Adam Leitman Bailey

Adam Leitman Bailey

Adam Leitman Bailey
Born April 27, 1970[1]
Bayside, Queens[1]
Residence New York City
Alma mater Rutgers University
Syracuse University College of Law (J.D.)
Occupation Attorney
Website
www.alblawfirm.com

Adam Leitman Bailey is a lawyer based in New York City who practices residential and commercial real estate law as founder of Adam Leitman Bailey, P.C. He has engaged in several notable legal cases.[1][2][3][4] The Martindale-Hubbell peer review system gave Bailey an AV rating, its highest category.[5]

Background

Bailey was born in Bayside, Queens.[1] His grandfather was a taxi driver in New York City.[6] He moved to California at age five and later moved back to New Milford, New Jersey, where he graduated from New Milford High School.[7] He graduated with honors from Rutgers University and Syracuse University College of Law.[8]

Save Harlem

In 2008, Bailey formed a non-profit entity known as "Save Harlem" to challenge certain zoning changes being proposed by the City of New York, and to serve as lead plaintiff in a challenge to the proposed demolition of a two-story building at 125th Street and Frederick Douglass Boulevard, and the development of the site as a shopping center.[1][6][9] Bailey proposed legislation that would prevent the demolition. Early in 2008, Save Harlem, along with several building tenants (forming a group known as the Coalition to Save Harlem) sued, eventually setting for more than $1 million and gaining the right of the tenants to remain in the building.[10]

Park51 Islamic community center

Park51 was a planned Muslim community center located near the site of the World Trade Center. Timothy Brown, a former firefighter, sued to prevent construction of the community center so close to the site of the September 11 attacks.[11] Bailey represented the community center on a pro bono basis, and in July 2011 the New York Supreme Court held that Park51 would be permitted to build its proposed center.

Trump Soho

Trump SoHo New York[12] is a $450 million 46-story 391-unit hotel condominium in SoHo, New York City. In February 2011, several prospective buyers of condominiums in the building, including French soccer star Olivier Dacourt, sued the developers in federal court, claiming that they had been tricked into buying the condos by the "deceptive" sales figures, and that the number of apartments sold at Trump Soho had been "fraudulently misrepresented." The plaintiffs were represented by Bailey. Ultimately the suit was settled, with plaintiffs recovering a "staggering" 90 per cent of their deposits.[13] Bailey said of the settlement, "We are not superheros – we simply got Trump SoHo to do the right thing in a very difficult case."[13]

Before the settlement, the Wall Street Journal reported that the owners of Trump SoHo were offering buyers partial refunds on their deposits if they agreed not to participate in the plaintiffs' lawsuit.[14]

Interstate Land Sales Full Disclosure Act of 1968 (ILSA) cases

Bailey is credited with being the first lawyer[15] [16]and with "pioneering" the use of the Interstate Land Sales Full Disclosure Act of 1968 to relieve buyers of their contractual obligations in the wake of the financial crisis,[17] with ILSA becoming "a sort of messiah for condo buyers looking to get out of their deposits after the 2008 market crash".[17]

Bailey employed ILSA in representing purchasers in Sky View Parc, a $1 billion condominium complex in Queens, winning the largest residential condominium settlement in New York history.[18][19] The condominium was ordered to refund 75 per cent of the $5 million in down payments to the buyers who ended up backing out of the $50 million project.[20]

In a later case based on the same theory, and with Bailey again representing the plaintiffs, the trial court's award was overturned by the United States Court of Appeals for the Second Circuit.[21][22][23] The U.S. House of Representatives passed H.R. 2600 by a vote of 410-0.[24] This bill would provide an exemption for condominiums from ILSA's registration requirements and would apply to all new constructions after enactment.[25] The bill was unanimously approved by the Senate and now awaits action by President Obama.[26]

