When Baxter St. Condominium sued LPS Baxter Holding Co., to recover common charges (and late fees) associated with building-related repairs, the New York County Supreme Court sided with the Condominium.
Without there being any “bad faith, fraud, self-dealing or unconscionability,” the Appellate Division, First Department, agreed that the Condo’s decision to address water leaks and other building defects was protected by the “business judgment rule,” and that the $135,286.26 in special assessments were properly collectible.
Now how would you assess that?To view a copy of the Appellate Division’s decision, please use this link: Baxter St. Condominium v. LPS Baxter Holding Co., LLC