RENTING in a Co-op Bldg (Help pls!)

[flappergirl]

Hi!

My husband and I have been apt. hunting for a few months and finally found a place we LOVE! Here is the deal:

It is a 2-bedroom RENTAL in a co-op building owned by the developers. Some of the units are not sold, so the developer is renting them out with options to buy in the future. Here is my question:

Is this a secure situation for us? I have only dealt with management companies. But this is not an owner nor a management company--it's the developer. Are they looking to sell this place but just get some short-term rent in the meantime? What are our chances of getting evicted? Is it unwise for s to move into this place? The broker said we get the luxuries of living in a co-op bldg. without having to deal with the hassles of the board.

What are your thoughts? We want to move into an apt. that we can stay in for a long time and feel secure. I don't know yet if they are going to offer us a one or 2 year lease. How important is a 2-yr. lease offering?

Opinions from the wise and experienced requested please! THANKS!

[April59]

As nice as it sounds, I'd think twice if your story sounds like the following: My building (oooold tenament) has been a co-op since the early 1980s. Only 5 tenants purchased, other controlled/stabilized tenants kept renting. Since the 1980s, sponsor (who is original LL) never sold another apartment since. All this did is give LL right to charge astonomical rents (free market rent once tenant left), demand $200 more from new tenants once lease expired, harrass new tenants for missing rent back-money hoping they'd cough more up (and not keep records)up between rent increases, and they still get the same service as the few remaining rent regulated apartments. If you do take this place, get a lease, see if the lease can parallel rent stabilized laws, pay with check (keep all receipts), and be prepared for the possibility you might want/need to move in 2 years. In my building hardly anyone new stays longer than 2 years for one reason or another--rent nonnegotiable, verbal harressment, scare tactics of "see you in court", etc. Good luck.

[April59]

Forgot to note that some renters mentioned they were looking to buy a co-op, but the bait and switch routine happened once they wanted the apartment. Poooofffff--apartment wasn't for purchase in the end. These tenants were forced into signing lease because they didn't have any more time to look around, and had to deal with the renewing leases problems in 12 months, $200 rent increases, ect. One tenant who made a year FOUND OUT this was a co-op building, wanted to buy her place once her lease ended and he wouldn't sell. He was going to increase her rent $250, and wasn't interested in negotiating, so she moved. Before she moved, she met the perspective tenant and they told her what he was charging her (the rent was less!) I know you're not looking to buy yours, but just be aware. See if you could learn how many co-op owners own their apartments versus how many LL (or sponsor owns). In my view if sponsor owns more than 85% do yourself a favor and find another place that's truly run by an established co-op board. In my eyes 4 inside owners and 1 sponsor owning most apartments does not make an established co-op board.