Braverman Greenspun associates David Blessington and Andrew Braverman authored an article for the New York Real Estate Law Reporter examining recent amendments to Section 339-aa of the New York Condominium Act, which introduce new pre-foreclosure notice requirements for condominium boards seeking to recover unpaid common charges. The piece outlines the statutory changes enacted through Senate Bill S7413 and explains how they alter the procedural framework for lien foreclosure actions.
The article provides background on the importance of common charges and assessments to a condominium’s financial stability, as well as the existing enforcement mechanisms available to boards under New York law. It also details the amendment’s requirement that boards issue a written 90-day notice to delinquent unit owners prior to commencing foreclosure, including specific content and delivery obligations.
David and Andrew highlight interpretive questions surrounding the statute, including whether compliance will be treated as a strict condition precedent to foreclosure actions. They further analyze the practical implications of the amendment, noting that the added notice period may delay recovery efforts and increase financial strain on condominiums. They suggest that boards may need to adjust enforcement strategies, such as recording liens earlier and revising collection practices, to mitigate these impacts while maintaining operational stability.
Read the full article here.