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Purchasing a co-op

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Purchasing a co-op

Postby johi1211 » Wed Feb 16, 2005 5:55 pm

I'm a tenant in a RS apt for the last 31 years. The majority of the apts in the building are co-op. Last Nov I put in an offer to buy my unit which was about $50K less than the listed price in the offering plan to a non-tenant. The Mgmt/Sponsor turned around and sent me a letter informing me that the price was doubled the non-tenant price! I called the "agent" to see if I can negotiate the price b/c we have been there so long, basically be entitled to an insiders price. Her reply was no and that the prices they put in the offering plan are just numbers to report them to the AG's office. So, I went ahead and filed a complaint with the Attorney Gen office, which then of course, I rec'd a voicemail from the Mgmt/Sponsor informing me that the offer was no longer valid.
The AG office eventually fined the Mgmt/Sponsor, but I am still eager to buy the unit. Would it be realistic to get a lawyer and maybe sue them based on the eroneous price information I was provided by them and make them sell me the unit?Or, how long should I wait (1-2 yrs) before I inquire about purchasing it again? Can I seek support form the Board? I understand that normally their interest is to keep old tenants in the building vs new tenants and of course they want more units to be co-op. Or did I reach a dead end?
johi1211
 
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Re: Purchasing a co-op

Postby Cranky Tenant » Wed Feb 16, 2005 6:23 pm

Someone mentioned in a recent thread that co-oping was a late 80s- early 90s way of getting apartments out of rent stabilization. Once speculators had the minimum number of tenants willing to buy in, there's little incentive to sell any more apartments at the insiders price.

Now that LL's can destabilize apartments when the rent reaches $2000 there's even less incentive to co-op apartments that weren't sold previously.

Getting some advice from a good Tenant lawyer who does co-ops is probably essential in a situation like this.

<small>[ February 16, 2005, 06:02 PM: Message edited by: Cranky Tenant ]</small>
I'm a cranky tenant NOT a cranky lawyer.
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Re: Purchasing a co-op

Postby johi1211 » Wed May 11, 2005 6:07 pm

Thank you for the advise.

Since then, I did get in touch w/a tenant lawyer who explained to me that unless I have concrete proof of discrimination, then I basically dont have much, yet if I wanted to pursue it (of course) w/a $$ retainer she can begin the process and it can take up to 6 months and more $$.
Lets see what happens, we renew our lease in May 06, so I guess I will wait until then...
Thanks again!
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Posts: 5
Joined: Tue Feb 15, 2005 2:01 am
Location: Manhattan


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