Legal Question in Real Estate Law in New York

general partnership mismanagement missing funds

I am m.d. in gen. partnership in NY. There are other partners, we are all on premise. Purpose was to attain real estate. We have renters. Ptnship agreement states gen. partners responsible for mgt of building & books & ledgers to be kept on premises ...The bldg mgr. has never kept any books and works on premise for the other partners. There have been no disbursements, 2 loans had to be taken to cover taxes, repairs, etc. the other partners voted against me not to have outside mgt. I found short falls in rental contribution by other partners in amount of $56,000 over 17-mo period. Partnership is 96 months old. I have reason to believe more money missing due to non-payment of rent. The rent is to cover mtg, taxes, maintenance. These shortfalls were never explained or made clear why.

I want out of partnership but the commerical real estate market is sliding down. I fee wronged. can I sue for damages? If I leave other partners benefit by market value. What are my options?


Asked on 3/01/09, 9:23 am

1 Answer from Attorneys
Steven Czik CZIK LAW PLLC

Re: general partnership mismanagement missing funds

We have substantial experience handling these types of cases, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.

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STEVEN J. CZIK, P.C.

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Answered on 3/16/09, 5:34 pm


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