Adam Leitman Bailey, P.C. Turns a $25,000 Offer Into a $1 Million Buyout
Adam Leitman Bailey, P.C. negotiated a one million dollar buyout for its rent-stabilized client in exchange for the keys to her Upper West Side apartment.
Prior to Adam Leitman Bailey, P.C.’s retainment, the landlord offered a buyout settlement of $25,000, after it commenced a highly complex nonrenewal proceeding (to take over its building for not-for-profit use) with the state of New York’s Division of Housing and Community Renewal (“DHCR”).
The elderly tenant hired Adam Leitman Bailey, P.C. to protect her interests and fight for her rights, and Adam Leitman Bailey, P.C. immediately began vigorously opposing the DHCR application via strategic paper filings. Adam Leitman Bailey, P.C. managed to secure a meeting with the DHCR’s Deputy Counsel and Director of Policy directly, ensuring that the landlord’s application was carefully inspected and that the claimed basis for non-renewal was thoroughly researched. Through in-depth investigations, it was revealed that the landlord owed thousands of dollars to the tenant for overcharged rent. Since the best defense is offense, Adam Leitman Bailey, P.C. filed an overcharge claim against the landlord in fighting back for its elderly client’s rights.
All of the tenants in the building were evicted, except for a handful, and as soon as it looked like Adam Leitman Bailey, P.C. would prevail in the case, the landlord gave an offer that could not be refused, and a deal was struck.
As outlined in the carefully negotiated buyout and surrender agreement, Adam Leitman Bailey, P.C. was able to keep its client in her apartment for an extra three years from the filing of the DHCR application, in addition to transforming the offered $25,000 into one million dollars—just so that Adam Leitman Bailey, P.C. would withdraw its opposition from the DHCR proceeding and drop its overcharge claim, giving the landlord a fighting chance to buy out its remaining tenants at the lower offer.
Adam Leitman Bailey, P.C.’s client is now living in a newer constructed building in the neighborhood and no longer needs to worry about money.
Adam Leitman Bailey and Jackie Halpern Weinstein represented the tenant in the litigation and the settlement of the buyout.