Insight

IN PARTNERSHIP

The Wolf Near Wall Street

When tensions among shared real estate owners reached their tipping point, Adam Leitman Bailey P.C. stepped in and solved a modern issue with an ancient remedy.

Mortgage documents on desk
RB

Rebecca Blackwell

January 4, 2023 12:30 PM

New York City real estate: its reputation proceeds itself, and beyond the prices, availability and competition that surround it, there also lies a lot of red tape.

Especially contentious are shared real estate ventures and the often-combative circumstances that arise when multiple parties are involved.

In this particular case, when one property owner prepared to sell their portion of shared real estate, the other tenants put forth their best efforts to circumvent signing the seller agreement. Bribery, extortion and monetary demands from the other property owners turned a cut-and-dry sell into a dispute with an encroaching expiration date.

That’s when the seller turned to Adam Leitman Bailey, P.C., a powerhouse New York City law firm with a veteran real estate lawyer and area native at the helm.

Adam Leitman Bailey P.C.

For over two decades, Adam Leitman Bailey has owned and operated his Battery Park law firm bearing his name, Adam Leitman Bailey, P.C. In that time, he’s participated in some of New York’s most high-profile, groundbreaking real estate legal proceedings and built a law firm equipped with the most talented lawyers and professionals.

When sitting down with Bailey, he waves off discussing the accreditations and years of accomplishments—of which there are many—that follow his career. His passion for real estate and the wins he’s secured along the way guide his career and enable him to continue pursuing victory for his clients.

It was the last two years, when the world was brought to a screeching halt and the city that never sleeps was forced to lie down, that Bailey stood unwavering in his workload. The clients and cases didn’t stop just because everything else had. While everyone else was grappling with a new normal, Bailey was flipping normal on its head.

Through creativity, ingenuity and outside-of-the-box thinking, Bailey used new tactics, pushed the limits of tried-and-true lawyering and went to work for clients who entrusted him with their most important legal dealings.

After talking with him, the man who has not only a passion for real estate law but a talent that he’s cultivated and nurtured through years of practice, we thought it best to let his work speak for itself.

What’s Old is New

That phrase and the cyclical nature of the world remind us often that sometimes, the best way to solve a new problem is with an old solution.

That’s exactly what Adam Leitman Bailey did for a client in 2020. Digging deep into the archives of legal tactics from days past, Bailey was able to help a client file a 36-year-old document that was never officially recorded by the NYC Department of Finance.

The document, an easement that was entered into by four parties in 1986, was established to allow the owners to split a multi-building section of real estate in New York City into five separate legal subdivisions. The easement outlined, in part, that the property would have a passage accessible from all floors and stairwells adjoining a corridor that would lead through the yards of the property and to the rear of the buildings. The four parties agreed and signed all necessary legal documentation, with the exception of filing together with the NYC Department of Finance.

This wouldn’t become an issue until 2019, however, when one of the four original property owners entered into a Purchase and Sale of one of the five subdivided lots. The new buyer would not get approval from the lender “due to a cloudy title caused by an easement that supposedly had not been filed correctly.” Because of this, all parties postponed the closing date to give the seller time to clear up the issue.

The seller came together with the other three property owners and worked to update the easement but was met with resistance after introducing the updated easement agreement. At least one of the other owners made demands for changes to the agreement, which the seller believed to be a bribe to extort financial reimbursement, as it was known that the seller was under time constraints to complete the closing before a certain date.

It was then that the seller contacted Adam Leitman Bailey, P.C. Facing the unexpected difficulties in filing the amended agreement and bribery from the other owners involved, the seller needed advice and clarity.

The seller turned to the firm and Bailey himself, hoping that with the proper guidance and knowledge, they could forge a path forward.

And that’s just what they did—by going back in time.

The Firm’s First Course of Action

Initially, the solution seemed clear. The firm sought to simply file the nearly four-decade old easement in the present. Although this seemed like the straightforward resolution, time and technology soon became an obstacle.

Because the seller did not have the original signed document from 1986, only an electronic PDF of the easement, the seller’s transactional lawyer noted that the County Clerk and the New York City Automated City Register Information (ACRIS) would not accept the document. Aside from missing signatures, which were needed to accept the document according to ACRIS, the original document was also deemed necessary.

To some, this setback would have been a crucial misstep. To Bailey and his firm, it spurred the ingenuity and imaginative thinking that would propel them to success.

A Solution Unveiled

After more research by Bailey and the firm, they discovered two critical facts: First, the buyer’s title report did not specify that the unrecorded 1986 easement was an exception to the title insurance coverage. Second, and perhaps most vital to the case: according to New York common law, the PDF copy of the original document could, in fact, be filed and recorded as an “ancient mortgage doctrine.”

The PDF document met several sets of outlined criteria in the ancient mortgage doctrine, and using this information, Bailey and the firm were able to produce an affidavit that would be filed with the 1986 easement.

