Cooperatives & Condominiums

We tear down obstacles so you can develop and sell the project you’ve always imagined. We guide our clients to tailored solutions that reflect each unique cooperative and condominium experience. We represent developers across the market spectrum, from luxury towers to single-family homes. We help boards achieve their goals and maintain their most valuable asset. We also advise and represent clients facing government investigations. And our extensive experience in for-sale affordable housing stands out among AmLaw100 firms.

Our approach

Developer or board. For-profit or nonprofit. Affordable housing, middle-market or luxury.

Clients on every side of a cooperative or condominium deal can be confident that NP attorneys have the experience, knowledge and skills to achieve the outcome they want. We represent developers in every stage of their project formation—shepherding them through cooperative policy statements, no-action applications, exemption applications and offering plans.

Our team, led by the former chief of the Real Estate Finance Bureau of the New York Attorney General’s office, has unparalleled experience with the Martin Act—New York’s blue sky law regulating cooperatives, condominiums and other real estate investments. Clients facing investigation by regulators count on us to reach a swift resolution, so they can get back to work.

We handle all aspects of cooperative share and condominium unit matters—from contract to closing—in house, saving our clients time and money. No matter where you are in the market, our team will get the deal done.

We know that when a client hands over the keys to a completed project, it is just the beginning of a lengthy process ensuring the property remains a source of neighborhood pride for decades to come. That’s why we also work with cooperative and condominium boards on complex legal issues, such as negotiating with city and state agencies on tax incentives and other matters and advising on major corporate changes to governing documents.

Who we work with

  • Developers and sponsors
  • Lenders and equity investors
  • Governmental agencies
  • Community land trusts
  • Co-housing communities
  • Cooperative and condominium boards
  • Real estate syndicates
  • Housing Development Fund Corporations
  • Mitchell-Lama cooperatives

Recent Experience

Examples of Board Representation

  • Represented New York City’s first Mitchell-Lama cooperative in conversion to a Housing Development Fund Corporation (HDFC) cooperative under the Article II to Article XI program
  • Represented a 42-building HDFC cooperative in planned conversion to a free-market cooperative
  • Represented a membership HDFC in converting to an HDFC cooperative

Examples of Developer Representation

  • Represented developer before the Real Estate Finance Bureau of the New York State Attorney General’s office through the offering plan process for a 100+ unit luxury residential condominium in New York City
  • Represented developer before the Real Estate Finance Bureau on the submission and approval of a CPS-1 “testing the market” application for a luxury condominium in New York City
  • Represented market-rate developers before the Battery Park City Authority on PILOT and ground lease negotiations prior to condominium conversion
  • Represented luxury property owner in conversion of rental building to leasehold cooperative status
  • Represented both nonprofit and for-profit developers converting residential buildings to cooperative status through the city’s Affordable Neighborhood Cooperative Program
  • Acted as counsel to state finance agency in negotiation of rental property to condominium status
  • Acted as counsel to city housing authority in the conveyance of leasehold cooperative property to shareholders
  • Performed peer review condominium services for nationwide insurance company during the conversion of rental property to condominium status.
  • Represented tenants’ association in negotiations to convert rental property to cooperative status.
  • Represented New York City’s first five-borough community land trust in all stages of legal formation.
  • Represented New York City’s first real estate investment cooperative on syndication filing to the state attorney general’s office.

Co-op and condo tax abatements could be tied to staff pay

Habitat | July 11, 2019

This story quotes New York City Affordable Housing and Real Estate partner Erica Buckley on a controversial new bill headed to Governor Andrew Cuomo’s desk. The bill would require co-op and condo owners to pay their nonunion employees more than twice the minimum wage to qualify for a key tax abatement.

Unintended result of new rent law may be less home ownership

Crain’s New York | July 09, 2019

New York City Affordable Housing & Real Estate partner Erica Buckley wrote this op-ed outlining how a new law designed to protect tenants may actually reduce home ownership opportunities in the city, due to a provision making condo conversions more difficult.

New York Rent Law Sparks Response from Real Estate Industry

The Real Deal | July 01, 2019

This article features New York City Affordable Housing & Real Estate partner Erica Buckley discussing a new statewide housing law that could have a major impact of landlords’ ability to move forward with condo conversions.

Enforceability of shortened period for suing condo sponsor

New York Law Journal | June 04, 2019

New York City Affordable Housing and Real Estate partner Erica Buckley wrote this contributed column on the statute of limitations governing the length of time unit owners and condo boards have to sue a condo sponsor. The column is part of Erica’s regular series, “Ask the Former Regulator.”

The 2019 Law Power 50

City & State | May 13, 2019

New York City Affordable Housing and Real Estate partner and Cooperatives & Condominiums team leader Erica Buckley is included in this inaugural list of the 50 most influential lawyers in New York state.

‘Grossing Up’ and ‘Seller Concessions’: Advice for Sponsors

New York Law Journal | March 01, 2019

Cooperatives & Condominiums Practice Team Leader Erica Buckley, based in New York City, authored this “Ask the Former Regulator” column. The article discusses “grossing up” and “seller concessions” and what scenarios are permissible under the Martin Act in New York.

Number games: How developers inflate the height of their penthouses

The Real Deal | February 19, 2019

New York City Affordable Housing & Real Estate partner Erica Buckley is quoted in this story on the common practice of misnumbering residential floors in luxury condo developments to give the impression of a higher position in the building.

Ones to watch: real estate, architecture, engineering and construction

Long Island Business News | June 18, 2018

Long Island affordable housing and real estate associate Michael Webb is mentioned in this article as one of the publication’s “Ones to Watch,” a who’s who of rising professionals in the area.

City Offers a $250 Million Carrot for Mitchell-Lamas

Habitat | January 24, 2018

In this article on New York City’s Mitchell-Lama affordable housing program, New York City affordable housing partner Erica Buckley is quoted on whether an infusion of cash from the mayor’s office can dissuade co-op owners who want to sell at market rates.

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