“He knows how other attorneys work and he knows the game.”
Daniel Derouchie, Board Member of Condominium, Leader of Tenant/Homeowner Association
“We were able to get a significant number of repairs to some of the units who were in very bad shape and more specifically for me, I did a bind. He was able to negotiate a 20% discount on the final purchase price. That was one of the biggest things… Personally, I was very happy with the settlement. It literally brought the price down to a point where I can – – maybe just a few hundred dollars more per month than what my rent was before. Now, I have a piece of property in Manhattan that I own and we’ll see where it goes.”
What is your affiliation to 668 Riverside Drive?
I have lived in the building as a renter for the past six years and I just purchased.
What did Adam Leitman Bailey, P.C. do for you?
Well, a number of things. We were having some difficulties negotiating with our landlord, the building owner, and one of the other tenant’s in the building actually came across Adam and Adam’s name through some research. We were looking for an attorney to represent us and basically he was able to appear for probably for almost a year. We went after the landlord to make some major repairs to the building and through Adam’s pushing at our end; we were able to get a significant number of repairs to some of the units who were in very bad shape and more specifically for me, I did a bind. He was able to negotiate a 20% discount on the final purchase price. That was one of the biggest things that he was able to accomplish for us.
How would you say ALB, PC settlement strategies were?
I thought it was effective in the sense that he has been doing this for a long time and I think that he just knew how to strategically – how to play it as far as – he knows how other attorneys work and he knows the game that kind of goes back and forth and he was able to forcefully – we troughed a number – he asked us – you know basically after we have had an initial meeting with the landlord and with his attorneys, we were asked to counter and we kind of asked for a big number and Adam went for that and he secured that. So, I think he also too – I think Adam was able to make them realize that the market was dropping and that he had eight (8) to eleven (11) potential inside buyers who, you know, potentially had the means to buy their units and that they should grab a hold of this deal. I think that’s what he was able to do was to convince them of that – you know – yes, you may potentially sell some outside units that your trying to sell but you need these people if you want to make the conversion a success.
Were you happy with the settlement?
Personally, I was very happy with the settlement. It literally brought the price down to a point where I can – – maybe just a few hundred dollars more per month than what my rent was before. Now, I have a piece of property in Manhattan that I own and we’ll see where it goes.
Congratulations on that!!
Who did you work with here at the firm?
Well, as far as our closing attorney, Adam also put us in touch with some of his other staff, who besides just negotiating the actual closing, no, not the actual closing, but the – coming to some sort of agreement or settlement with the landlord, he also pretty much guided us through the entire purchase process. He had a closing attorney or rep here that pretty much held our hand the whole way through. So, there wasn’t anything that I really had to be too concerned about if I had questions along the way. I can call ALB, P.C.
Yeah, you are.
Also, I was looking for a mortgage broker on my own. My brother is also involved in the mortgage industry on some level. And he had a couple of contacts for me out of state and I was working with that initially and it wasn’t working because the building was not 51% owner occupied and I went back to ALB, P.C.. And Adam had a contact with Wells Fargo and they put me in touch with him and he was able to secure a mortgage at a very very variable interest rate for me. So, basically for me, I don’t want to make it sound too much like
an infomercial – – but it really was – – it ended up being like a one “Stop Shopping.”
What were your first impressions when you first came into the firm?
You mean to the firm or Adam?
You can explain both if you want to.
Well, I actually….personally… I really… Adam is very forthright and he has a lot of energy and his energy is just kind of bursting from him and I think it does take some people aback. But, I just had a very good hunch about Adam when I first met him. He was hungry. He seemed to want the project. I think he wasn’t in this project for the money because I don’t think – when you really did the math on it –I mean…trying to keep a firm like this going – – it certainly – – probably buried with office expenses – – you know – – maybe – a very lowly assistant’s position salary for half-a-year. But I think he saw our case in a broader context. The City in where – – you know – – development is occurring and these kind of up and coming neighborhoods – – and these areas that are rapidly identifying and I think that he saw it as an opportunity (a) to help us but also to – – I think for him- – it was perhaps maybe an interesting case to take on because our landlord has a somewhat devious reputation and owns a lot of buildings uptown and I think it was an opportunity for also Adam to kind of – – you know – – get in the ring with this particular person.
You said also first impressions of the firm with Adam’s side?
With Adam’s side, I have a very favorable impression of the firm. We worked with Carolyn Rualo and she was great and she was very accommodating whenever I called and very understanding and also Nancy in accounting has been great. The firm is very professional and very forthwith and very casual and very easy to speak to and talk to and very willing to answer any of our questions and have been very – – I would say – – very — accommodating in our re- payment schedules as well. We are working with a number of tenants right now that have not closed yet and we are still trying to secure the final legal fees that we promised and he has been very gracious about that as well.
Could you go explain what you think the firm’s best qualities were in assisting to your needs? If you can pick one?
I think personally having to deal with a mortgage broker outside of New York State – I just – I would say this particular firm really understandings New York City Real Estate and a New York City Real Estate Transaction. It’s not like – things do not occur like they do here. It is much more complicated. There is a lot of bizarre taxes that come up and fees and…if you are a novelist, it is a very difficult process to navigate and I feel he understands exactly what needs to occur in this particular city and with the state laws and the city laws to push a real estate deal through.
Any last comments or suggestions before we finish?
Personally, I have been very satisfied with my experience. I can only speak for myself. But, you know – – my goal is may be in three to five years if I end up selling my unit, I plan to come back and hopefully they will handle my second real estate purchase/closing.
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