Condo Housing Cooperatives Business Plans by lpm55956

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    This brochure may be attorney advertising.
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 Stroock is one of the largest New York City law firms with a substantial,
                    dedicated cooperative housing and condominium practice. Drawing upon
                    resources from Stroock’s well-established real estate, litigation, income tax,
                    employment and tax certiorari practices, we represent over 200 co-ops and
                    condos in every facet of their management and operations. We counsel
                    clients through the entire co-op and condo life cycle, from the earliest
                    stages of development all the way through the unique issues facing mature
                    buildings, often representing a building or a board for decades. We rou-
                    tinely represent many sellers and purchasers of co-op and condo units.

                    Our clients include luxury apartment houses on Fifth and Park Avenues;
                    large hotel cooperatives such as The Sherry-Netherland,The Pierre and
                    The Carlyle; and residential and mixed-use condominium associations
                    such as Fifteen Central Park West, Essex House and The Promenade. We
                    are also frequently engaged as special counsel by co-op or condominium
                    entities when they need Stroock’s expertise on discreet projects.

                    A team of dedicated Stroock attorneys with experience in co-op and
                    condominium issues counsel co-op and condo boards in day-to-day man-
                    agement issues. We represent cooperative and condominium developers
                    in the planning, development, construction and sales of new buildings and
                    units. As projects move forward, we draft and file Plans and counsel our




                                                             
 We have continuously represented
     some of New York City’s
most sophisticated co-op and condo
   boards for over thirty years.
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                 clients on critical issues such as the Interstate Land Sales Act. If a dispute
                 should arise, we represent co-op and condominium boards in litigation in
                 state and federal courts and before administrative agencies.




   We have continuously represented some of New York City’s most sophis-
   -    ticated co-op and condo boards for more than thirty years. Clients main-
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                 tain long relationships with us because they know Stroock keeps their
                 business objectives foremost in mind. In the co-op and condo arena this
                 translates into efficient and forward-thinking board advisory services, and
                 keeping our co-op and condo board clients fully informed of legal devel-
                 opments so they are in the best position to make effective judgments.

                 Stroock’s expertise in representing co-op boards includes refinancing co-
                 op mortgages; negotiating commercial leases; negotiating construction
                 contracts; handling disputes with individual shareholders; modernizing
                 corporate documents (including the proprietary lease and by-laws); and
                 handling day-to-day management issues. In co-op and condo law,
                 Stroock offers up-to-the-minute knowledge in all facets of its representa-
                 tion, from the latest tax developments to current local law requirements.

                 Stroock attorneys excel in structuring solutions to challenges created by
                 the unique tax structure that governs co-ops, thereby maximizing the co-
                 op’s ability to collect commercial rent. Stroock has handled a wide range
                 of transactions involving issuance of new shares to non-residential space,
                 from doctors’ offices to large retail spaces.

                 For several decades Stroock has advised some of the leading co-op boards
                 on issues related to apartment transfers, an area of the law where boards,
                 despite having generally wide discretion, often overstep and face liability.
                 We also advise some of the city’s top condominium boards on their legal
                 rights and responsibilities including rights of first refusal and condominium
                 flip taxes, in addition to counseling them on day-to-day management issues.




                                                          
         Our attorneys are regular
             columnists for the
         New York Law Journal and
           serve as counsel to the
Real Estate Board of New York’s (REBNY)
    Residential Management Council.
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                      We also counsel both co-op and condominium boards on the array of
                      federal, state and city laws that prohibit discriminatory housing practices.
                      Stroock attorneys are among the preeminent experts in the New York
                      Roommate Law, which provides co-op shareholders with extended
                      occupancy rights. Stroock attorneys have shaped and tested this area of
                      the law with extensive litigation and advise co-op boards on the proper
                      strategies to prevent erosion of their subletting control rights.