When both involved title companies still declined to file the easement with this new affidavit, attorneys and paralegals from Adam Leitman Bailey, P.C. worked together to file it themselves. They were met with many anticipated questions from the County Clerk, all of which the lawyers and staff expertly answered.

Persistence, innovation and a look back in time allowed the firm and Bailey himself to ultimately have the PDF version of the 1986 easement successfully filed with the NYC Register.

The work of Adam Leitman Bailey, John Desiderio, Andrew Jorges and Sophia Bule allowed the seller to finalize the transaction by the agreed upon closing date.

Why It Matters

Real estate law is a tricky business in all corners of the country, but New York City and its property owners can often harbor their own challenges that leave many unprepared, swindled and foregone to failure. This uncertainty requires knowledge and a deep understanding, not only of the issues, but of the labyrinth it often takes to reach a resolution.

In times of tumult and uncertainty, Adam Leitman Bailey continues to show tenacity and to fight with creativity, forward thinking and a focus on solutions that matter, for clients who matter more.

Headline Image: Adobe Stock/Bronwyn Photo

Related Articles

IN PARTNERSHIP

A Street Fight in the Bronx


by Adam Leitman Bailey

Adam Leitman Bailey’s firm helped settle a Bronx brawl over land between two parties and brought victory against a long-standing powerful family in New York.

Warehouse in New York at night

IN PARTNERSHIP

Heroes Among Men: How Adam Leitman Bailey, P.C. Saved Lives of the Lifesaving


by Rebecca Blackwell

When a 911 Center in New York City was put in danger, Adam Leitman Bailey, P.C. went to work against the unlawful and hazardous actions of a developer whose construction threatened the peace and safety of all who worked for the Fortune 500 company.

Danger construction site no trespassing sign on fence

IN PARTNERSHIP

Adam Leitman Bailey Saves Upper East Cooperative From Forced NYU Combination With Neighboring University Building


by Rebecca Blackwell

When a New York resident of an iconic building was faced with a potentially devastating renovation to his beloved home, powerhouse real estate lawyer Adam Leitman Bailey tightened the knot on the loophole others said didn’t exist.

Large brownstone building with blue sky above in New York City

IN PARTNERSHIP

How To Run a Board Meeting


by Adam Leitman Bailey

Adam Leitman Bailey explains how using Robert's Rules of Order can assist with effective and productive board meetings in real estate matters.

Several people sitting in chairs around boardroom table

IN PARTNERSHIP

Foiled Plans: How Adam Leitman Bailey, P.C. Thwarted A Famous Building’s Trickery


by Rebecca Blackwell

When the Frick building, planned renovations that would threaten the welfare of nearby residents, Adam Leitman Bailey, P.C. jumped in to uncover the truth.

Front of the Frick Building in New York City

IN PARTNERSHIP

How to Make Sure You Get the Maximum Compensation for a Personal Injury Claim


by John P. Ford

This article discusses the numerous factors that affect a personal injury settlement and tips for how to maximize compensation in a personal injury claim.

Stethoscope sitting on top of money and medical form

One of NY’s Top Personal Injury Lawyers on 2 Surprising Trends Transforming the Industry


by Gregory Sirico

Lawyer Jeff Korek talks emerging personal injury law trends in IVF litigation and trial scarcity.

Doctor consoles couple in medical office

IN PARTNERSHIP

More Experience, More Results


by John Fields

New York-based powerhouse Morelli Law Firm has secured more than $1 billion in verdicts and settlements for injured clients. Read more about the firm below.

Three lawyers in suits pose for picture with cityscape in background

Client Service in Real Estate Law: Identifying Attorneys Who Truly Care


by Best Lawyers

What is client service in real estate law, and why is it important? Learn more about the value a real estate lawyer who emphasizes client service can provide.

Two unseen individuals shake hands with miniature house models in background

4 Essential Steps for Commercial Real Estate Due Diligence


by Best Lawyers

Due diligence in real estate is essential for all parties. Best Lawyers walks through the key steps of effective due diligence in commercial real estate.

Animated magnify glass in front of building and checklist

The Role of Title Insurance in Real Estate Transactions


by Best Lawyers

Title insurance can provide benefits, protection and peace of mind in a real estate transaction, which can often be complex. Best Lawyers take a closer look.

Individual signing a document with house keys in background

Leasing Commercial Real Estate


by Best Lawyers

We have compiled this “leasing commercial real estate checklist” to help guide discussions with a commercial real estate lawyer before signing a lease.

Unseen figure with pen points to apartment building model

IN PARTNERSHIP

Residential Real Estate Slowdown Expected To Continue in 2023


by Mick Harris

Rising housing costs and mortgage rates were becoming the norm in 2022. Experts anticipate that 2023 may show much of the same.

