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Re: Recording Coop Transfers

Posted by Mark Smith on April 07, 1999 at 20:02:21:

In Reply to: Recording Coop Transfers posted by Henry on April 02, 1999 at 13:34:38:

: the players:
: Henry: one of 40% regulated tenants who did not
purchase in coop conversion ten years ago.
: Deadbeat Assoc: sponsor who defaulted on
maintenance and/or mortgage
: Bargain LLP: partnership claiming to have purchased
Deadbeat's shares
: Amateur Corp: the coop

: Henry received a bill from Bargain LLP for April's
rent. He called Deadbeat who confirmed selling all
the unsold shares. Henry asked Amateur's Managing
Agent to confirm: after consulting with the Board,
she refused. She also refused to provide the
names/addresses of the Officers and/or Directors of
: Not one of the three: Deadbeat, Bargain or Amateur,
will provide paper documentation of the supposed sale
of these shares. One very elderly rent-controlled
tenant is panicking: we all need to know who our
landlord really is....

: So what do we do? take their spoken word as gospel?
: Is there some public record somewhere
city/state/federal where these sales are supposed to
be recorded? Another tenant mentioned a Recording
Law for leases greater than 3 years: the proprietary
leases are for 99 years.

I believe that the Attorney General requires that ONE managing agent deal with all of the apartments in the building: those owned by shareholders, those owned by the sponsor (holder of unsold shares) or its successor, and those occupied by renters (rent controlled, rent stabilized, and unregulated). I would write letters to all four, including the managing agent, requesting proof of ownership, with a copy to the Attorney General's office. If you feel that you must pay, I would make the check payable to the managing agent, mail it to the managing agent, and make it the managing agent's problem.

Co-ops have shares, not deeds, so tracing ownership is more difficult. But you shouldn't have to do that. There may be a UCC-1 form filed, to indicate a mortgage lien on the shares. A stock transfer tax is supposed to be paid to the state when co-op shares are transferred, and if it is paid, it can be recovered by filing with the state tax department. Co-op leases are often three years or less, with automatic renewals, so a memorandum of lease probably would not have been filed.

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