  : We are recognized by lenders, developers, architects, sales staffs and other
      , professionals as experts in overcoming the various hurdles of financing,
     
   regulatory approval, construction, sales and leasing. We have unique expe-
                      rience in the complexities of plan drafting and filing, having drafted and
                      obtained approval for residential and commercial co-op and condo plans
                      for some of the most notable buildings in New York City, including:


                      50 Central Park South                        Millennium Point
                      Condominium at the Ritz-Carlton

                      Astor Place                                  The Orian

                      The Bar Building                             The Park Imperial

                      Beacon Court                                 Riverwalk Place

                      The Briarcliffe Condominium                  The Stanhope

                      The Chatham Condominium                      The Towers at One Carnegie Hill

                      The Chelsea Mercantile                       West Perry Condominium




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               In connection with their offerings of condominium units, we have also
               represented Millennium Partners, Extell Partners,The Clarett Group,The
               Brodsky Organization,The Carlyle Group, Apollo, Brack Capital,The
               Related Companies L.P.,Vornado Realty Trust, Rockrose,The Trump
               Organization, Intell Management and the Property Market Group, among
               others. We represent a number of hotel owners in connection with con-
               dominium and cooperative offerings and have worked with our clients in
               the development and registration of condo hotels and resort properties.

               We are one of the few firms in New York with a working knowledge of
               the Interstate Land Sales Act.We represent clients in registering their out-
               of-state and foreign projects with the New York State Department of Law.
               We pride ourselves on being able to fashion creative solutions for inno-
               vative projects, including leasehold condominiums, “lollipop” and “air
               rights” condominiums, “condops,” leasehold cooperatives and other cut-
               ting edge structures for our clients. We have also developed joint ven-
               tures of for-profit and not-for-profit organizations and commercial con-
               dominiums, intended to maximize value and tax benefits for the unit
               owners and their tenants. Our work does not end with registration.
               Once the plan is filed, Stroock attorneys and paralegals help clients nego-
               tiate contracts, draft brokerage and architect agreements, clear titles, coor-
               dinate closings and handle other legal matters related to the sale of con-
               dominiums, cooperatives and time shares.

               Stroock believes in preemptive problem solving. We carefully steer our co-
               op and condominium development clients around the torpedoes that can
               sink other projects. If a problem should arise, we work closely with agen-
               cies and regulatory bodies to solve it and move our clients’ projects forward.




-  Stroock has been litigating crucial cooperative housing cases for three
     decades. As a general matter the business judgment rule is the standard

               of review applied by courts to challenges to co-op board decisions. We
               have defended co-op boards accused of violating the business judgment
               rule and prevailed.




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                In addition, we have successfully litigated cases involving the federal
                Cooperative and Condominium Abuse Relief Act, as well as disputes
                arising from Annual Meeting proxy contests and breach of fiduciary
                duty claims.

                Applying our expertise in the drafting and filing of conversion plans,
                we have successfully litigated disputes involving cooperative and con-
                dominium conversions.

                Utilizing our tax certiorari department and our general experience in
                tax issues has allowed us to prevail in disputes over transfer taxes and
                in tax certiorari proceedings.


   Our attorneys are active leaders of the New York real estate community.
 Stroock attorneys serve as counsel to the Real Estate Board of New York.
                Our Real Estate Group represents REBNY on all issues involving the real
                estate industry in the City and State of New York. Stroock has advised
                REBNY for over ten years in connection with development, acquisition,
                investment advisory services, leasing, joint ventures and financing - or fre-
                quently, a combination of the above. We also advise REBNY’s Residential
                Management Council on cooperative and condominium issues.

                Two of our partners serve as regular columnists for the NewYork Law
                Journal, as well as specialized periodicals such as Habitat. We have filed ami-
                cus briefs in crucial United States Supreme Court and New York Court of
                Appeals cases related to cooperative housing and condominium matters.
                Stroock attorneys teach classes and seminars in co-op and condo issues,
                including serving as adjunct faculty at Cardozo Law School and New York
                Law School, and speak before industry associations. We also serve on com-
                mittees of various bar associations. One of our partners was recently elect-
                ed Chairperson of the New York City Bar Association’s Committee on
                Cooperative and Condominium Law for the 2007-2010 Term.




