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April 05, 2021

Condo Team Surpasses $1B in Condo Unit Closings During Pandemic

Kramer Levin’s Condominiums group reached a major milestone in March 2021, as the team surpassed $1 billion of individual condominium unit closings conducted during the COVID-19 pandemic. Closings are the engine of the residential development

Kramer Levin’s Condominiums group reached a major milestone in March 2021, as the team surpassed $1 billion of individual condominium unit closings conducted during the COVID-19 pandemic. Closings are the engine of the residential development business — they represent the culmination of what is often a yearslong process in the development cycle of a given project. Kramer Levin’s industry-leading Condominiums group regularly coordinates and conducts closings for the various condominium projects that its clients develop, and prior to the pandemic these closings occurred exclusively in person. Any disruption in the closing process would have been catastrophic for its clients. In March 2020, when “work from home” became the norm, the Condominiums group quickly pivoted — in-person closings were abandoned and replaced by an escrow-style closing similar to what is used in many commercial transactions. This innovative approach at this critical moment and beyond enabled the group and its clients’ corner of the residential segment of the real estate industry to continue operating with “business as close to usual as possible.” All told, dating back to March 16, 2020, the Condominiums group, working entirely remotely from home offices, living room couches and dining room tables, has closed more than 360 residential transactions across 18 projects in New York City.

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