Advice on Coop occupancy needed
I would appreciate some co-op advice. About 23 years ago, my father bought a small co-op studio in Manhattan for me to live in. Two years later, I married and moved to Brooklyn to raise a family. The studio has been rented out for all that time. The current tenant has been there now for…
I would appreciate some co-op advice. About 23 years ago, my father bought a small co-op studio in Manhattan for me to live in. Two years later, I married and moved to Brooklyn to raise a family. The studio has been rented out for all that time. The current tenant has been there now for 10 years, but let me know that she will not renew the lease. Since the board changed the by-laws, we cannot rent it again. Which is fine. My 19 year old daugher is now going to college in Manhattan and would love to move in.
My question: do you think I will have a problem with the board? My father believes that he has the right to let his own grand-daughter live in his property. I am not so sure. but I don’t want to go to the board to ask directly just in case they do have some wierd law on the books. I would rather tell them that I am taking the apartment over again and then just have my daugher move in a little at a time.
Am I being paranoïd or can a board have any objection to having a direct family member move into a co-op?
Thanks for any advise
its not cheaper… people always forget that equity is dead money…the opportunity cost (i.e you could put the net sale of coop in money market) would easly pay for a extremely nice apt for your daughter.
Hi everyone, I am the original poster. Thanks so much for all your helpful info.
I finally got a hold of the by-laws from my father and I think we may be all right. It states;
“The Lessee …use for any purpose other than private dwelling for the Lessee and members of the Lessee family. As used herein, members of the family shall include spouse,parents, children, parents in law, brothers sisters, grandchildren or no more than two persons unrelated by blood or marriage.”
Believe it or not, it will be cheaper for us to pay the maintenance on the co-op than to pay the upper West side mouse infested college dorm that my daughter is living in right now.
Again, thanks for all your help!
If you own a coop, your proprietary lease should always be at hand. The answers to almost all coop issues reside within.
Move in and ask questions later sheesh. A direct family member does not have to ask permission.
Agree with everyone else that you should get a copy of the proprietary lease and confirm who qualifies as a resident vs. renter/subletter. Our co-op regulations are the same as the ones cited by Anon 1:26: immediate family members can occupy the apartment as long as the tenant shareholder is also an occupant. If the tenant shareholder moves out and wants to let the other family member live there, it requires board approval either as a sublet or (if longer than 1 year) as a transfer of deed to the other family member’s name. Since I’ve been in the building, our board approved one transfer of deed for a similar situation to yours, though the new family member did have to come up with a modified version of the board application, with financials and references, before the transfer was approved.
I do think it would be unwise to say you’re going to re-assume residency and then let your daughter gradually move in. That’s deceptive and WILL get you in trouble with the board when they find out (never underestimate the power of nosy neighbors in a co-op).
check the shareholder agreement. i just reviewed a SH agreement for a co op which stated that immediate family (which was defined to include granchildren) could live in the apt as long as the co op owner also lived in the apt at the time. SH agreements will differ- so check yours.
jeez, just ask pops to buy another place already!
forget board minutes..look at the proprietary lease.
Generally..family members are allowed…but its generally spelled out in the lease….
dont worry.
Ask the co-op board for access to the board meeting minutes for the past few years. This should give you a sense of the co-op’s procedures and policies and you may stumble on similar issues and how the board responded.