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                                                    
Real Estate                                                      Michel S. Evanusa concentrates in the law of
                                                                 condominiums, cooperatives, and timeshares, with an
                                                        emphasis on matters pertaining to the formation, sale,
J.D., Georgetown University Law Center, 1978;                    management, and financing of condominium and
B.A., magna cum laude, Union College, 1975; Phi                  timeshare projects and the registration of such projects
Beta Kappa                                                       with state and local governments.
                                                                     Ms. Evanusa represents major builders, developers,
                                                                 lenders, borrowers and cooperative and condominium
  
                                                                 boards before the New York State Department of
New York, 1979; District of Columbia, 1979
                                                                 Law and various other federal, state and municipal
                                                                 agencies with respect to condominiums in New York
                                                      and elsewhere. Her practice includes the
Condominium and Cooperative Committee, Real                      promulgation of offering plans, public statements and
Property Law Section, New York State Bar
                                                                 applications for no-action letters (as well as
Association; Joint State-City Bar Condominium Act                submissions pursuant to the federal Interstate Land
Review Subcommittee; Former member, New York                     Sales Act and Security and Exchange Commission) for
State Attorney General’s Task Force to Amend the
                                                                 residential, commercial and mixed use projects, the
New York Condominium Act                                         financing, creation and marketing of condominium,
                                                                 cooperative and timeshare regimes, and the sale of
                                                          individual residential and commercial cooperative and
212.806.6491                                                     condominium units. She has developed innovative
Fax: 212.806.7191                                                structures for leasehold and air rights properties and
mevanusa@stroock.com                                             has worked on both market and governmentally
                                                                 subsidized projects.
                                                                     In addition, Ms. Evanusa has been involved in
                                                                 structuring numerous workouts for troubled real
                                                                 estate and has experience with the development and
                                                                 financing of government-assisted housing programs.




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                     
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                                                      each year since then a course on cooperative housing
Real Estate; Cooperatives and Condominiums                          and condominium law. From 1983 through 1986, he
                                                                    taught a course at the Real Estate Institute of NYU
                                                           entitled “Cooperative and Condominium
J.D., cum laude, Harvard Law School, 1965; A.B.,                    Management: Legal and Practical Aspects.” Mr.
magna cum laude, Amherst College, 1962; Phi                         Siegler has given seminars for the Real Estate Board
Beta Kappa                                                          of New York, the National Association of Housing
                                                                    Cooperatives in Los Angeles, Pittsburgh, New
                                                                    Orleans and Washington, D.C. He has lectured on
  
                                                                    co-op and condominium law at St. John’s University
New York, 1965; Florida, 1975; Washington,
                                                                    School of Law and Fordham Law School and has
D.C., 1986
                                                                    spoken at programs sponsored by the National
                                                                    Association of Housing Cooperatives; Law Journal
                                                           Seminars-Press; Chemical Bank; the Brooklyn Bar
Stroock attorney Richard Siegler is a partner in one of
                                                                    Association; Douglas Elliman Residential Group;
the largest real estate departments of any national law             Brown Harris Stevens Residential Management, LLC;
firm. In addition, Stroock is one of the largest firms              Akam Associates; Gumley Haft; Rose Associates;
in New York City with a substantial practice
                                                                    Wallack Management Co., Inc. and Charles H.
representing cooperative housing corporations and                   Greenthal Management.
condominium associations. Stroock’s attorneys also                      He is a member of the Committee on
serve as counsel to the Real Estate Board of New
                                                                    Condominiums and Cooperatives of the Real Estate
York’s Residential Management Council.                              Section of the New York State Bar Association and
    Mr. Siegler is a columnist for the New York Law                 was a member of the subcommittee dealing with
Journal on cooperative housing and condominium
                                                                    legislation to facilitate borrowings by condominium
law. He has also written articles about housing                     entities.
cooperatives and condominiums for Real Estate                           Mr. Siegler has for many years been Secretary and
Review, The National Law Journal and The New York
                                                                    general counsel to The Sherry-Netherland at Fifth
Times and he is a regular contributor to Habitat, a                 Avenue & 59th Street. In 1992, he was elected
publication for co-op and condominium boards and                    Secretary and general counsel to 795 Fifth Avenue
managers, with his “Case Notes” column.
                                                                    Corporation, the co-op which owns The Pierre. In
    New York Law School appointed Mr. Siegler                       1986, he was selected as counsel for The Ritz Tower
Adjunct Professor of Law in 1986 and he has taught




