Dennis Greenstein Quoted in The New York Times

On January 22, 2006, Dennis Greenstein was quoted in “Real Estate Q&A,” a column of The New York Times’ Sunday Real Estate Section. A reader wrote that a newly erected building adjacent to his co-op had obliterated the river views of all the apartments on his side of the building, significantly reducing their value. Should the co-op shares, the reader asked, be reallocated based on the altered value of these apartments?

When share allocations are established in a co-op building, Dennis counseled, they should bear a reasonable relationship to the relative value of each apartment. In determining the value of the apartments, the person who calculates the share allocation must take into consideration factors that may not be present when the calculation is made but that may manifest themselves in the future.

“The fact that some apartments had lot-line windows was most likely factored into the estimate of the value of each of those apartments when the share allocation was made,” he said. He added that even if that was not done, it is probable that the statute of limitations would bar any attempt to change the allocation now.