Condominiums have become a popular form of residential real estate ownership for many New Yorkers. In a condominium, residents have separate ownership of their individual units, and an undivided interest, shared with other residents, in the common areas such as hallways, elevators and building lobbies.
When a commercial property owner gets into litigation with a tenant, the expense can be a huge drain on the bottom line. Sometimes it takes a little outside help to resolve the situation and get back to making a respectable profit. For the owners of the International Olive Building, a landmarked structure at the corner of Broome Street and Mercer Street in Soho, that outside help came from Crown Acquisitions, who took out a 49-year lease to manage the building.
If your landlord has served you with a lawsuit alleging non-payment of rent, you do have rights. But you need to act quickly to preserve those rights.
There are many options for New Yorkers looking for residential property. One residential real estate option distinctiveto New York City is the cooperative apartment. In a cooperative, the entire building is owned by a corporation. Instead of a deed, you buy shares in the corporation. As a shareholder, you are then entitled to enter into a lease of an apartment unit in the building.