A buyer is considering purchasing a unit in a Manhattan residential building. All of the following characteristics would indicate the property is a condominium rather than a cooperative EXCEPT:
Correct Answer
D) The buyer must be approved by a board of directors before purchase
Board approval for purchases is characteristic of cooperatives, not condominiums. Co-op boards typically interview and approve potential buyers, while condo purchases generally do not require board approval (though there may be right of first refusal provisions).
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Jennifer wants to sublet her Upper East Side apartment while she travels abroad for two years. She owns shares in the cooperative corporation and holds a proprietary lease. What approval process must Jennifer follow under New York co-op law?
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Robert is selling his cooperative apartment in Queens. The buyer's attorney requests to review the proprietary lease. What key occupancy right does this document typically grant to the shareholder?