Tarter Krinsky & Drogin Partner Steven Troup recently settled a difficult case involving two siblings’ claims to a cooperative apartment following the death of their mother.
Our client held legal title to the apartment, but his sister, who resided in the apartment and had a beneficial interest, refused to negotiate. An additional complication was the siblings’ joint ownership of a family business and their inability to work together. Although our client commenced litigation seeking a partition sale, with the proceeds to be divided equally, ultimately both parties preferred to resolve the emotion-laden issues out of court.
Settlement terms provided for the sister to buy out the brother, or if she could not obtain a mortgage to fund the buy-out, for her to vacate the apartment, which would then be fixed up and sold. As part of the settlement agreement, the sister transferred all of her interest in the business to our client.
Prior results do not guarantee a similar outcome
