Page 7 - NY Cooperator April 2020

COOPERATOR.COM THE COOPERATOR — APRIL 2020 7 v How many co-ops have you financed? What is your total dollar volume? With how many different lenders? What is the range of the loan size? Since 2011... $180,000 $555 + Million ACME Mortgage 1,895+ $9.16 Billion 30 ? YOUR GUIDE TO INTERVIEWING UNDERLYING MORTGAGE BROKERS Steve Geller | Managing Director 212.612.0222 | sgeller@meridiancapital.com Nicoletta M. Pagnotta | Senior Vice President 212.612.0219 | npagnotta@meridiancapital.com Avi Geller | Vice President 212.612.0249 | ageller@meridiancapital.com Jordan Hill | Associate 646.502.3425 | jhill@meridiancapital.com Nobody closes more underlying co-op loans than Meridian. Shouldn’t you be working with NYC’s Most Active Dealmaker? meridiancapital.com Cooperator_Co-Op Interview_anuary 2020.indd 1 1/21/20 4:12 PM • Do not shake hands with anyone, and maintain as much distance as pos- sible. If you do shake hands accidentally, sanitize your hands • If your sellers’ health is compro- mised, place a showing hold on the prop- erty - you can show via video call if nec- essary Putting it into Practice Joanna Mayfield Marks, a broker with Halstead based in Brooklyn, is keeping her wits about her and her business alive with a similar approach. “I am still work- ing, and buyers and renters are still com- ing to open houses. There is no hand- shaking, lots of elbow bumps and smiles. We want to continue with our business if possible as rates and inventory are low, the weather is gorgeous, and New York City is still a very competitive real estate environment. “Despite the crisis,” she continues, “I had buyers bid on 52 Dean Street, a two- bed, two bath with balcony in Cobble Hill this past week—and they missed it. They had six offers! The open house was well attended with Purel and booties, elbow bumps, and no shared pens for a sign-in sheet. Our agent entered all infor- mation into her cell phone by hand. I had a private appointment for a new listing I launched pre-open house, and already received a strong offer. We’ll see how that goes—with the proper precautions of course.” With the situation evolving by the day — and sometimes by the hour —time will of course tell whether the coronavirus crisis will have a lasting impact on New York’s real estate market, and in what ways and to what extent that impact will be felt. n lease permits a co-op to commence nonjudicial foreclosure for reasons of nonpayment, such an action “denies a shareholder a forum for asserting a war- ranty of habitability defense,” which has been affirmed in appellate court as being “against public policy.” Wagner cites Real Property Law in support of this posi- tion, the Warranty of Habitability Statute of which states, “‘\\\[A\\\]ny agreement by a lessee or tenant of a dwelling waiving or modifying his rights as set forth in this section shall be void as contrary to public policy.’” Since such an action might not even be enforceable, it might prompt the share- holder to pursue higher court remedies. it frustrates the shareholder’s ability to maintenance in Housing Court, and any That means that the co-op might end up interpose a warranty of habitability de- having responsibility not only for the ar- rears, but also for its own legal defense op board from seeking to recover un- costs—as well as the possibility of need- ing to reimburse the delinquent share- holder for his legal fees should he end up evicted. winning suit. Is Restitution Possible? In Wagner’s view, although case law of unpaid maintenance and one for the holds that nonpayment of rent cannot be award of any additional fees and costs. a basis for lease termination, “because According to Wagner, “Pursuing unpaid fense,” there is nothing to prevent a co- paid maintenance and other fees after a shareholder or tenant has been lawfully The strategy he suggests requires two separate actions—one for recovery additional maintenance charges in a sepa- rate, plenary action, is the safest and more cost-effective option.” n SALES IN THE AGE... continued from page 6 HOW TO RECOVER... continued from page 6