Scott E. Mollen
This decision involved the adequacy of a reserve fund which had been established by the defendant sponsor of a condominium conversion (sponsor). The sponsor had moved for a partial summary judgment determining that it had “properly calculated the reserve fund for the condominium” and for an order dismissing the plaintiff’s claim that the reserve fund was underfunded. The plaintiff board of managers (board) had moved for summary judgment declaring that the sponsor had failed to adequately fund the reserve fund and declaring that “certain credits taken by the defendant be disallowed.”
New York City Admin. Code (Code) Section 26-703 provides that “when a rental building is converted to a condominium the Sponsor is to adequately create a minimum reserve for the condominium.” The reserve fund is to be three percent of the total price “offered to tenants up to the effective date of the condominium offering plan (plan).”
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
