Adam Leitman Bailey, P.C., represented Iglesia Pentecostal Arca de Salvacion, Inc. (IPAS) in their re-acquisition of condominium unit #CF in the building located at and known as 265 East Houston Street, New York, NY after a nearly 15-year departure.
Pursuant to a court order dated May 21, 2008 (the “Order”), IPAS sold the subject building and land to a real estate developer on the condition that the developer construct a first-class condominium building and convey “title and possession to approximately 3,600 square of newly built space in [a constructed condominium building including]…1,300 square feet located on the first floor to be used as a church, and 1,300 square feet located on the second floor to be used as a mission.”
IPAS hired Adam Leitman Bailey, P.C. after the developer experienced years of setbacks in the construction of the subject condominium which resulted in in delays to IPAS’s reacquisition of church space at the subject property and negative impact on the Church’s congregation. IPA’s goal was simple: to expedite their return to their home on East Houston street.
Due to Adam Leitman Bailey, P.C.’s focus on achieving outstanding results for their client by utilizing creative-lawyering and collaboration, Adam Leitman Bailey, P.C. diligently advocated for and protected their client’s short and long term bargaining interests. As a result, the closing on the Church’s reacquisition of their church space occurred on January 30, 2020.
Following the closing, Adam Leitman Bailey, P.C. assisted the Church in overcoming substantial challenges. For example, Adam Leitman Bailey, P.C. assisted the Church in applying for a real estate tax exemption pursuant to § 420(b) of the New York State Real Property Tax Law.
Directly attributed to Adam Leitman Bailey, P.C.’s diligent efforts, Adam Leitman Bailey, P.C. successfully secured a full exemption status for the Church’s real estate taxes.
Given the strength of Adam Leitman Bailey, P.C.’s negotiation strategies and aggressive team approach, the client fully avoided substantial tax expenses as a result of their transaction and ownership of the property.
Adam Leitman Bailey, Esq., and Andrew Jorges, Esq., at Adam Leitman Bailey, P.C. secured this result for its client.
