Olshan real estate lawyers are vastly experienced in commercial condominium structuring arrangements and sophisticated condominium agreements, including ones for nonprofit entities that enable them to claim real estate tax exemptions.
How It Works
The condominium structure has the advantage of creating separate tax lots for the property. They provide easements and insurance regimes that permit the building to operate efficiently while enabling nonprofit unit owners to benefit from a real property tax exemption under Section 420-a of New York’s Real Property Tax Law (RPTL).
How We Help
Olshan lawyers have extensive experience creating, managing and enforcing rights under New York commercial condominiums of ground-leased parcels including condo within a condo structures. Our real estate lawyers regularly represent both owners and nonprofit clients in creating commercial fee and leasehold condominiums and navigating the challenges posed by mixed-use/mixed-ownership buildings. We structure purchases that enable nonprofit entities to acquire ownership interests without the heavy tax burdens associated with traditional commercial property purchases.
We review the condominium declarations, bylaws, records, terms and conditions of ownership, cost allocations, and the specifics of how the condo is governed. Then we ensure all are in order and make certain the commercial condo transaction will position our clients to achieve their intended goals.
Our firm has also been retained by both residential mixed-use condominium and cooperative buildings as general counsel or as special counsel to advise on and resolve unusual tax, condominium structure, sponsor defaults, and other issues in court and at the negotiating table.
Depth of Experience
We represented the ground lessor in the well-known 2009 “Cornell” Letter Ruling by New York City’s Department of Finance and have structured several commercial condominiums including the Tribeca Film Center, the Triangle Junction Retail Condominium, and the Urban Glass House Commercial Unit. Our lawyers also represented a New York college in the purchase of a new commercial unit constructed as part of a redevelopment project in the Bronx under the federal “New Markets” tax credit program.
