When my office works with someone buying a co-op for the first time, our goal is to provide first-time NYC co-op legal advice to help avoid unwelcome surprises—either as part of the purchasing process or once they have settled in,” says James F. 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.
Even if you have owned other types of housing in the city or elsewhere, you still need to wrap your head around how this particular co-op operates and figure out whether it is right for you,” Woods says. “Each NYC co-op comes with a culture of its own that’s accompanied by a number of rules and restrictions. Buyers should carefully review a building’s governing documents, board requirements, and potential financial implications, such as eligibility for the NYC Cooperative and Condominium Property Tax Abatement, to ensure they fully understand what ownership will mean in practice.
About the Author
James F. Woods is Founder and Managing Partner of Woods Lonergan. He has tried more than 60 jury cases to verdict as first-chair trial counsel, beginning his career as a prosecutor, and resolves complex commercial and real estate disputes valued at $1M to $100M+ for business owners, principals, and middle-market enterprises across the New York metro area. He appears regularly in the New York Commercial Division and in the federal district courts for the Southern and Eastern Districts of New York, and has argued appeals in the Appellate Division and the Second Circuit.
His practice covers complex commercial litigation, real estate and asset litigation, partnership and shareholder disputes, fiduciary breach and corporate fraud, and cooperative and condominium governance. He counsels corporate and cooperative boards throughout New York.
The Legal 500 United States ranks James in its New York Elite rankings for Commercial Disputes, and his peers have recognized him with Martindale-Hubbell's AV Preeminent rating. Woods Lonergan is ranked in Chambers USA: Spotlight New York for Litigation: General Commercial and Real Estate. James serves on the Commercial & Business Litigation Committee and the Business Torts & Unfair Competition Committee of the American Bar Association Section of Litigation, and on the Cooperative & Condominium Law Committee of the New York City Bar Association. His commentary on New York commercial and real estate disputes has been quoted in The New York Times, The Washington Post, Bloomberg Law, Law360, and Forbes.
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