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this was another "finders fee" not coop fees

Posted by Will on April 07, 1999 at 10:46:36:

In Reply to: ... Only in a regulated apartment posted by MikeW on April 07, 1999 at 10:08:14:

Sure the coop board can charge anything they want...but what this management agent is asking for is the person to pay another "finders fee" to the broker. This is a kickback, or key money. According to the State Attorney sheet on general tenant rights being ask to pay super or agent of management additional fee IS against the law. Is this just for regulated apartments?...


: This sounds like a coop with a regulated tenant vacating. This may have the effect of deregulating the apartment (this is a little fuzzy with new case law). I'm pretty sure the owner, coop board, and/or managment company can pretty charge whatever fees they want for an unregulated apartment.

: : Say these magic words: "key money", "illegal", "state attorney generals office"....this is very illegal. I would strongly suggest that the managing agent not push it here.

: : As for increasing the rent since I assume the managing agent is the owner of the shares for this apartment they can probably dictate a vacancy increase of some sort. But since they're gonna do that I would find out from DHCR if the apartment is still considered regulated. This should minimize and ensure you get a fare rent.

: :
: : Will

: : : A friend of mine is moving back out west. Her lease "officially" ends as of August 1999. Since she has to leave now, I am moving in to fill her spot. I have paid $150.00 for a credit check and have been approved by the co-op board. However the realty co-op manager is claiming that my friend has to pay a "finders fee" to the realty agency-since she is leaving. They are also claiming that the other roomate and I have to sign a new 1 year lease and as a result the rent will be raised. Last August she paid a fee when she moved into the apartment. I looked over her lease and do not see a clause which mentions a penalty if she breaks the lease early. any thoughts? thanks!

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