Hello, even though I am a co-op specialist, this is definitely a legal matter. I suggest you call a great real estate attorney that also has specialization in co-ops and closes many co-op deals for me, her name is Anne Brown you can reach her by calling my office at 718-692-4444 or you can ask for me and I will have here contact you.

The fact is, if your friends building is going bankrupt then she needs to speak to a lawyer that has experience with co-ops so she can protect herself. Also, she needs to know how it will effect the value of her co-op and
whether it will make it hard for a bank to give a mortgage to a buyer that may want to purchase her unit.

I hope this has answered your question.

Rhonda Holt
Licensed Real Estate Professtional
Weichert Realtors, H.P Greenfield
1712 Utica Avenue, Brooklyn NY
Cell: 646-725-5941 http://www.KandHhomes.com

If you'd like, you can contact me offline at info@DanielGershburg.com I am a Real Estate attorney in New York.

Concetta,
This is a legal question which we can't answer. I would ask an experienced NY Real Estate lawyer and I would be glad to send you a list of a few, if you email me about it.. You might ask our colleague on Trulia, Joseph Ferrara, who is an Real Estate attorney ,a broker and a Trulia Top Voices in New York, NY. What about asking your broker,as you are also an agent?