Home Buying in New York>Question Details

Mike, Home Owner in New York, NY

I just joined a co op in NYC and I own 11 percent of the shares in a 4 unit co op. Now, they want everyone to pay an equal share of the maintenance.

Asked by Mike, New York, NY Wed Aug 14, 2013

Essentially, the co op wants me to pay 25 percent of the maintenance even though I only have 11 percent of the co op shares ( I have the smallest apartment in the basement). Can they do this? They proposed to base the maintenance charges on square footage (which will also increase my maintenance). Is this legal and can I stop it?

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Answers

7
Yes, in most cases need 2/3 shareholders vote. Your Co-op is unique, with only 4 shareholders. Read the proprietary lease and the by-laws thoroughly. You will find what can be changed and how.
0 votes Thank Flag Link Sat Aug 17, 2013
I bought into a co op. I read the lease and it said that maintenance is allocated by shares (I own 11 percent) but the tenant I spoke to wants to change the policy to each unit paying 25 percent. Can the proprietary lease be changed? He seems set on doing this.
0 votes Thank Flag Link Sat Aug 17, 2013
Your question is not very clear. By "just joined" do you mean you bought 1 unit of a 4 unit Co-op or you live in 1 unit of a 4 unit building which just got converted in to a Co-op? Before you spend money on a lawyer, read the by-laws and the proprietary lease thoroughly. If it does not define maintenance charges being based on number of shares than you are out numbered 3 to 1 to win a legal battle. And if you loose, Co-op can impose their legal fees on you too. Try to resolve it amicably, there are only 4 of you!
0 votes Thank Flag Link Fri Aug 16, 2013
The question can best be answered by an attorney, therefore consider a consultation--have all related documentation reviewed and go from there.....
0 votes Thank Flag Link Thu Aug 15, 2013
Maintenance is usually based on the amount of shares you have from my experience. Unfortunately, all coops are run similarly but different in some ways. Hopefully your attorney can help you.

Chris
0 votes Thank Flag Link Thu Aug 15, 2013
I think you need to consult with your attorney. Each Coop board establishes the bases for the common charges. Your attorney should be able to assist you with this information.

Best of luck.
0 votes Thank Flag Link Thu Aug 15, 2013
Essentially the maintenance is for common areas of the building and the buildings upkeep which you all share equally so in theory it is fair for you all to pay equal amounts. Also, this should have been address before closing the sale of your co-op, consult the attorney who assisted you in purchasing, he should be familiar with the terms you agreed to.

Best wishes,

Alajuwon J Aleem
0 votes Thank Flag Link Wed Aug 14, 2013
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