Why would they want to do this?
Most shareholders in the building have a loan. Often the building itself has an underlying mortgage. Those lenders are guaranteeing those loans based upon the shares of stock which are all tied to all the common property owned by the corporation. Are you with me so far?
So now the corporation makes a decision to no longer own a portion of the common property, thus devaluing the stock.
This is tricky business because those lenders may not agree to devaluing its property. There is probably language in the offering plan and by-laws that speaks to this matter.... more
Hello, to answer this question you would have to mention the area where you want to rent out an apartment. But for standard rates you can visit the nyc.gov website for the newest pay schedule.
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Weichert Realtors, H.P Greenfield... more