Rentals in Upper East Side>Question Details

Rl, Home Owner in Upper East Side, New...

I wish to lease my condo & avoid submitting a board pckg through a very hostile board (towards me). Some realtors seem apprehensive going this

Asked by Rl, Upper East Side, New York, NY Wed Feb 8, 2012

route. The bylaws are not followed by the board members, and when applied they are done so selectivly.

Help the community by answering this question:

Answers

5
BEST ANSWER
RI,
If the rules of the coop are that a board package has to be submitted in order to rent your unit, there is no getting around it. You say that real estate agents are apprehensive of going around the board and not submitting one. The fact is, though, that they have no choice. An agent cannot rent out the condo and then have that renter be at risk of being put out by the board because procedures were not followed. Condos have what is called the right of first refusal. On a sale that means if they don't let you sell it, they have to buy it. For a rental, if they don't let you rent it, they have to rent it. No board wants to do that so they do have to issue a waiver of the right of first refusal, and in order to receive that, the proper application and back-up have to be submitted.
2 votes Thank Flag Link Sat Jun 2, 2012
In most Manhattan condo bylaws the board has "right of first refusal" They have the right of first refusal for both sales and leases of the condo units. They usually have a 20-30 day period that they can review the board package and either waive or exercise their right.

If they exercise their right then they have to place or find a tenant for you at the same rent and terms of a "bona fide" offer you submit to them in the board package or they have to waive that right and let you lease to your applicant.

For many reasons many Manhattan condos have "coop envy" these days and are slowly moving toward the co-op board model but they don't have the same power and control like a coop board.

Mitchell Hall
Lic. Assoc. R.E. Broker
The Corcoran Group
MHALL@corcoran.com
5 votes Thank Flag Link Sat Jul 28, 2012
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
Hi RI. Apprehensive? How about no, they're not gonna do it. Any resultant problem may impact them and the firm they are associated with. I don't know any broker who is going to risk their standing for a rental.

You say Condo. If your bylaws require the application, that is that. If they're hostile towards you, it makes me wonder why? Good luck.
1 vote Thank Flag Link Fri Jul 27, 2012
If you feel the board is ureasonably/unhustly hostile towards you, you may wish to consult with an attorney who specializes in real estate; as for the agents apprehension, unfortunately brokers could be held liable for any problems that may arise in such a situation....
0 votes Thank Flag Link Wed Feb 8, 2012
The reason we would be against doing this is that if the tenant gets into trouble with the board it will likely come back to be a problem for the broker. Since we must give honest and fair dealing with our clients and cusotmers, we would have to disclose that we are not complying with the board. I reccomend you get in contact with an attorney.
0 votes Thank Flag Link Wed Feb 8, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer