When the Sponsor Won’t Let Go (NY)
Roy Smith moved into the Wainwright, a 67-unit rental building in Forest Hills, Queens, back in the fall of 1990. When the building was converted to a condominium two years later, Smith was able to buy his apartment at the insider price. He thought it was a sweetheart deal. He had no idea what he had gotten himself into. It’s an oft-told tale in New York City real estate: the sponsor who, despite the landmark Jennifer Realty case, won’t let go. According to the Wainwright’s offering plan, the sponsor was supposed to sell off apartments over time and relinquish control of the seven-member board to unit-owners. Read the article………….
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