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The Secret Weapon Against Difficult Sponsors
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Think your co-op board is powerless against holders of unsold shares? Think again. When sponsors dismiss safety concerns by claiming special privileges, boards actually have significant legal leverage. In this episode, Bruce Cholst, partner at the law firm Herrick Feinstein, reveals how to use the "covenant of good faith and fair dealing" doctrine that can protect your building even when sponsors are technically exempt from rules. Habitat’s Carol Ott conducts the interview.
The business of running a building is demanding work that requires making endless decisions — some that can quickly lead your board into a quagmire of legal difficulties. Legal Talk interviews New York's leading co-op/condo attorneys to find solutions, and get some guidance, on these challenges. For more co-op and condo insights, sign up to receive Habitat's free newsletters or become a Habitat subscriber today!
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