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BOARD OF MGRS. OF 184 THOMPSON ST. CONDOMINIUM v. 184 THOMPSON ST. OWNER LLC

10106, 103991/11.

106 A.D.3d 542 (2013)

965 N.Y.S.2d 114

2013 NY Slip Op 3574

BOARD OF MANAGERS OF 184 THOMPSON STREET CONDOMINIUM, Appellant, v. 184 THOMPSON STREET OWNER LLC, et al., Respondents.

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

Decided May 16, 2013.

The Sponsor opted to fund the subject condominium's reserve fund pursuant to Administrative Code § 26-703 (b) (i) (the Total Price Method). Under the plain language of the governing statutes, the "total price" referred to in section 26-703 (b) (i) is not "the price in effect during the exclusive purchase period, i.e., the so-called `insider's price,'" but rather the "`last price... offered to tenants in occupancy prior...

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