New York Rules and Regulations Concerning Occupancy of Cooperative Apartment
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FAQ
If you are a tenant in a co-op, you can be evicted. The board can start a non-payment proceeding or a holdover proceeding against you in Housing Court.
When you buy a co-op, you don't actually buy your apartment; instead, you are buying shares in a corporation that is your building. The size of your share depends on the size of your apartment; buying the shares allows you to occupy a unit in the co-op building.
If you are a tenant in a co-op, you can be evicted. The board can start a non-payment proceeding or a holdover proceeding against you in Housing Court. Co-op boards have a lot of freedom in deciding how to run their buildings and whether to evict a tenant for objectionable conduct.
It shall be unlawful for a landlord to restrict occupancy of residential premises, by express lease terms or otherwise, to a tenant or tenants or to such tenants and immediate family.
Co-ops, also known as cooperatives, are owned by a corporation and are not considered real property. When buying a co-op apartment in NYC you are actually buying shares in the corporation that are allocated to that apartment and this entitles you to a proprietary lease.
Unlike condos or rental buildings owned by large real estate companies, the owners of co-op apartments do not own the apartment. They own shares in a corporation that provides them with a proprietary lease on that specific unit.
Co-op house rules in NYC can be extremely strict and will regulate every aspect of your home life. Subletting is only allowed for one year at a time and that a fee of 10% of annual maintenance is levied in order to sublet. Furthermore, while pets are allowed they must be registered and approved by the co op board.
Co-ops, also known as cooperatives, are owned by a corporation and are not considered real property. When buying a co-op apartment in NYC you are actually buying shares in the corporation that are allocated to that apartment and this entitles you to a proprietary lease.
What is a co-op in New York City? Co-op is short for cooperative. When you buy a co-op apartment, you are actually buying shares in a corporation that owns the building. That might sound strange given a co-op listing advertises a specific apartment but technically, the buyer is purchasing shares.
A housing cooperative or "co-op" is a type of residential housing option that is actually a corporation whereby the owners do not own their units outright. Instead, each resident is a shareholder in the corporation based in part on the relative size of the unit that they live in.