Shareholders may submit an application to sublet their apartment only after completing the mandatory FIVE-YEAR period of residency, which requires a shareholder and/or authorized immediate family member to have occupied the apartment as a primary residence for a minimum of five years following date of purchase. Apartments which remain vacant following purchase and apartments used as a pied-a-terre are not considered occupied, and subletting may be restricted beyond a five-year period until the residency requirement has been fulfilled in the sole discretion of the Board of Directors . The following guidelines apply to all requests to sublet.
- Prior to soliciting prospective subtenants, shareholders must submit a request to the Property Manager’s office, which will review whether a) the residency requirement has been fulfilled, b) the shareholder account is current and 3) whether the shareholder has violated any provisions of the Proprietary Lease, House Rules and other policies of the corporation. No request to sublet will be approved if the shareholder’s account is not current in all charges, or if the shareholder has failed to comply with the residency requirement or any provisions of the co-op governing documents, including but not limited to the Proprietary Lease, House Rules or other policies.
- If the shareholder has met these requirements, subtenants may be sought. Sublet Applications are available for downloading. Allow at least four weeks for a response on a COMPLETED application.
- All sublet applications are subject to Board of Directors approval without exception. All potential subtenants must be interviewed by the Board. Moving into an apartment is not allowed prior to or on the day of the Board interview. Violation of this provision is grounds for rejection of the sublease application.
- All new subleases must be for a minimum two-year period. Renewals must be for a minimum of one year. Subleases must contain a No Smoking and No Pet provision. A copy of the sublease must be provided as part of the application.
- No application will be approved unless the Superintendent verifies that keys to all entry doors and locks have been deposited in the Lock Box in the Superintendent’s Office.
- As a prerequisite to approval of the sublet or renewal application, the Co-op reserves the right to inspect the condition of the apartment upon reasonable notice to the shareholder.
- Violation of House Rules or other co-op policies is grounds for suspension of subletting privileges at any time.
Sublet Fee/Administrative Charges
1. The annual Sublet Fee is:
- $12.00 per share through December 31, 2021
- $13.00 per share 1/1/2022 – 12/31/2022
- $14.00 per share 1/1/2023 – 12/31/2023
- $15.00 per share 1/1/2024 – until further notice.
The total fee must be paid upon approval of the application. Thereafter, the sublet fee will be billed annually on the anniversary date of the sublease.
2. Administrative charges for processing applications, imposed by the Managing Agent, must be paid directly to them.
3. Sublet fees are neither refundable, nor will they be prorated. In the event that a subtenant vacates a unit unexpectedly within the first six months of the subtenancy, the Board, in its sole discretion, may apply a partial credit toward the shareholder’s next sublet fee depending upon the facts and circumstances.
- Sublease renewals are subject to Board approval and can be denied for any reason. If the subtenant is eligible to renew, the shareholder will receive a letter in advance from the Managing Agent, asking whether (1) the sublease will be renewed, or (2) a new subtenant will be sought, or (3) the shareholder intends to occupy the unit. It is the shareholder’s responsibility to respond in a timely fashion, furnish documents and pay appropriate fees to avoid imposition of an illegal sublet fee.
- Violation of House Rules or related policies by the shareholder or subtenant, as well as unpaid charges on the shareholder account, will be considered grounds for rejection of an application to renew a sublease.
- Posting of an annual sublet fee and payment by the shareholder do not constitute Board approval of the renewal, which can only be obtained in writing from the Managing Agent. Such fees will be removed and/or credited back to the account if the renewal application is rejected.
- All subtenants are required to comply with the applicable provisions of the Co-op’s governing documents, including but not limited to the Proprietary Lease, House Rules and other policies.
- Failure to comply will result in termination of the sublease and potential revocation of subletting privileges.
- Any occupant of an apartment who has not been authorized to occupy the unit in accordance with the terms of the Proprietary Lease and/or applicable law is considered an illegal subtenant. This includes, but is not limited to, guests who exceed the time limit provisions of the Unaccompanied Visitor Policy.
- An illegal sublet fee of $2500.00 (twenty-five hundred dollars) will be assessed to the account of any shareholder who allows occupancy of an apartment in violation of the Proprietary Lease or without complying with the provisions of this Sublet Policy.
- TRANSIENT OCCUPANCY OF ANY UNIT FOR A FEE IS STRICTLY FORBIDDEN AND SHALL BE GROUNDS FOR THE ASSESSMENT OF FEES AND TERMINATION OF THE SHAREHOLDER’S PROPRIETARY LEASE.