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Condominium Board Had Power to Reserve Right to Sale Profit
Raimondi v. Board of Managers of Olympic Tower Condominium
NYLJ 6/16/08, p. 27, col. 2
AppDiv, First Dept.
(memorandum opinion)
In an action by condominium unit owner for a determination that a letter agreement entitling the condominium to 7.5% of profits from the sale of his unit was invalid, unit owner appealed from the Supreme Court's dismissal of the complaint. The Appellate Division affirmed, holding that the agreement was within the condominium board's power.
Unit owner and the condominium board signed a letter agreement entitling the condominium to 7.5% of unit owner's profit if he sold his unit within five years of purchase. Unit owner challenged the validity of this agreement as an invalid restraint on alienation, and as beyond the scope of the condominium board's authority. The Supreme Court, nevertheless, dismissed the complaint.
In affirming, the Appellate Division emphasized the broad powers the bylaws confer on the condominium board, and held that entering into the disputed agreement as a condition of the board's waiver of its right of first refusal with respect to the unit was well within the scope of the board's authority, and protected by the business judgment rule. The court also held that the agreement did not constitute an unreasonable restraint on alienation or an unauthorized flip tax.
Condominium Board Had Power to Reserve Right to Sale Profit
Raimondi v. Board of Managers of Olympic Tower Condominium
NYLJ 6/16/08, p. 27, col. 2
AppDiv, First Dept.
(memorandum opinion)
In an action by condominium unit owner for a determination that a letter agreement entitling the condominium to 7.5% of profits from the sale of his unit was invalid, unit owner appealed from the Supreme Court's dismissal of the complaint. The Appellate Division affirmed, holding that the agreement was within the condominium board's power.
Unit owner and the condominium board signed a letter agreement entitling the condominium to 7.5% of unit owner's profit if he sold his unit within five years of purchase. Unit owner challenged the validity of this agreement as an invalid restraint on alienation, and as beyond the scope of the condominium board's authority. The Supreme Court, nevertheless, dismissed the complaint.
In affirming, the Appellate Division emphasized the broad powers the bylaws confer on the condominium board, and held that entering into the disputed agreement as a condition of the board's waiver of its right of first refusal with respect to the unit was well within the scope of the board's authority, and protected by the business judgment rule. The court also held that the agreement did not constitute an unreasonable restraint on alienation or an unauthorized flip tax.
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