Posted by MikeW on May 17, 2001 at 13:06:03:
In Reply to: Re: Not if they don't want to sell... posted by Trixie on May 16, 2001 at 15:52:53:
The original conversion sponsor is exempt from many of the building's rules. Usually they can sell to whomever they want (without board approval) and can sublet to whomever they want. So the 3 year subletting rule would likely not apply.
The only time being a renter gives you any special rights in a coop is if you were an original renter at the time of conversion. If you rented after the building converted, you are basically out of luck.
: If the building's bylaws disallow more than 3 years subletting, isn't the building itself breaking its own rules?
: : You can only buy what is for sale, and then only if you have a seller willing to make a deal with you. Sounds like you don't have either. It's important to be aware that renting an apartment (even for a lifetime) gives you no special "in" or rights to purchase the apartment.
: : But you're on the right track, becuase buying is almost invariable more cost effective than renting over the long term. But you need to work with a broker or pound the pavement looking at what available. Chances are you'll find something better or cheaper than where you live now. Don't make the mistake of getting so emotionally wrapped up in your present quarters that you ignore better opportunities that may come along.
: : : I am in Manhattan, in a non-rent stabilized/controlled co-op building. I rent on a month by month basis in a unit owned by the building itself. It is the only rental in the building (out of approx 24 units). I have been there 3 years, and prior to my moving in the building had been renting it out to other people. The building's bylaws only allow owners to sublet for 3 years at a time.
: : : I would like to buy my unit. Is there anything I can do to push the issue? I have asked the building manager (who I pay my rent to) about it repeatedly but he claims they don't want to sell. Other tenants (who own their units) have expressed their interest in purchasing this unit to me. If they decide to sell, would I get first shot at buying it as I'm in there already? Also, as I've been there for 3 years, would I be eligible for an insider price? is this standard practice in NYC or just something some buildings do?
: : : Any help or insight would be appreciated. Thanks!
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