Matter of Tiemann Place Realty, LLC v. 55 Tiemann Owners Corp.

OPINION OF THE COURT

Acosta, J.P.

We are called upon to decide the status of holders of unsold shares in the context of control of a coop’s board of directors. Specifically, four days before the 55 Tiemann Owners Corp.’s (the coop) scheduled June 17, 2014 annual meeting, the sponsor, Tiemann Place Realty, LLC, assigned an apartment, with its 600 allocated shares, to George Johnson. Pursuant to the coop’s proprietary lease and a stipulation signed by the sponsor in federal court, the 600 allocated shares retained the status of “unsold shares,” because neither Johnson nor any member of his…