Dennis Greenstein Quoted in The New York Times
“A New Buyer, an Old Project”

New York partner Dennis Greenstein responded to a question posed in the Real Estate Q & A section of The New York Times on August 4. Dennis answered a query regarding whether an owner of a condominium could be held responsible for paying a special assessment that was imposed retroactively, and included time before the owner had purchased the condo. According to Dennis, the condo board’s authority to impose a special assessment is controlled by the condo’s bylaws. He explained that while it is unlikely that the bylaws would permit a retroactive special assessment, they do allow a board to impose an assessment upon present unit owners to make up for a deficit in the funds needed for a project. So regardless of what time period the new assessment covers, it is likely that the board can require all owners to contribute.