Gary J. Wachtel, a Manhattan actual property legal professional, stated he couldn’t touch upon Mr. Adams’ statements about his accountant with out understanding the small print of their relationship. However he stated it could be uncommon for an accountant to be concerned in this sort of transaction.
“In a typical scenario, the accountant has no management or connection to the switch of shares of the co-op,” stated Mr. Wachtel.
Sometimes, the proprietor will rent an legal professional to mediate with the constructing’s administration firm, which regularly acts because the switch agent for the board.
A letter such because the one Mr. Adams stated he despatched Ms. Cowan “actually doesn’t successfully switch dividends or proprietary leases”, which permits a shareholder to has the precise to occupy an condo within the constructing, Mr. Wachtel stated. He added that if Mr Adams needed an extension, a court docket wouldn’t be capable of discover the binding letter, each as a result of it isn’t the right methodology of transferring belongings and is unrelated to the fee.
Cowan additionally owns an condo downstairs from one other condo Mr. Adams owns, in Fort Lee, NJ Property information present the mayor co-owns his condo with Tracey Collins, whom he describes described as his present companion.
Anne Barnard contribution report.