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When a group of real estate investors decided to purchase a hundred sponsor-owned apartments spread across 28 different co-op and condo buildings — and close the entire deal in a single day — the legal challenges were unlike anything a typical real estate transaction demands. Andrew Freedland, partner at Herrick Feinstein, was the attorney who made it happen, and the lessons from that deal extend far beyond one extraordinary closing. In this episode, Freedland unpacks how large-scale sponsor transactions actually work, what boards can expect when ownership of unsold shares suddenly changes hands, and why the arrival of a new investor isn't necessarily bad news. Whether your building has one sponsor unit or fifty, understanding how these deals come together — and what they mean for everyone else in the building — is knowledge worth having. 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!