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Andrew B. Freedland and Deborah Koplovitz Andrew B. Freedland and Deborah Koplovitz

Recent decisions have revived the discussion about rights of sponsors and holders of unsold shares in residential cooperative corporations.

This issue has arisen again because since 2019, some boards have relied on dicta in Pastena v. 61 W. 62 Owners, 169 A.D.3d 600 (1st Dep’t 2019) to argue for an extension of BCL §501(c) beyond “original purchasers”, to holders of unsold shares.

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