Natan Szegedi

/My focus

Cooperative and Condominium Developer Services

My clients include market rate and affordable developers and sponsors of cooperatives, condominiums, and all other forms of common interest communities. I prepare offering plans, amendments, exemption applications, and no-action letters, and advise our clients on the submission and approval process of various New York State and New York City agencies. I also negotiate and supervise individual contracts and closings for cooperative and condominium apartments for both new construction and conversion projects and advise developers on the marketing process.

I provide guidance to clients who develop affordable homeownership projects, including housing development fund corporations, community land trusts, senior living communities, and subsidized housing programs, both in New York State and nationwide.

In addition, I assist my clients with navigating complex construction financing transactions that involve a combination of commercial lenders and subsidies from city and state agencies, as well as projects that use leasehold condominium structures for financing and tax incentive purposes.

Cooperative and Condominium Board Services

I have extensive experience in representing condominium and cooperative boards of existing properties. I advise boards on necessary amendments to their declarations, proprietary leases, and bylaws, and any legal issues that may come up in their communities.

Commercial Real Estate Transactions

My practice also includes commercial purchase and sale transactions, leasing, and financing (construction, refinancing, and acquisition) matters. I draft documents for all stages of the transaction, perform due diligence, and handle closing and post-closing tasks.

My combination of condominium development experience and general commercial real estate practice make me the ideal lawyer for representing clients in the purchase, sale, or leasing of commercial condominium properties.

/Representative experience

• Represent not-for-profit sponsors in the conversion of rental properties to cooperative status under HPD’s Affordable Neighborhood Cooperative Program including construction financing, offering plan, amendments, contracts, and closings
• Represent successor sponsor in bulk condominium purchase during due diligence and all stages of submission of restated offering plan, contracts, closings, and guidance on various board matters
• Represent HDFC cooperative boards in amending corporate documents to ensure broader shareholder participation, and in matters concerning individual shareholders
• Represent a real estate development company as mortgage and mezzanine borrower of a construction loan to develop a mixed-use project in Brooklyn
• Represent a family real estate investment firm in the purchasing and leasing of commercial properties in the southern US

/Looking ahead

The future of office buildings remains an open-ended question in most major markets. Similarly, the persistent issue of a lack of affordable housing has yet to be resolved in a long-term and sustainable fashion. Nevertheless, creative solutions – such as the repurposing of vacant or neglected properties – offer interesting opportunities to developers. In New York, initiatives such as the proposed amendments to the Martin Act, and the potential revival of incentive programs such as J-51 and 421-a could make a meaningful difference.

Navigating the changing legal and market landscape requires all of us to remain focused. I look forward to working with my clients on meeting these challenges head on.