should coop share allocations change if one gives up roof rights
I bought into a small (11 unit) coop recently which has a somewhat entrenched and never changing board.. When I bought I saw that my apt had the roof rights with it in the offering plan, the president then told my lawyer that these had been given up, I was fine with this as it…
I bought into a small (11 unit) coop recently which has a somewhat entrenched and never changing board.. When I bought I saw that my apt had the roof rights with it in the offering plan, the president then told my lawyer that these had been given up, I was fine with this as it was not advertised as having roof rights. However recently I have realized that I have more shares then other apartments in the same line, 20% I think, and am on the top floor of a walk up. I realize that this is because the apartment had the roof rights, it appears that when the roof rights were returned to the coop there was no share reallocation. The couple was very old who owned the unit and obviously did not negotiate anything. Is there any legal recourse I have in this situation. It means my maintainance is actually about 150 more then others in the same line and I feel that the head of the coop, who has been head for 30 years was not really bona fide in this instance, or is this just something that I have no ability to contest at this point.
Thanks
Yeah, what they said.
Of course you’re walking a fine line with your new neighbors here so there’s that to consider. You’re getting exactly what you bought but if it were me I’d certainly ask the questions –
When were the roof rights given up, and how? It’s possible someone said “I don’t want the roof rights” at a meeting but that’s not giving them up. Something somewhere has to override the offering memo, which is a decent sized lawyerly task in most co-ops.
And if they were given up, was the maintenance dropped as a result? Again, goes back to the offering plan for how the percentages were calculated in teh first place but certainly a good assumption to think you’re paying extra because of your valuable roof rights.
God luck!
the roof rights are valuable – dont take his word that these were given up.
insist on when and where it was documented in writing that an owner fo the property gave them up.
the 20% more you are paying in maintenance is worth these exclusive rights.
I would get a lawyer. If you have exclusive roof rights start enforcing them. If the coop wants you to give them up, they should compensate you for them. Sounds to me like the coop board president thinks something happened, but nothing actually did. A verbal agreement and verbal assertions are not worth as much as the written agreement that is the offering plan. I understand that amendments to offering plans have to be filed with the state Attorney General’s office, but I could be wrong and your lawyer should be able to tell you. Unless you have a fantastic view or a much larger apartment, the higher the apartment in a walk up, the lower the maintenance should be.
SOunds like there definitely been reallocation of shares in this case… you’ll need a good atty well versed in coop issues.