A New Tool in the Condo Collection Kit (NY)

Co-ops have more leverage, but there are ways for condos to collect arrears.  At a luxury Chelsea condominium called the Heywood, the condo board used an ingenious strategy to collect from a unit-owner who owed $100,000 in unpaid common charges, late fees, and interest. After filing a foreclosure proceeding, the board got the courts to appoint a receiver, who had the power to set and collect rent from the unit-owner. When he failed to pay the rent, the receiver was able to move to evict, and the courts upheld the move.   Read the article…………..

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