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Council of New York Cooperatives & Condominiums
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Sponsor Issues

Published: Summer 2002

APPEALS COURT ACKNOWLEDGES
SHAREHOLDER RIGHT
TO A "VIABLE COOPERATIVE"

A June 11, 2002 Court of Appeals decision in the matter of 511 West 232nd Owners Corp. v. Jennifer Realty Co. advances CNYC's campaign to have sponsors “complete the conversion” by selling units as they become available. The Court recognized a right of shareholders to live in “a viable cooperative.” Reversing a decision by a lower court, the Court of Appeals denied the sponsor's motion to dismiss the claim of the cooperative, holding that the cooperative had set forth a legally sufficient claim against the sponsor.
Twelve years after Jennifer Realty Co. converted 511 West 232 St. to cooperative status, the sponsor still held 62% of the shares and had been renting units as they became available, refusing offers to purchase. The resident shareholders brought suit against Jennifer Realty for this practice. When the court found for the cooperative, the sponsor appealed. This decision remands the case to the lower court, where the challenge will be to determine what is meant by a “viable cooperative.” This case is explained in more detail here.
 
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EIGHT ESSENTIAL STEPS FOR THE PRUDENT PURCHASER
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