Pryor Cashman Negotiates Landmark Settlement for Ft. George Apt. Corp

NEW YORK, Nov. 13, 2015 /PRNewswire/ -- Pryor Cashman partner Ronald B. Kremnitzer was the architect behind the landmark settlement reached today resolving the lawsuit filed earlier this year by New York Attorney General Eric Schneiderman against Ft. George Apt. Corp. The suit alleged that the owners of the Washington Heights apartment building were operating the building as a rental property, not a housing cooperative which promotes homeownership.

The Sponsor and The Office of the Attorney General worked together to achieve a win-win resolution whereby the AG's Office was able to achieve its goal of promoting affordable options of home ownership and housing, as well as providing rent stabilized leases for the existing tenants and the Sponsor will continue to operate the building under cooperative and rent regulated regimes. 

The Pryor Cashman team representing Ft. George Apt. Corp. consisted of Ronald B. Kremnitzer, co-chair of Pryor Cashman's Real Estate Group, and partners Todd E. Soloway and Joshua D. Bernstein and associate Jared D. Newman of Pryor Cashman's Real Estate Litigation Group.  Erica Buckley, Bureau Chief of the Real Estate Finance Bureau of the Attorney General's Office, and Richard J. Shore, Assistant Attorney General, represented the State of New York.

The AG's press release is available here: http://www.ag.ny.gov/press-release/ag-schneiderman-announces-settlement-returns-manhattan-apartment-building-rent

Ron Kremnitzer is available for interviews to discuss the importance of this settlement and what it means for other co-op owners in New York.

Media contact: Kathy O'Brien, 203-268-1315; [email protected]

SOURCE Pryor Cashman LLP

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