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Posted by Anna on June 01, 1999 at 14:57:09:

In Reply to: Breaking lease in a coop/rental building posted by Danielle on May 24, 1999 at 00:19:23:

Assuming you're in NYS: first, you need to know exactly what you're renting: when did you lease begin? after the conversion date? before? has the coop been declared effective?
Call or go to the Attorney General's office (Real Estate Finance Division?) to get the coop status & conversion date. If it is not effective or your lease began (or maybe even you signed the lease) before the effective date, the apt may be regulated: next step is to so check with DHCR, instructions on this board.

If the apt is stabilized, follow the advice for subletting that (and you'll probably be elligible to file an overcharge action too)

If the apt is really a sponsor-owned coop rental, subletting is controlled by the bylaws & the proprietary lease: usually, the sponsor has many many more rights & freedoms than real purchasers & is not controlled by the board. You probably can sublet or get out of your lease early: read your lease very carefully. Read the original bylaws & proprietary lease in the offering plan (required by law to be available at the sponsor's office), also available at the AG's office (you can copy the relevant pages too: $0.25 per page, personal check only, copy also the pages showing the names of the sponsor's principals & lawyers), also each purchaser should have one.

Then take all this information to a tenant group or a lawyer, $25 consult through NYSBA, or find one on your own: $150-200 consult, well worth six months rent!

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Comments:
: Assuming you're in NYS: first, you need to know exactly what you're renting: when did you lease begin? after the conversion date? before? has the coop been declared effective?
: Call or go to the Attorney General's office (Real Estate Finance Division?) to get the coop status & conversion date.  If it is not effective or your lease began (or maybe even you signed the lease) before the effective date, the apt may be regulated: next step is to so check with DHCR, instructions on this board.

: If the apt is stabilized, follow the advice for subletting that (and you'll probably be elligible to file an overcharge action too)

: If the apt is really a sponsor-owned coop rental, subletting is controlled by the bylaws & the proprietary lease: usually, the sponsor has many many more rights & freedoms than real purchasers & is not controlled by the board.  You probably can sublet or get out of your lease early: read your lease very carefully.  Read the original bylaws & proprietary lease in the offering plan (required by law to be available at the sponsor's office), also available at the AG's office (you can copy the relevant pages too: $0.25 per page, personal check only, copy also the pages showing the names of the sponsor's principals & lawyers), also each purchaser should have one.

: Then take all this information to a tenant group or a lawyer, $25 consult through NYSBA, or find one on your own: $150-200 consult, well worth six months rent! 


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