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Co-ops and Condominiums
Sponsor Correctly Calculated Reserve Fund
Board of Managers of 184 Thompson St. Condo v. 184 Thompson St. Owner LLC NYLJ 4/2/20 Supreme Ct., N.Y. Cty (Joel Cohen, J.)
Condominium board brought an action against the sponsor contending that the sponsor miscalculated the reserve fund and performed shoddy repair work for which the board is entitled to damages. The court held that the sponsor had correctly calculated the reserve fund and that the sponsor was entitled to a reserve fund credit for elevator modernization. The court also held that the board was not entitled to damages for repair costs following the sponsor's work.
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