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ZILBERFEIN v. PALMER TERRACE COOPERATIVE, INC.

Court annuls option waiver fees in co-op’s amended share resale policy.

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As limited by the relief sought in this summary judgment motion, plaintiffs Paul Zilberfein and Felice Zilberfein commenced this action as co-executors of the Estate of Ellen Zilberfein, their late mother, seeking a judgment against defendant Palmer Terrace Cooperative, Inc. (“Palmer Terrace”) in the amount of $39,600.01 as and for the return of a waiver of option fee paid by plaintiffs to Palmer Terrace upon the $86,000 sale of their late mother’s 440 shares of stock in the cooperative corporation and the assignment of rights under a certain Occupancy Agreement to Apartment 2-A of 325 Palmer Terrace, Mamaroneck, New York. Plaintiffs also seek an award of costs for the prosecution of this action. [1]

By way of counterclaim, Palmer Terrace demands a judgment dismissing plaintiffs’ complaint and granting a money judgment in favor of defendant and against plaintiffs in the amount of $44,200, plus reasonable attorney’s fees pursuant to Article XXV of the Occupancy Agreement, together with the costs and disbursements of this action. Palmer Terrace’s counterclaim is premised on its position that the commencement of this action constitutes plaintiffs’ election to transfer their shares to Palmer Terrace for par value. [2]

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