Opinion ID: 781725
Heading Depth: 2
Heading Rank: 1

Heading: The offering plan and closing

Text: 6 In December 1984, the Sponsor filed an offering plan for the building and land located at 350 Bleecker Street in Manhattan. The plan, as amended, called for the Sponsor to transfer fee simple interest in the 350 Bleecker Street property to the Cooperative, which would simultaneously issue proprietary leases and related shares for 137 residential units to the Sponsor. 7 Prior to closing, entities other than the Sponsor contracted to purchase thirty-one of the units. Therefore, at the July 31, 1985, closing, the Sponsor conveyed its fee simple interest in the property to the Cooperative, and the Cooperative issued thirty-one leases and related shares to the new unit owners as well as 106 leases and related shares to the Sponsor for the units it continued to own. 2 At the same closing, the Cooperative, as landlord, and the Sponsor, as tenant, entered into a seventy-five year lease for two ground floor commercial spaces and the basement parking garage at 350 Bleecker Street (the garage lease). 8