Condo Board – Right of First Refusal
The Board of Directors for a Manhattan condominium building hired Adam Leitman Bailey, P.C. to work with them on a potential purchase that was below the market value. The board was worried that this sale would cause other units in the building to be devalued. Adam Leitman Bailey, P.C. were able to counsel the board and review the offering plan and agreements which govern all the units in the building.
Adam Leitman Bailey, P.C. informed the board that they had the option to waive the condominium’s Right of First Refusal (ROFR) or they could, if the board agreed, purchase the unit with the building’s monies or find a substitute purchaser at a higher price. In the normal course of business, most buildings waive the ROFR and allow the deal to continue. Adam Leitman Bailey, P.C. were able to guide the board through the paperwork and the steps to move ahead if they decided not to waive ROFR.
Adam Leitman Bailey, P.C. was able to assist and provide legal guidance to the board for them to resolve this issue among themselves.