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Re: Manhattan Club Lawsuit (by Robert S.):

Jeff thanks for following up on this issue. With regard to your suggestion of owners taking control of the property... unfortunately under the current HOA rules that is not possible. 3 of the 5 members of the board are appointed by the Eichner's. It's a glaring issue with the bylaws that was not addressed by the NYAG.

Also, the potential Zimmerman suit is not the ONLY option (as you'd suggested). The NYAG settlement forces the Eichner's to sell the property to another manger within 3 years of the settlement. There's a glimmer of hope that the new manager would see value in getting maintenance fees reduced and pulling several hundred (or thousand) non paying members back into the fold. There's also hope that any new buyer would be transparent with current owners in their operations and open to input. The glimmer of hope is fading for every day that goes by without the buyer coming forward. According to the settlement documents there was a buyer identified. The settlement implied the property was in some sort of extended escrow.

The fear is the sale is via nepotism to someone close to the Eichner's.

So waiting on the sidelines for another 25 months from now (I believe July of 2020 will be the sunset of the settlement agreement with the NYAG) is a valid option.