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, as well as addressing proprietary lease issues. 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, 301 East 78th Street and 133 East 64th Street, as well as creating a condop for 61 West 62nd Street. She also has extensive experience representing sellers, buyers and co-ops in 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.