Cooperative Directors and Managers: The New York Court of Appeals recently issued its decision in the case of Del Terzo v. 33 Fifth Avenue, which had been moving through the New York courts for four and a half years. The decision is significant because it establishes statewide limitations on the exercise of board discretion in many cooperatives insofar as reviewing the applications of family members to acquire apartments following the death of a lessee. At issue in Del Terzo was the application of a proprietary lease provision providing that after the death of the lessee “consent shall not be unreasonably… Read more
