Overview
Adler & Stachenfeld’s Condominium & Cooperative Practice represents developers of market-rate, income-restricted, and mixed-use condominiums and cooperatives, including new construction projects, gut rehabilitations, and conversions of occupied rental buildings. Chaired by Hillary Potashnick, attorneys within the Practice are some of the most highly specialized and effective legal professionals in the real estate industry’s condominium and cooperative market.
Highlights of the team’s expertise include, but are not limited to:
- Registration and advocacy before the NYS Attorney General's Office
- Preparation and filing of offering plans
- New development of “for sale” condominiums
- No-Action Letter condominiums
- Ground and master leasehold condominiums
- Conversions of existing properties to cooperatives and condominiums
- Condominium creation to maximize the use of tax incentives
- Purchases, sales, and financings of condominium and cooperative developments and individual units
- Representing not-for-profits in creating leasehold condominiums to qualify for tax exemptions
- Condominiums-within-a-condominium
The Condominium & Cooperative team also has a large and well-respected practice in creating condominiums for developers and owners of mixed-use buildings in which units are not offered to the public. These condominiums are often required when an owner seeks two or more of New York City’s real estate tax benefit programs, leverages government-issued construction bond financing, or creates a mixed market-rate and affordable housing rental building. Our team works together to structure the condominium to maximize tax incentive programs, obtain a “No Action” letter from the New York State Attorney General’s Office, negotiate the condominium documents with applicable New York State and New York City agencies and institutional lenders, and coordinate Department of Finance approval of the condominium documents.
