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Re: Only applies if renting from sponsor

Posted by Mark Smith on October 24, 1998 at 12:08:06:

In Reply to: Only applies if renting from sponsor posted by MikeW on October 22, 1998 at 13:31:12:

A "holder of unsold shares" can be the original sponsor or someone who succeeds the sponsor in the same role, i.e., as an investor. Generally, sponsors sell their apartments in bulk to a new investor. In most cases, the "holder of unsold shares" does not require the approval of the co-op's board of directors to sell or sublet apartments.

A true purchaser of an apartment, in theory, intends to occupy the apartment. That is often not what happens and the apartment is immediately sublet. But the sublessor, while really an investor, is not technically a "holder of unsold shares" because the subletting and any sale of the apartment require the approval of the co-op's board of directors.

: Based on what I've read, the ruling only applies to units owned by the original sponsor, or 'a holder of unsold shares'. If your landlord purchased the apartment from the sponsor, I doubt you'd be covered.

: Also, the ruling comes out of Brooklyn housing court, and technically does not apply in Manhattan. However, the Manhattan judges will probably consider it's conclusions in making their own rulings.

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