New York's Cooperative and Condominium Community

Habitat Magazine October 2020 free digital issue

HABITAT

Subscribe for Daily Updates!
rental or coopMay 16, 2020

hello. i live at 32-05 81st street in east elmhurst. this building is registered to the city as a coop and my lease shows that i am subletting. the building apparently went thru a coop conversion in the late 80s and as far as i have seen. everyone is a renter from xyz management corporation. the building doesnt have a coop board and i was wondering if this is legal. there are many issues in the building and individual apartments that the landlord doesnt address. are there any rules or laws that are broken by this building not operating as a coop but registered as one with the buildings dept?

Join the Conversation Comments (2)
rental or coop - Steven424 May 16, 2020

Hi pierogiz - Co-op apartments are a special type of of lessor/lessee arrangement that works like this. From a business organization perspective, a cooperative apartment building is owned by a unique form of not-for-profit corporation. This corporation owns the land (in most cases) and the building(s) outright.

When you "purchase" a co-op apartment you are actually buying shares of stock in the co-op corporation. At your closing you should have received a formal printed stock certificate showing how many shares you own and a copy of the corporation's Offering Plan. These are two key documents. If you took out a mortgage, the originator is given the stock certificate as collateral for the loan.

In exchange for owning the shares of stock apportioned to your unit, the co-op corporation grants you a Proprietary Lease. This is a special kind of lease that is similar to the lease you would sign if you simply rented your unit from a landlord.

Someone who owns a co-op apartment is both a shareholder in the corporation and at the same time is a leasee of the corporation. The terms "lessee" and "renter" are often interchanged, so you might be referred to as a renter.

To determine if you are a co-op owner or simply renting your apartment, think back to when you first signed a lot of paperwork and received the keys. Was it at a formal closing? Did you take out a mortgage? Did you pay one large sum at the closing or do you pay monthly rent to your landlord? Were you given an original or photocopy of a stock certificate? Do you remember receiving a copy of a thick document titled Offering Plan.

If your answer to these questions is "yes", you are most likely a co-op owner. If all you did was sign a lease and handed over a security deposit you are most likely a renter.

Once you determine what you are, the rest of your questions will fall into place.

Good luck!
--- Steve

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation
Rental or Co-Op - NYC May 17, 2020

Hi,

On the D.O.F. website
https://a836-acris.nyc.gov/DS/DocumentSearch/BBL

Using block: 1177 and lot 1, for your address, it shows some units listed as a co-op, while others as apartment. ???

While renters do not have the same rights as owners,
maintenance issues should absolutely be addressed and resolved.

The Business Corporation Law states Co-Ops are required to hold annuals meetings and have a board of directors.

As a renter, you don not have any rights to vote, however if the management company is not responding to your maintenance needs, you would at least be and to reach out to the board

(602)
"A meeting of shareholders shall be held annually for the election of directors and the transaction of other business on a date fixed by or under the by-laws.  A failure to hold the annual meeting on the date so fixed or to elect a sufficient number of directors to conduct the business of the corporation shall not work a forfeiture or give cause for dissolution of the corporation"

You might try and contact the department of finance for assistance or call 311. I have found Marcel Dixon to be very helpful.

Marcel Dixon
NYC Department of Finance│External Affairs
212-602-7050

DixonM@finance.nyc.gov



Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (1)
Coop or condo - pierogiz May 18, 2020

I definitely rent my apartment, however, I think the landlord doesn’t have a functioning coop board at the building as everyone is a renter... how do I. Find out which apartment is still under rent control in the building and actually physically go and speak to those tenants to see if they are under rent control

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (1)
Co-Op or Rental - NYC May 18, 2020

N.Y. Attorney General

https://formsnym.ag.ny.gov/OAGOnlineSubmissionForm/faces/OAGREFHome;jsessionid=y44nathAXmNrxUAjlP9uVF7ZZE0QceOF9WS6_mUsdQQG6bJAjs0z!2126564131

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (1)
Co-Op or Rrent - NYC May 18, 2020

Hope this helps....

https://www.habitatmag.com/Publication-Content/Co-op-Condo-Buyers/2008/2008-December/Renters-Rights-in-Co-op-and-Condo-Apartment-Buildings

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation

Introduce yourself to other members of Board Talk! Log in below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Introduce yourself to other members of Board Talk! Login below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Ask the Experts

learn more

Learn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments

Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise

Source Guide

see the guide

Looking for a vendor?