Hi.. I am a real estate consultant and appraiser dealing in unique issues such as this.
The posters are correct: the coop board has wide discretion on how they approach this.
Some boards simply allow skylights feeling the roof is useless (worthless) space to the cooperative, and they simply permit installation.
However, most expect some payment plus the issuance of new shares to reflect the space occupied by the skylight [or, as the case may be, air conditioning equipment, etc.].
The coop's attorney must review the proposal. Most often an appraiser will then be engaged to estate the value of the space acquired based on usage and lost, potential value of the space. The appraiser will calculate the new shares to be issues and then prepare a Letter of Reasonable Relationship regarding the space. This letter is sent to the NY Attorney General's Office by the coop's attorney so that a "No Action" letter will be issued.
Remember, the cooperative corporation ultimately owns all the units and all the spaces within the building. Along with this comes liability and responsibility to all shareholders.
Especially during economically difficult times, cooperatives and condominiums are eager to maximize potential income from special sources such as this.
Hi.. I am a real estate consultant and appraiser dealing in unique issues such as this.
The posters are correct: the coop board has wide discretion on how they approach this.
Some boards simply allow skylights feeling the roof is useless (worthless) space to the cooperative, and they simply permit installation.
However, most expect some payment plus the issuance of new shares to reflect the space occupied by the skylight [or, as the case may be, air conditioning equipment, etc.].
The coop's attorney must review the proposal. Most often an appraiser will then be engaged to estate the value of the space acquired based on usage and lost, potential value of the space. The appraiser will calculate the new shares to be issues and then prepare a Letter of Reasonable Relationship regarding the space. This letter is sent to the NY Attorney General's Office by the coop's attorney so that a "No Action" letter will be issued.
Remember, the cooperative corporation ultimately owns all the units and all the spaces within the building. Along with this comes liability and responsibility to all shareholders.
Especially during economically difficult times, cooperatives and condominiums are eager to maximize potential income from special sources such as this.
Hope this helps a bit. Good luck.
Bob
Posted by: RAMarino at April 13, 2009 1:34 PM in response to Skylights and roof rights