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Rental Basics in 10022 : Real Estate Advice

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  • Local Info0
  • Home Buying22
  • Home Selling7
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Activity 2
Mon Sep 15, 2014
Michael Druckman answered:
In Manhattan, the commission is paid by the landlord.
0 votes 11 answers Share Flag
Sun Jun 3, 2012
Charlie Summers answered:
Hi Grmanny, agreed with most of my colleagues - right of first refusal is generally only associated with condos (co-ops have the power to flat-out accept or reject; condos can only exercise ROFR) and is extremely rare.

To exercise ROFR a condo needs to either become the tenant or the buyer of the unit and therefore must both utilize funds held in reserve and then also dispose of the unit they've just rented or purchased on behalf of the building. I've heard of it happening just once in my entire career (it was in a very unique circumstance).
Charlie Summers, Bellmarc Realty 917-376-1648
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