Condominium Ownership in a Retail Leasing Transaction—Examining the Unintentionally Omitted
While leasing retail space in New York City can ordinarily prove to be a complex venture, condominium ownership of the space presents an added layer of complexity. A condominium regime allows a single property to be legally divided into individual units, each of which may be independently owned, operated, sold, and leased, but all of which are governed by (1) the condominium declaration, which creates such a structure; (2) the condominium's by-laws and rules and regulations; and (3) the board of managers responsible for the management of the condominium on behalf of the condominium association. (Read more)
This article by Sam Walker, partner at Blank Rome, and Henri Chalouh, associate at Blank Rome, is one in a series of articles written for Blank Rome Real Estate's quarterly Foundation newsletter. To view the other articles in the December 2016 edition of Foundation, please click here.