Penny Levine is a Special Counsel in Stroock's Real Estate Group. She represents cooperative housing corporations and condominium associations in a broad range of transactions, including financing, leasing, sales and construction matters. Ms. Levine also counsels co-op and condominium boards on matters pertaining to board authority, management and shareholder/unit owner issues, as well as counseling boards and investors regarding rights of holders of unsold shares. Her experience includes reviewing corporate and leasing documents for co-ops and declarations and by-laws for condos, and providing recommendations as needed for state-of-the-art management.
Ms. Levine has handled various lending transactions, including sophisticated multi-million dollar mortgage loan financings for several co-ops, including The Pierre (795 Fifth Avenue), The Sherry-Netherland (781 Fifth Avenue), The Ritz Tower (465 Park Avenue), The Carlyle Hotel (35 East 76th Street) and The Brevard (245 East 54th Street).
Her leasing experience includes negotiating and drafting retail and garage leases, including handling the lease negotiations for retail space at The Carlyle Hotel (35 East 76th Street), 24 Fifth Avenue, The Sherry-Netherland (781 Fifth Avenue), 169 East 69th Street and 14 East 90th Street. Ms. Levine also has experience with co-op compliance issues related to Internal Revenue Code Section 216 and Subchapter T.
She has represented several leasehold co-ops in connection with their purchase of their land. Ms. Levine has prepared construction contracts for all types of projects, including window replacement, façade work, roof and terrace repairs, elevator repairs and replacement and lobby renovation.
Ms. Levine has counseled co-ops on the sale of shares for commercial space for 118 East 60th Street, 201 East 79th Street and 133 East 64th Street, as well as creating a cond-op for 61 West 62nd Street. She also has extensive experience representing sellers, buyers and co-ops in the transferring of individual co-op and condo apartments. Ms. Levine has experience in hotel management and management transfer issues, having counseled several hotel cooperatives such as The Pierre, The Sherry-Netherland and The Carlyle.
ADMITTED TO PRACTICE
New York, 1987
J.D., Brooklyn Law School, 1986
B.A., UCLA, 1981
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PUBLICATIONSBack To Full Bio
"Protecting Co-op Indemnification Rights"
November 11, 2015|Stroock Special Bulletin
- "Extension and Substantial Modification of the Co-op/Condo Real Estate Tax Abatement"February 7, 2013|Stroock Special Bulletin
- Recent Bedbug Legislation Requiring Disclosure: How it Affects Co-ops and CondosOctober 19, 2010|Stroock Special Bulletin
- New EPA Regulations for Lead Paint Renovations: What Co-Op And Condominium Managers Need To KnowMay 26, 2010|Stroock Special Bulletin
- "Co-op Indemnification Rights: New Development"February 11, 2010|Stroock Special Bulletin
- “Co-op and Condo Apartment Alterations – New NYC Department of Buildings Requirements for Work Permits”August 12, 2008|Stroock Special Bulletin
- "Extension and Substantial Modification of the Co-op/Condo Real Estate Tax Abatement"