A Rent Stabilized Lease May be Sold by a Bankruptcy Trustee
Bankruptcy Judge James Peck of the Southern District held recently in re: Mary Veronica Santiago-Monteverde, Debtor, 11-15494 that the value of a rent stabilized lease may be liquidated by a bankruptcy trustee. The Court disagreed with the debtor that the value was excludable under NY law as a “public assistance benefit.” The trustee plans to sell the lease to the building’s owner.
PartnerTom represents owners, operators and developers in the acquisition, financing, development, ground leasing, and sale of significant properties. His experience includes office towers, commercial condominiums, industrial ...