Cooperatives & Condominiums

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.