Until 550 Vanderbilt gets full residential sell-through, Sponsor will control condo board, thanks to provision re retail ownership
Guess what: the 550 Vanderbilt condo may be nearly sold out , but until all 278 residential units are sold, the sponsor, Greenland Forest City Partners, will retain control of the building's board. That's a provision in the original 6/8/15 Offering Plan, which is re-asserted in the most recent amendment, Amendment 19, submitted to the state Attorney General on 9/9/21, excerpted below. Though the "Sponsor Control Period"--defined as until 90% of units/shares are sold-- is no longer in effect, the Sponsor can retain control as long as it still owns at least one unsold residential unit. That's because, until there's a residential sell through, the Sponsor gets one of the four board seats designated by the Residential Unit Owners--and the Sponsor, as owner of the three Retail Units, gets three more seats. (So, with the retail owners having three of seven seats on the board, it's kind of... skewed. I'm not sure how common this is, but it was disclosed to po...