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Co-ops and Condominiums
Occupation By Family Member of Corporate Principal Does Not Terminate Unsold Share Status
Bellstell 7 Park Avenue, LLC v. The Seven Park Avenue Corp. NYLJ 2/1/21, p. 18, col. 3 AppDiv, First Dept. (memorandum opinion)
In an action by a co-op shareholder for a declaration that an apartment retained its "unsold share" status, the co-op corporation appealed from Supreme Court's grant of summary judgment to the shareholder. The Appellate Division affirmed, holding that a principal of a corporate shareholder is not a family member for purposes of paragraph 38 of the uniform co-op proprietary lease.
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