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Co-ops and Condominiums
Occupation By Family Member of Corporate Principal Does Not Terminate Unsold Share Status
Bellstell 7 Park Avenue, LLC v. The Seven Park Avenue Corp. NYLJ 2/1/21, p. 18, col. 3 AppDiv, First Dept. (memorandum opinion)
In an action by a co-op shareholder for a declaration that an apartment retained its "unsold share" status, the co-op corporation appealed from Supreme Court's grant of summary judgment to the shareholder. The Appellate Division affirmed, holding that a principal of a corporate shareholder is not a family member for purposes of paragraph 38 of the uniform co-op proprietary lease.
When the building was converted to co-operative ownership in 1982, the sponsor retained unsold shares in a number of apartment. Those unsold shares are now owned by plaintiff corporate shareholder. When the corporate shareholder sublet one of the apartments to one of its principals, the co-op corporation wrote to inform the corporate shareholder that the shares associated with the apartment would no longer be treated as unsold shares because the apartment was now occupied by a family member of the corporate shareholder. Corporate shareholder then brought this declaratory judgment action contending that the shares retained status as unsold shares. Supreme Court granted summary judgment to shareholder, and the co-op corporation appealed.
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