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Hotel (465 Park Avenue) where he also serves as                    Fifth Avenue, 875 Fifth Avenue, 944 Fifth Avenue,
Secretary. Mr. Siegler is the Secretary and a Director             960 Fifth Avenue, 1060 Fifth Avenue, 1120 Fifth
of 111 East 56th Street, Inc., the owner/operator of               Avenue, 1125 Fifth Avenue, 535 Park Avenue, 550
The Lombardy, a co-op apartment hotel. Mr. Siegler                 Park Avenue, 575 Park Avenue, 655 Park Avenue,
has provided legal services for Imperial House (150                720 Park Avenue, 770 Park Avenue, 778 Park
East 69th Street), Sixty East End, 19 East 72nd Street             Avenue, 784 Park Avenue, 812 Park Avenue, 875
and 960 Fifth Avenue. Mr. Siegler represents 245                   Park Avenue, 885 Park Avenue, 888 Park Avenue,
East 54th Street (The Brevard) and 190 East 72nd                   930 Park Avenue, 1120 Park Avenue, 205 East 63rd
Street (Tower East). Since 2001, Mr. Siegler has also              Street, 133 East 64th Street, 118 East 60th Street, 201
been secretary and general counsel for Hotel Carlyle               East 77th Street, 169 East 69th Street, 35 East 75th
Owners Corporation, which owns The Carlyle at 35                   Street and 125 East 72nd Street, 61 West 62nd Street,
East 76th Street. In 2005, Mr. Siegler was elected                 23 East 79th Street, 49 East 79th Street, 14 East 90th
President of the Board of Managers of the Essex                    Street, 21 East 90th Street, 30 Sutton Place, 52
House Condominium, a world-famous 600 room                         Riverside Drive, 450 East 52nd Street, 120 East End
hotel at 160 Central Park South. In 2008, Mr. Siegler              Avenue, 111 East 85th Street, 410 East 57th Street,
was selected as general counsel to the Board of                    225 Central Park West and One Beekman Place. For
Managers of Fifteen Central Park West                              buildings with commercial space, Mr. Siegler has
Condominium, one of the most important and                         advised many of these co-ops (most recently 176 East
valuable residential buildings in Manhattan.                       77th Street, 40 East 84th Street, 201 East 79th Street
   Mr. Siegler and his firm have provided legal                    and 301 East 78th Street) on dealing with tax issues
services for the Boards of Managers of several                     involving Internal Revenue Code Sections 216 and
condominiums including 530 East 76th Street (The                   277.
Promenade); 80 Park Avenue; 15 East 69th Street;
515 Park Avenue; 250 East 47th Street (Dag                         
Hammarskjöld Tower Condominium), 15 West 53rd                      Richard Siegler
Street (Museum Tower); 200 East 89th Street (The                   212.806.5464
Monarch); One Union Square East Condominium                        Fax: 212.806.1264
(Zectendorf Towers); and the Oxford at 72nd Street.                rsiegler@stroock.com
   Mr. Siegler counsels several cooperatives
including, in addition to those mentioned above, 870




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                                           
                                                         ,      




                                                        Judicial Institute, where she educates state judges on
Real Estate; Cooperatives and Condominiums                            developments in cooperative and condominium law.
                                                                      She is a columnist for the New York Law Journal, a
                                                             regular contributor to the New York Times Sunday
J.D., New York University School of Law, 1973;                        Real Estate Section (as well as the Times’ online Real
B.A., magna cum laude, The City College of New                        Estate Q & A column) “Q & A” column and has
York, 1970; Phi Beta Kappa                                            provided co-op and condo expertise to WNBC’s
                                                                      “Today in New York” news program.
                                                                          Stroock is one of the largest firms in New York
  