Author

In 2011, Bailey wrote the New York Times best seller Finding The Uncommon Deal: A Top New York Lawyer Explains How to Buy a Home for the Lowest Possible Price.[27] The book gained Bailey the 2012 "First Time Author" award granted by the National Association of Real Estate Editors.[28]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 Taylor, Candace (June 1, 2010). "Public Enemy No. 1 for Developers". The Real Deal. Retrieved July 19, 2011.
  2. ↑ Walker, Joe (October 23, 2009). "State Accord Bans Sales of Homes By Developer". The New York Times. Retrieved July 19, 2011.
  3. ↑ Grey, Liana (August 1, 2012). "Lawyer not to be judged by his cover". Real Estate Weekly. Retrieved September 10, 2012.
  4. ↑ Geiger, Daniel (August 8, 2012). "The 15 Most Fascinating New York Real Estate Cases of the 21st Century". Commercial Observer. Retrieved September 10, 2012.
  5. ↑ "Adam Leitman Bailey Lawyer Profile". Martindale.com. December 23, 2009. Retrieved January 19, 2013.
  6. ↑ 6.0 6.1 "Should All of 125th Street Be Declared Historic?". The New York Times. February 21, 2008. Archived from the original on June 24, 2011. Retrieved July 19, 2011.
  7. ↑ "New Milford Distinguished Alumni". Retrieved July 19, 2011.
  8. ↑ "Syracuse University College of Law". Retrieved July 19, 2011.
  9. ↑ Maria Luisa Tucker (December 4, 2007). "Zoned Out - Page 1 - News - New York". Village Voice. Retrieved January 19, 2013.
  10. ↑ Elkies, Laurie (July 3, 2008). "Harlem Businesses Settle Suit Against Kimco". The Real Deal. Retrieved July 19, 2011.
  11. ↑ Moynihan, Colin (March 15, 2011). "Fight on Islamic Center Flares Anew as Ex-Firefighter Take His Case to Court". The New York Times. Retrieved July 19, 2011.
  12. ↑ Kaysen, Ronda (June 6, 2006), "Trump fires up new plan for Hudson Square hotel", The Villager
  13. ↑ 13.0 13.1 Steve Cuozzo (November 3, 2011), "Occupy Spring St.: Trump SoHo to give 90% refunds on deposits", The New York Post
  14. ↑ Karmin, Craig (November 17, 2010), "Trump Project Refunds Money", Wall Street Journal, retrieved January 11, 2011
  15. ↑ "Senate votes to strike down ILSA requirements for condos". 2014.
  16. ↑ "Condo Law Change Could Cut Red Tape For Developers". 2014.
  17. ↑ 17.0 17.1 "House passes bill loosening ILSA requirements". 2013.
  18. ↑ "Settlement sees 75 percent refunds for Sky View Parc buyers". Therealdeal.com. June 30, 2011. Retrieved January 19, 2013.
  19. ↑ Barbanel, Josh (November 16, 2010). "Buyers Balk, Claiming No Loans". The Wall Street Journal. Retrieved July 19, 2011.
  20. ↑ Cuozzo, Steve (July 10, 2011). "Condo Can't Do". The New York Post. Retrieved July 19, 2011.
  21. ↑ Barbanel, Josh (September 23, 2010). "Buyer's Remorse Gets Lift". The Wall Street Journal. Retrieved July 19, 2011.
  22. ↑ Weiss, Debra Cassens (23 September 2010). "Condo Deposit Decision Could Chill Condo Development Nationwide, Lawyers Say". American Bar Association Journal. Retrieved July 19, 2011.
  23. ↑ Raymond, Nate. "2nd Circuit says developer does not have to refund deposit". Retrieved February 12, 2013.
  24. ↑ "On The Verge Of Government Shutdown, US House Of Reps Unanimously Votes To Amend...". 2013.
  25. ↑ "Bipartisan Maloney Bill Clarifying Condominium Fraud Law Passes House 410-0". 2013.
  26. ↑ "Bill to Eliminate Kafka-esque Condo Law Heads to Obama’s Desk". 2014.
  27. ↑ "Paperback Business Best Sellers". The New York Times. May 1, 2011. Retrieved July 19, 2011.
  28. ↑ http://www.realestaterama.com/2013/01/29/national-association-of-real-estate-editors-announces-2012-robert-bruss-real-estate-book-award-winners-ID018439.html

External links