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If your co-op has holders of unsold shares — or you're not even sure what that means — listen up. David Fitzhenry, partner at Moritt Hock & Hamroff, breaks down everything boards need to know about these often-misunderstood shareholders and the special rights they carry. You'll learn why holders of unsold shares can bypass the standard alteration approval process, how they can claim a board seat, and why their presence could affect your building's financing options. Fitzhenry also shares practical advice on maintaining a productive relationship with them, which can ultimately benefit the entire building. Whether you're dealing with one right now or just want to be prepared, this conversation gives you the legal grounding and real-world perspective to handle the situation confidently. Habitat's Carol Ott conducts the interview.

The business of running a building is demanding work that requires making endless decisions — some that can quickly lead your board into a quagmire of legal difficulties. Legal Talk interviews New York's leading co-op/condo attorneys to find solutions, and get some guidance, on these challenges. For more co-op and condo insights, sign up to receive Habitat's free newsletters or become a Habitat subscriber today!