                                                                      city with a substantial practice representing co-ops
New York, 1974; Southern and Eastern Districts of
                                                                      and condos, and its representations include: luxury
New York, 1974, 1979; U.S. Court of Appeals,
                                                                      apartment houses in Manhattan; residential and
Second Circuit, 1974; U.S. Supreme Court, 1979;
                                                                      mixed-use condominium associations, and large hotel
U.S. Court of Appeals, First Circuit, 2001
                                                                      cooperatives (such as The Carlyle, The Pierre and
                                                                      The Sherry-Netherland). In addition to co-op and
                                                             condo matters, Ms. Talel works closely with the Real
Eva Talel is a partner in Stroock’s Real Estate Group. She
                                                                      Estate Group’s tax certiorari practice, thereby
counsels and litigates on behalf of cooperative housing
                                                                      affording the Stroock client a one-stop, integrated
corporations and condominium associations – Stroock                   problem-solving approach that features early
represents over 200 co-ops and condos – in every                      intervention, risk management and mediated dispute
facet of their management and operations. She and
                                                                      resolution, so as to minimize the need for litigated
her Stroock colleagues serve as counsel to the Real                   outcomes.
Estate Board of New York’s Residential Management                         Ms. Talel’s counseling and litigation experience
Council. Her leadership in this industry is also
                                                                      (at the trial and appellate levels as well as in arbitration
underlined by her role as Chairperson of the New                      and mediation forums) includes virtually every kind of
York City Bar Association’s Committee on                              matter that arises in the co-op/condo milieu,
Cooperative & Condominium Law for the 2007 –
                                                                      including: proprietary lease interpretation, expiration,
2010 term. Ms. Talel serves as an adjunct law                         extension and adoption issues; director breach of
professor at Benjamin N. Cardozo School of Law and                    fiduciary duty claims; shareholder derivative suits;
as an annual faculty member for the New York State
                                                                      Board of Directors proxy contests; commercial lease




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issues; unit transfer and transfer tax disputes; the                Journal, September 3, 2008; “Impact of New York
Cooperative and Condominium Abuse Relief Act;                       City’s Amended Noise Control Code,” New York
“bonus” plaza spaces; liability and directors and                   Law Journal, July 2, 2008; "When Boards Determine
officers insurance coverage disputes; mold and lead                 Not to Act," New York Law Journal, May 7, 2008;
paint issues, and real estate tax certiorari matters.               “Constraints on Board Action—BCL §501(c),” New
                                                                    York Law Journal, March 5, 2008; "Document
                                                         Retention and Disposal," New York Law Journal,
Association of the Bar of the City of New York,                     December, 31, 2007; "Package Delivery and Storage
Committee on Cooperative & Condominium Law,                         Space," New York Law Journal, November 7, 2007;
Chairperson - 2007 – 2010; Secretary - 2004 – 2007;                 "'Levandusky' and Unprecedented Board Influence,"
Association of the Bar of the City of New York,                     New York Law Journal, September 5, 2007; "Interested
Committee on Federal Courts, 1999-2002;                             Directors: Applicable Statues, Cases, Guidance," New
Association of the Bar of the City of New York,                     York Law Journal, July 5, 2007; "Condominiums:
Committee on Women in the Profession, 1989-1992;                    Restraints on Alienation," New York Law Journal, May
Association of the Bar of the City of New York,                     2, 2007; “Principles in Residential Cooperative Law –
Council on Judicial Administration, 1982-1985;                      Housing Court,” Association of the Bar of the City of
Association of the Bar of the City of New York, State               New York, Committee on Cooperative &
Courts of Superior Jurisdiction, 1979-1982                          Condominium Law, April 18, 2007;
                                                                    “Cooperatives and Condominiums: Significant
                                                  Decisions and Legal Principles,” NYS Judicial
Adjunct Professor of Law, Benjamin N. Cardozo                       Institute, March 13, 2007; “Reasonable
School of Law, 2008 – present; New York State                       Accommodations for Disabled Residents,”
Judicial Institute, Member of the Faculty and Lecturer              New York Law Journal, March 7, 2007; “Restraints on
on Cooperative and Condominium Law, 2006 –                          Board’s Pet Policies: Emotional Support Pets,”
present; Director, New York University Law School                   New York Law Journal, January 3, 2007; “Use of
Alumni Association, 2009 – present; Author or Co-                   Defibrillators: Guidance to Boards and Managers,”
author: “When Boards Fail to Exercise Or Waive                      New York Law Journal, November 1, 2006; “Dealing
First-Refusal Rights,” New York Law Journal, January                with Secondhand Tobacco Smoke,” New York Law
12, 2009; "Dealing With Bedbugs," New York Law                      Journal, September 6, 2006; “Dealing with the 80/20
Journal, November 5, 2008; “Co-ops: Subchapter T                    Test,” New York Law Journal, July 5, 2006; “The
and Related New Tax Developments,” New York Law                     Warranty of Habitability, 2006,” New York Law




