Kelly S. Maharaj

/My focus

I focus on real estate securities, including cooperatives, condominiums, and timeshares. Before private practice, I was review chief of the Real Estate Finance Bureau at the New York Attorney General’s office, and I bring that experience to my work. I handle complex matters such as converting residential and commercial buildings to condominium and cooperative ownership, as well as leasing, acquiring, and selling residential and commercial properties. I also represent financial institutions that lend to developers of commercial and residential projects, including regulatory due diligence on cooperative and condominium matters. In addition, I advise high-net-worth individuals buying cooperative and condominium apartments, and I serve as special counsel to condominium and cooperative boards on management and regulatory compliance issues.

/Representative experience

• Represented sponsors of new construction and rehabilitated condominiums in residential and commercial condominium unit contract negotiations and closings for condominium projects located in Manhattan and Brooklyn
• Represented a sponsor in the conversion of a hotel to a timeshare in Manhattan
• Represented sponsors in forming leasehold condominiums in the Bronx and Brooklyn and the sale of the units to a nonprofit corporation
• Represented sponsors in filing CPS-12 applications for condominiums located in Florida
• Representing sponsors in the conversion of residential rental buildings to condominium ownership
• Represented lenders in analyzing and making construction loans to condominium and cooperative developments in New York
• Represented various net worth individuals in the purchase and sale of cooperative and condominium apartments in New York City
• Represent condominium and cooperative corporations at annual meetings of unit owners and shareholders
• Resolve issues involving proprietary leases, bylaws or house rules, and regulations
• Document and resolve rule violations by unit owners and shareholders
• Negotiate management agreements, access agreements, and other building vendor agreements
• Establish and enforce building rules and requirements
• Review and draft trust ownership agreements, guaranty agreements, use and occupancy agreements, and other agreements in connection with the sale of an apartment

*Representative list includes matters handled at previous firm

/Looking ahead

With the ever-changing laws and regulations surrounding tenant conversions, I believe we must take a more creative and flexible approach to housing. Clients should focus on preserving and maintaining affordable rental opportunities while also developing innovative pathways to homeownership. By balancing the need for stable rental housing with opportunities for residents to build equity and achieve long-term housing security, I aim to support solutions that benefit both current tenants and future homeowners.