In the 1990’s Mr. Mantell gut renovated various residential buildings in New York City and converted them to condominiums. He has also converted existing apartment buildings to co-operative ownership and has been an investor in Unsold Shares, acquiring in bulk all the apartments occupied by rent-stabilized tenants in various co-ops and by doing so becoming the successor to the original sponsors of those conversions. Mr. Mantell also has extensive construction and property operating experience, having developed and managed more than 5000 apartments in 15 cities around the United States. He has served on the Boards of numerous co-ops and condominiums, in various positions from President to Treasurer, and has headed Structures and Systems, Finance and Legal Committees of those Boards.
Mantell Advisory counsels on diverse matters relating to both co-ops and condominiums. For example, we mediated a $10MM+ construction dispute between owners and the developer/Sponsor of a new condominium in Manhattan. We guided a co-op Board in preparations for a Sponsor’s imminent default in maintenance payments that constituted a substantial portion of total revenues. With negligible legal expense, we obtained a seven-figure recovery for a condominium when a developer of an adjacent property drilled multiple anchors 60 feet into the condominium’s property, effectively daring the Condominium’s Board to do anything about it. In special situations we even provided reviews of the financial condition of prospective purchasers for a prominent co-op whose Board wished to assure it received nuanced analysis of the means and financial stability of the applicants it was being asked to approve.
In the 1990’s Mr. Mantell gut renovated various residential buildings in New York City and converted them to condominiums. He has also converted existing apartment buildings to co-operative ownership and has been an investor in Unsold Shares, acquiring in bulk all the apartments occupied by rent-stabilized tenants in various co-ops and by doing so becoming the successor to the original sponsors of those conversions. Mr. Mantell also has extensive construction and property operating experience, having developed and managed more than 5000 apartments in 15 cities around the United States. He has served on the Boards of numerous co-ops and condominiums, in various positions from President to Treasurer, and has headed Structures and Systems, Finance and Legal Committees of those Boards.
Mantell Advisory counsels on diverse matters relating to both co-ops and condominiums. For example, we mediated a $10MM+ construction dispute between owners and the developer/Sponsor of a new condominium in Manhattan. We guided a co-op Board in preparations for a Sponsor’s imminent default in maintenance payments that constituted a substantial portion of total revenues. With negligible legal expense, we obtained a seven-figure recovery for a condominium when a developer of an adjacent property drilled multiple anchors 60 feet into the condominium’s property, effectively daring the Condominium’s Board to do anything about it. In special situations we even provided reviews of the financial condition of prospective purchasers for a prominent co-op whose Board wished to assure it received nuanced analysis of the means and financial stability of the applicants it was being asked to approve.