POSTINGS: Resolving Some Issues; Foreclosure On a Co-op
What happens when a mortgagee forecloses on a co-op building that converted from a regulated rental? It occurs so rarely that many questions arise, and Justice David B. Saxe of State Supreme Court has ruled on some of them in a case involving three co-op walk-ups at 145-49 East 61st Street. The mortgagee, Angela De Santis, foreclosed on a sponsor who had converted the property to 24 co-ops and a store. Seventeen tenants had remained without buying. Their occupancy rights are protected, the judge found, as long as they pay their rent. But he granted a writ to oust one tenant who owed $10,300 in rent. Hearings were ordered in two cases where rents were in dispute. The new owner reached settlements with the others.