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Re: renting in a co-op building. Please help me!

Posted by MikeW on August 18, 1998 at 14:53:59:

In Reply to: renting in a co-op building. Please help me! posted by patrick mannion on August 13, 1998 at 09:23:06:

If a tenant is renting an apt in a stabilized building during the conversion, the apartment
remains stabilized, and the tenant has all rights given by the rent regulation laws. Once that
tenant leaves, the apartment becomes deregulated, and the owner can sell it, or re-rent it at
market rates. None of the stabilization rules apply at that point. Technically, if you rent a
coop, you are already subleasing (I won't go into the gory detail of coop ownership). It is
unlikely that the coop owner or board will let you re-sublet the apartment.

As far as security, usually, when a tenant leaves, they just burn off the remaining security as
the last months rent. While this is usually barred by the lease, there is effectively nothing the
landlord can do about it, since getting any kind of action through housing court would be prohibitive.
With 3 months security on the line, that might be risky.

: I live in a building that is 75% owned by a corporation, and 25% owned by
: individual co-op owners (or vice versa). The corporation rents out their
: apartments by sublease. As a tenant of the corporation, do I have the same
: rights as other types of tenants in new york? Do I have the right to
: sublease my apartment (I did pay a massive fee to get in)?

: Also, to get this place, I had to pay an extra 3 months rent in advance,
: so now, I don't have to pay my last three months rent....Now in the lease renewal,
: the landlord demands the same three months rent in advance, even though I've
: always paid my rent on time....Does he have the right to do this? Does he
: have the right to evict me if I refuse to pay the three months in advance?

: Please drop me an email if you know the answer! thanks!

: Pat

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