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Tarter Krinsky & DroginCloses Co-Op Investor Unit Sale

July 18, 2007

Tarter Krinsky & Drogin recently closed an unusual transaction on behalf of a co-op client consisting of 30 apartments owned by investors, occupied by rent-stabilized tenants, which were sold to another investor group. Partner Steve Troup saw the potential for problems down the road and was able to obtain three highly unusual and very favorable conditions for our client: 1) personal guarantees by the individual principals of the purchaser entity; 2) a sizeable amount of money in escrow as security for the payment of maintenance; and 3) an agreement permitting the co-op corporation, in the event of a default by the purchaser, to notify the rent-stabilized tenants and demand that they pay their rent to the co-op as an offset against the purchaser's maintenance obligations.

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Troup, Steven Of Counsel Of Counsel 212.216.8020 VCard

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