                                                              
                                                           




Journal, May 3, 2006; “Noise and the Warranty of                  Habitability,” New York Law Journal, March 3, 2004;
Habitability,” New York Law Journal, March 1, 2006;               “Death of a Shareholder,” New York Law Journal,
“Personal Liability of Condominium Unit Owners,”                  January 7, 2004; “Applying Sarbanes-Oxley,” New
New York Law Journal, January 4, 2006; “Procedures                York Law Journal, November 5, 2003; “Non-
for Issuance and Sale of New Shares,” New York Law                Residential Occupancy,” New York Law Journal,
Journal, November 2, 2005; “Apartment Transfers:                  September 3, 2003; “Reallocation of Co-op Shares,”
Fiduciary Duty to Shareholders,” New York Law                     New York Law Journal, July 2, 2003; “Apartment
Journal, September 1, 2005; “Dealing with Mold;                   Alterations – Revisited,” New York Law Journal, May
‘Beck’, Health Hazards, Risk-Management,” New                     7, 2003; “Co-op Transfers by Estates, Trusts and
York Law Journal, July 6, 2005; “New York City’s                  Other Entities,” New York Law Journal, March 5,
Childhood Lead Poisoning Prevention Act,” Real                    2003; “The Use of Co-op Minutes,” New York Law
Estate Finance Journal, Summer 2005; “Cumulative                  Journal, January 9, 2003; “The Right of First Refusal:
Voting Revisited,” New York Law Journal, May 4,                   A Modest Proposal,” New York Law Journal,
2005; “‘Pullman’ Interpreted’,” New York Law Journal,             November 6, 2002; “‘Levandusky’ Update: Slim
March 2, 2005; “New York City’s Childhood Lead                    Odds on Reversing Board Decisions,” New York Law
Poisoning Prevention Act: A Practical Guide for Co-               Journal, September 4, 2002; “Cooperatives and
op and Condominium Managers,” Stroock Special                     Condominiums: Age Discrimination,” New York Law
Bulletin, February 7, 2005; “Diplomatic Immunity                  Journal, July 3, 2002; “Construction Defects: Third
Revisited,” New York Law Journal, January 6, 2005;                Party Beneficiaries,” New York Law Journal, May 1,
“Co-op Ownership: Permitted Occupants of an                       2002
Apartment,” New York Law Journal, November 3,
2004; “Shareholder and Unit Owner Initiated                       
Meetings,” New York Law Journal, September 1, 2004;               Eva Talel
“Voting Rights of Holders of Unsold Shares,” New                  212.806.5828
York Law Journal, July 7, 2004; “Enforcing House                  Fax: 212.806.7828
Rules - The Power to Fine,” New York Law Journal,                 etalel@stroock.com
May 5, 2004; “Another Look at the Warranty of




                                                           
                                                            




                .          
                                                        ,      




                                                       of New York, 2003 – Present; Annual “Cooperatives
Real Estate; Cooperatives and Condominiums                           and Condominiums: Governing Legal Principles and
                                                                     Recent Developments,” New York State Judicial
                                                            Institute, 2006 – Present; “Condominium Law for the
J.D., Brooklyn Law School, 1984;                                     New Attorney,” Council on New York Cooperatives
B.A., Hofstra University, 1981                                       and Condominiums, 2007; “Reasonable
                                                                     Accommodation Requests from Persons with
                                                                     Disabilities in Coops and Condos: Practical
  
                                                                     Considerations,” Association of the Bar of the City of
New York, 1985; U.S. District Court, Southern and
                                                                     New York, 2007; “Fair Housing Training for Real
Eastern Districts of New York, 1987
                                                                     Estate Brokers,” Brown, Harris, Stevens, LLC, 2007;
                                                                     “Principles In Residential Cooperative Law –

