Managing Partner
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 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.