (212) 496-7400
Fax: (212) 580-7801
E-mail: info@cnyc.coop
 
   
 
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