                                                                     Housing Court,” New York City Civil Court,
Dale Degenshein has over 20 years of experience in
                                                                     Housing Part, 2007; “Cooperatives and
cooperative and condominium matters. She has
                                                                     Condominiums For the Housing Court Practitioner,”
represented and advised more than 100 cooperatives,
                                                                     New York State Bar Association, Real Property
condominiums and homeowners’ associations on a
                                                                     Section, Committee on Landlord and Tenant
range of issues. Ms. Degenshein has particular
                                                                     Proceedings, 2007; Author or Co-Author: “How Do
expertise in breach of fiduciary duty, review and
                                                                     We Challenge Our Tax Assessment?”, Habitat
interpretation of governing documents, housing
                                                                     Magazine, February 2008; Case Notes, Habitat
discrimination, reasonable accommodations for
                                                                     Magazine, January 2008
disabilities, claims against individual board members
and transactions.
    Prior to joining Stroock in 2007, Ms. Degenshein                 
was a founding partner of the law firm Cantor,                       Cooperatives and Condominium Law Committee,
Epstein & Degenshein LLP, where she had practiced                    Association of the Bar of the City of New York;
cooperative and condominium law since 1995.                          Committee on the Judiciary, Women’s Bar
                                                                     Association; Real Property Section’s Committee on
                                                                     Cooperatives and Condominiums, New York State
 
                                                                     Bar Association
Chair, Cooperative and Condominium Law
Committee, Association of the Bar of the City of
                                                                     
New York (2001 – 2004), Secretary (1998-2001) and
                                                                     212.806.6657
Member (1997 – Present); Faculty and Lecturer:
                                                                     Fax: 212.806.7657
Annual “Hot Topics Affecting Cooperatives and
                                                                     ddegenshein@stroock.com
Condominiums,” Association of the Bar of the City
                                                             
                                                             




                            
                                                         ,      




                                                       Netherland (781 Fifth Avenue), The Ritz Tower (465
Real Estate; Cooperatives and Condominiums                           Park Avenue), The Carlyle Hotel (35 East 76th
                                                                     Street) and The Brevard (245 East 54th Street).
                                                                Her leasing experience includes negotiating and
J.D., Brooklyn Law School, 1986; B.A., UCLA, 1981                    drafting retail and garage leases, as well as addressing
                                                                     proprietary lease issues. Ms. Levine has prepared
                                                                     construction contracts for all types of projects,
  
                                                                     including window replacement, façade work, roof and
New York, 1987
                                                                     terrace repairs, elevator repairs and replacement and
                                                                     lobby renovation.

                                                                         Ms. Levine has also counseled co-ops on the sale
Penny Levine is a Special Counsel in Stroock’s Real
                                                                     of shares for commercial space for 118 East 60th
Estate Group. She represents cooperative housing
                                                                     Street, 301 East 78th Street and 133 East 64th Street,
corporations and condominium associations in a broad
                                                                     as well as creating a condop for 61 West 62nd Street.
range of transactions, including financing, leasing and
                                                                     Ms. Levine has experience in hotel management and
construction matters. Ms. Levine also counsels co-op
                                                                     management transfer issues, having counseled several
and condominium boards on matters pertaining to
                                                                     hotel cooperatives such as The Pierre, The Sherry-
board authority, management and shareholder/unit
                                                                     Netherland and The Carlyle.
owner issues, as well as counseling boards and
investors regarding rights of holders of unsold shares.
    Ms. Levine has handled various lending                           
transactions, including sophisticated multi-million                  212.806.5572
dollar mortgage loan financings for several co-ops,                  Fax: 212.806.2572
including The Pierre (795 Fifth Avenue), The Sherry-                 plevine@stroock.com




                                                              
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                       New York
                  Maiden Lane
              New York, NY -
                 Tel: ..
                 Fax: ..


                      Los Angeles
                Century Park East
             Los Angeles, CA -
                  Tel: ..
                  Fax: ..


                         Miami
              Wachovia Financial Center
        South Biscayne Boulevard, Suite 
                Miami, FL -
                  Tel: ..
                  Fax: ..

                   www.stroock.com




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