Second Circuit Upholds Ruling that Loft Tenants Have Property Rights in Bankruptcy Proceedings

Loft Law prevents using bankruptcy as a tool to circumvent housing law. In 2002, Bridge Associates of Soho, Inc. (“Bridge Associates”) acquired 99 Vandam Street in the SoHo neighborhood of Manhattan. 99 Vandam is a seven-story residential loft building that has been governed by Article 7-C of the New York Multiple Dwelling Law (“Loft Law”) since approximately 1991. Loft Law governs the conversion of manufacturing and commercial use buildings to residential use buildings. The law … <Read More>