MoCo Lawyers Scharf and Dockwell: Negotiating a Building’s Ground Rent
Recently, Morrison Cohen partner Y. David Scharf and senior counsel Brett D. Dockwell authored an article in The Cooperator, addressing the issue of what a co-op board can do in the face of a dispute regarding the value of the land beneath the co-op’s apartment building. Many co-ops in New York lease, rather than own, the land beneath their buildings. For the board of a leasehold co-op, navigating a contested land valuation, in which the amount of the co-op’s ground rent is determined through arbitration, can be a daunting process. To read the article, which outlines the contested land valuation process and some of the broader considerations for the co-op board, please click here.