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ENTREPRENEUR

Woods Lonergan – Bringing a Cutting-Edge Approach To Law

Nowadays, both companies and individuals need their legal teams to be prepared for the fast-paced and rapidly evolving world we live in. With the legal landscape growing more complex by the day, it’s not enough for legal professionals to simply know the law. Lawyers are required to have an extensive skill set in order to deliver the results that their clients are expecting and deal with the intricacies of the legal field.

At Woods Lonergan, this ideal has been successfully converted into a reality. As a prestigious law firm recognized for its skilled trial lawyers, highly-experienced negotiators, and strategic advisors, Woods Lonergan has a simple but ambitious mission: to bring a cutting-edge approach to law by delivering valuable expertise, solid advice, and comprehensive solutions for their clients in corporate, real estate and business law. 

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HABITAT

Cascading Conflicts Finally Brought Her Down

James Woods, Woods Lonergan

Conflicts between boards and the building’s shareholders or unit-owners are nothing new in New York City. But once in a long while, these disputes wind up going to trial. You’re familiar with a recent case. What was the nature of the beef? 

The essence of the complaint was that the sponsor controlled the board. In 1986 the building submitted an offering plan to become a condominium, and the sponsor had control of the building for five years or so. She wound up putting family members on the board and giving out contracts to family members to be the management company. It was self-dealing.

What did the unit-owners do?

They filed a lawsuit, a derivative action, on behalf of the condominium. They wanted to hold the sponsor and the board to task for what was going on. The case has an interesting procedural history. Initially, the New York Supreme Court wound up dismissing the complaint. The amended complaint then went up to the Appellate Division, which said: “The lower court erred. We’re going to send this back. We’re not going to allow the business judgment rule to bar the court from examining whether or not these self-dealings were breaches of fiduciary duty, or if they were breaches of contract.”

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Ask The Expert

Brick Underground

Is it a good idea to consult a lawyer before finalizing a deal sheet to buy or sell a condo, co-op, or home?

BY WOODS LONERGAN PLLC

Typically, buyers and sellers reach out to an attorney just after they have finalized a deal sheet. The deal sheet is a document that outlines some of the key terms of the sale. As discussed below, conferring with an attorney before the deal sheet is finalized may lead to a smoother contracting phase and better help you with your deal.

Given the robust New York City sales market, consulting with an attorney before finalizing a deal sheet can be advantageous for both buyers and sellers. An experienced real estate attorney can provide you guidance, at a critical juncture, to make an informed decision as to what terms should be included in the deal sheet and the implications it may have on future negotiations of the contract of sale, according to James Woods, Esq., managing partner at Woods Lonergan PLLC, a Manhattan-based law firm that concentrates on real estate and in particular, buyers, sellers, and cooperative representation.

Is it a good idea to consult a lawyer before finalizing a deal sheet to buy or sell a condo, co-op, or home? View Full Article
Brick Underground

My co-op board approved funds to fix flood damage, but management won’t pay up. What can I do?

Typically, a co-op board advises the management company how to act, but when they’re in conflict you may need an attorney to help you navigate, our experts say.

“In most instances, the management company acts as an agent for the cooperative and its board of directors. The management company’s authority is typically spelled out in their management contract,” says James Woods, Esq., managing partner at Woods Lonergan. “Ultimately it is the board who can direct the management company to act, including the payment of funds on behalf of the cooperative.” 

My co-op board approved funds to fix flood damage, but management won’t pay up. What can I do? View Full Article
Brick Underground

What are the advantages of using an LLC to buy a condo in NYC?

Using a limited liability company, or LLC, to buy a condominium in New York City offers privacy, tax advantages, and legal protections.

“It has been the preferred approach for sophisticated buyers and seasoned investors for years, but now has become commonplace for all types of buyers,” says James Woods, Esq., managing partner at Woods Lonergan PLLC, a Manhattan-based law firm that concentrates on real estate and in particular, buyers, sellers, and condo and cooperative board representation.

What are the advantages of using an LLC to buy a condo in NYC? View Full Article

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