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WHCS REAL ESTATE LTD. P'SHIP v. 33 GREENWICH OWNERS CORP.

243 A.D.2d 333 (1997)

663 N.Y.S.2d 171

WHCS Real Estate Limited Partnership, Plaintiff, v. 33 Greenwich Owners Corp., Appellant-Respondent, and Greenwich Realty Co. et al., Respondents-Appellants, et al., Defendants

Appellate Division of the Supreme Court of the State of New York, First Department.

October 21, 1997

We agree with the IAS Court that for purposes of ascertaining the commencement of the two-year period a cooperative has under Condominium and Cooperative Abuse Relief Act (15 USC) § 3607 to terminate "sweetheart" leases, the actual termination of the sponsor's control over the cooperative is the governing event, not any assumed, purportedly automatic loss of voting control over the cooperative's Board of Directors, under 13 NYCRR 18.3 (v) (5), no later than five years...

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