Belkin Burden Goldman LLP (BBG) partner Aaron Shmulewitz was recently quoted in The New York Times article titled “My Condo Sponsor Owes the Building $30,000. How Do We Make Him Pay?”
The article explores the difficulties condominium boards and unit owners encounter when sponsors neglect their financial responsibilities, including failing to pay homeowners association dues for unsold units.
Aaron Shmulewitz provided practical advice on navigating these complex situations, emphasizing cost-effective alternatives to lawsuits. He recommended filing a complaint with the Real Estate Finance Bureau of the New York State Attorney General’s office to enforce the sponsor’s payment obligations. Additionally, Mr. Shmulewitz advised that the condominium board can file liens against the unsold units to secure the owed amount, which prevents the sponsor from closing sales until the debt is settled. Both strategies offer straightforward and efficient solutions to protect the financial health of condominium buildings.
For more details on Mr. Shmulewitz’s insights and actionable guidance, check out the full article in The New York Times: “My Condo Sponsor Owes the Building $30,000. How Do We Make Him Pay?”