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Co-ops and Condominiums
Sponsor Liable for Fraudulent Conveyance to Related Entities
Board of Managers of BE@William Condominium v. 90 William St. Development Group LLC NYLJ 11/2/20, p. 19, col. 6 AppDiv, First Dept. (memorandum opinion)
In an action by condominium board against the sponsor and various entities related to the sponsor, the sponsor and related entities appealed from Supreme Court's award of summary judgment to the board on its claims for breach of the offering plan and on its claims establishing fraudulent conveyances from the sponsor to the related entities. The Appellate Division affirmed, holding that the board did not have to establish a fiduciary duty to prevail on the fraudulent conveyance claims,
The offering plan required sponsor to obtain a permanent certificate of occupancy within two years of the first closing. Sponsor concededly failed to obtain the C of O, and sponsor also conceded that certain aspects of the building were not constructed according to the offering plan. Before the board brought this action, sponsor also conveyed millions of dollars — substantially all of its assets — to the related entities. When the board brought this action, Supreme Court awarded the board summary judgment on the breach of contract claims, and also on the fraudulent conveyance claims.
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