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DRAFT FOR ATTORNEY REVIEW — NOT FINAL

13315 Owners Corp. v. Kennedy, 4 Misc. 3d 931 (2004)

Citation
13315 Owners Corp. v. Kennedy, 4 Misc. 3d 931 (2004)
Parent Document
13315 Owners Corp. v. Kennedy, 4 Misc. 3d 931 (2004)
Jurisdiction
New York (state)
Effective Date
2004-06-29

Other Sections in This Document (76)

Full Text

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Nor do the policy benefits of Pullman apply as strongly when Pullman attaches to a board vote rather than a shareholder vote. One benefit of Pullman is economic: other shareholders bear the litigation costs involved in lengthy court battles to evict objectionable shareholder-tenants through an increase in maintenance fees. Pullman will reduce the litigation costs, lessen maintenance fees, “and consequently increase the overall value of the cooperative apartment.” (Kastner and Kassenoff, supra at 39.) But if potential buyers believe that Pullman diminishes shareholder-tenant protection too severely, they might chose not to buy into cooperative apartments at all, and this will substantially reduce the value of cooperative apartments across New York State.