Dennis Greenstein Quoted in the New York Times

“Buildings’ Boards: Who’s in Control?”

Dennis Greenstein was quoted in the article, “Buildings’ Boards: Who’s in Control?” published in the December 2, 2007 issue of the New York Times. The article examines sponsor control of a building converting to co-ops or condominiums. Dennis notes that whoever controls the board determines everything from the professionals who run the building to whether the lobby should be redecorated. He also points out that occupied rental buildings converted on a noneviction basis require a sponsor to relinquish control of the board to shareholders or unit owners after five years or at the point at which 50 percent of the shares or of the building’s common areas have been sold.