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Co-ops and Condominiums
Fraudulent Conveyance Claim Against Sponsor Avoids Dismissal
Board of Managers of the 443 Greenwich Street Condominium v. SGN 443 Greenwich Street Owner LLC, 2024 WL 3107757, AppDiv, First Dept. (memorandum opinion)
In condominium board's action challenging sponsor's transfers as fraudulent conveyances, sponsor appealed from Supreme Court's denial of its motion to dismiss the complaint. The Appellate Division affirmed, holding that the complaint's allegations were sufficient to defeat a motion to dismiss.
The condominium alleged that sponsor had made related transactions that left it insolvent or with unreasonably small capital in light of its outstanding obligations, particularly the obligation to obtain a permanent certificate of occupancy. The sponsor had sold condominium units at discounts to insiders, and had made equity distributions, leaving it with only $500,000 in reserve. Supreme Court denied sponsor's motion to dismiss.
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