Posted by Anna on July 04, 2000 at 17:01:27:
In Reply to: CO-OP or not CO-OP posted by Troy ODendHal on July 04, 2000 at 04:14:03:
: I have just rented an apartment that is in an eight unit building. The Owner claims that it has been brought to the Co-op market but then said the tenant successfully fought it. DHCR has the address in the Database with a complaint number on it. The GUy at the DHCR Office in Brooklyn ( Angel) said it should be registered but it is not. I have sent the wife to the Records room at the Municipal Building,and I am awaiting the return. all the units in the building are rentals and no apartments have been sold as co-ops and I did not meet with board,does anyone know whatis going on? Anyone? HELP! I think I am being swindled!
In a non-eviction plan, a co-op can be declared effective with only 15% of the shares allocated to the apartments purchased by 'bona fide purchasers' which means people who live in or intend to live in the apartment. In an eight-unit building, this could be 1.2 units or if they use shares or square feet, 1 larger-than-average unit. Once converted, all previously occupied rent stabilized or controlled apartments remain regulated only until the conversion tenant vacates: then they become free-market apartments. Call or go to the Office of the Attorney General, Real Estate Financing Bureau to find the status of any building's co-op conversion. There is some general information online, but no building-specific data: http://www.oag.state.ny.us/realestate/realestate.html
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