At the annual meeting of the Grandview Palace of New York Condominium on August 6, 2017, the eligible unit owners voted not to rebuild the condominium by a vote of 0% YES (to rebuild) to 100% NO (not to rebuild). The voters also authorized the Board of Managers to pursue a sale of the property for an amount no less than the net appraised value set forth in the Appraisal dated May 30, 2016, prior to any resolution of the ongoing insurance litigation by a vote of 96% YES (pursue a sale) to 4% NO (do not pursue a sale).
At this time, the Board of Managers will proceed with searching for a potential buyer for the property. If a buyer is found, the Board of Managers will proceed with seeking a partition action from the New York State Supreme Court to allow for the sale of the property as one parcel and the distribution of assets from that sale amongst the unit owners.
Paul Breen, Esq., of Reed Smith, LLP, also provided an update about the ongoing litigation of the insurance coverage case in New York City. Both the insurance companies and Grandview filed motions for summary judgment, which would essentially end the case without trial, and both motions were denied. The insurance companies are appealing this decision, and Grandview's attorneys have cross-appealed as well. Oral arguments on these appeals will likely be scheduled in November 2017, with the appellate court's decision to follow 2-3 months later. Pending the outcome of the appeal, the case should be put on the trial calendar sometime in 2018.
The Board Election held on August 6 at Sullivan County Community College met all specifications of legality. The following people were elected on this day:
Ivanna Johnson reelected, Janice Teisch reelected, Rose Storch reelected, Pat O’Neill newly elected, Sharlene Perez newly elected, Herb Smith, and Anthony (Tony) Licausi are holdover board members.