Apartment buildings with yellow haze

IN PARTNERSHIP

What is The Grieving Families Act (2022)?


by Michael L. Taub

Best Lawyers honoree Michael Taub explains The Grieving Families Act and what it means for wrongful death and malpractice cases in New York.

Image of grieving person on blue background

IN PARTNERSHIP

Results That Make a Difference


by John Fields

Thomas Moore and Judith Livingston continue to secure some of the largest verdicts in New York state for their injured clients.

Male and female lawyer in blue suits

East Side Story


by Adam Leitman Bailey

The made-for-Hollywood tale of a 16-year legal tussle to help a dedicated band of Manhattan “homesteaders” take ownership of the buildings they had moved into and begun to rehab.

Rosario Dawson's Family Fight for NY Building

Trending Articles

2025 Best Lawyers Awards Announced: Honoring Outstanding Legal Professionals Across the U.S.


by Jennifer Verta

Introducing the 31st edition of The Best Lawyers in America and the fifth edition of Best Lawyers: Ones to Watch in America.

Digital map of the United States illuminated by numerous bright lights

Unveiling the 2025 Best Lawyers Awards Canada: Celebrating Legal Excellence


by Jennifer Verta

Presenting the 19th edition of The Best Lawyers in Canada and the 4th edition of Best Lawyers: Ones to Watch in Canada.

Digital map of Canadathis on illuminated by numerous bright lights

Legal Distinction on Display: 15th Edition of The Best Lawyers in France™


by Best Lawyers

The industry’s best lawyers and firms working in France are revealed in the newly released, comprehensive the 15th Edition of The Best Lawyers in France™.

French flag in front of country's outline

Presenting the 2025 Best Lawyers Editions in Chile, Colombia, Peru and Puerto Rico


by Jennifer Verta

Celebrating top legal professionals in South America and the Caribbean.

Flags of Puerto Rico, Chile, Colombia, and Peru, representing countries featured in the Best Lawyers

Unveiling the 2025 Best Lawyers Editions in Brazil, Mexico, Portugal and South Africa


by Jennifer Verta

Best Lawyers celebrates the finest in law, reaffirming its commitment to the global legal community.

Flags of Brazil, Mexico, Portugal and South Africa, representing Best Lawyers countries

Announcing the 13th Edition of Best Lawyers Rankings in the United Kingdom


by Best Lawyers

Best Lawyers is proud to announce the newest edition of legal rankings in the United Kingdom, marking the 13th consecutive edition of awards in the country.

British flag in front of country's outline

Discover The Best Lawyers in Spain 2025 Edition


by Jennifer Verta

Highlighting Spain’s leading legal professionals and rising talents.

Flags of Spain, representing Best Lawyers country

Prop 36 California 2024: California’s Path to Stricter Sentencing and Criminal Justice Reform


by Jennifer Verta

Explore how Prop 36 could shape California's sentencing laws and justice reform.

Illustrated Hands Breaking Chains Against a Bright Red Background

Announcing the 16th Edition of the Best Lawyers in Germany Rankings


by Best Lawyers

Best Lawyers announces the 16th edition of The Best Lawyers in Germany™, featuring a unique set of rankings that highlights Germany's top legal talent.

German flag in front of country's outline

Celebrating Excellence in Law: 11th Edition of Best Lawyers in Italy™


by Best Lawyers

Best Lawyers announces the 11th edition of The Best Lawyers in Italy™, which features an elite list of awards showcasing Italy's current legal talent.

Italian flag in front of country's outline

Tampa Appeals Court ‘Sends Clear Message,” Ensuring School Tax Referendum Stays on Ballot


by Gregory Sirico

Hillsborough County's tax referendum is back on the 2024 ballot, promising $177 million for schools and empowering residents to decide the future of education.

Graduation cap in air surrounded by pencils and money

Find the Best Lawyers for Your Needs


by Jennifer Verta

Discover how Best Lawyers simplifies the attorney search process.

A focused woman with dark hair wearing a green top and beige blazer, working on a tablet in a dimly

Key Developments and Trends in U.S. Commercial Litigation


by Justin Smulison

Whether it's multibillion-dollar water cleanliness verdicts or college athletes vying for the right to compensation, the state of litigation remains strong.

Basketball sits in front of stacks of money

Woman on a Mission


by Rebecca Blackwell

Baker Botts partner and intellectual property chair Christa Brown-Sanford discusses how she juggles work, personal life, being a mentor and leadership duties.

Woman in green dress crossing her arms and posing for headshot

Best Lawyers Celebrates Women in the Law: Ninth Edition


by Alliccia Odeyemi

Released in both print and digital form, Best Lawyers Ninth Edition of Women in the Law features stories of inspiring leadership and timely legal issues.

Lawyer in green dress stands with hands on table and cityscape in background

The Human Cost


by Justin Smulison

2 new EU laws aim to reshape global business by enforcing ethical supply chains, focusing on human rights and sustainability

Worker wearing hat stands in field carrying equipemtn