Nothing Lasts Forever, Not Even Your Brief Window of Dominion Over Your Home

“Every inch of Manhattan real estate is in play, even the once-sacred co-ops,” said Adam Leitman Bailey, a lawyer who represents Mr. Selbert. Mr. Bailey, who won a temporary injunction to stop the collapse, or legal dismantling, of Mr. Selbert’s co-op, said he has a dozen clients in similar situations and that the number of cases he is getting has skyrocketed in the past 18 months.

The buildings most at risk of being caught in the cross hairs are in popular neighborhoods, have unused air rights or lucrative retail spaces on the ground floor and have just a handful of apartments. But buying three-quarters of the shares is no easy feat even in the smallest of co-ops. Multiple shareholders must be convinced to sell, which can lead to infighting and lawsuits among neighbors.

God help you if you live in a building with untapped air rights in a neighborhood that people would like to move to.

Photo of unrelated apartment buildings by Jeffrey Zeldman