Len Ritz Addresses Post-Hurricane Real Estate Issues

Len Ritz and two other members of the Manhattan real estate law firm of Adam Leitman Bailey, P.C. answered questions in Habitat Magazine about legal issues facing the boards of co-ops and condos in the aftermath of Hurricane Sandy. Here is one question and response:

Q: Is there any difference in the law between how co-ops and condo apartments are handled when they cannot be lived in because of storm damage?

A: Co-operative and condominium apartment buildings, though structurally similar, have fundamentally different legal structures. Owners of condominium apartments actually own their apartments. In contrast, "owners" of cooperative apartments are really tenants under a proprietary lease between themselves and the co-op corporation. The existence of the lease can lead to different results for the same types of damage.