Robert's proprietary lease for his cooperative apartment is about to expire. He is concerned about losing his right to occupy the unit. How long do proprietary leases typically run in New York cooperatives?
Correct Answer
A) 99 years or perpetual duration tied to share ownership
Proprietary leases in New York cooperatives typically run for 99 years or in perpetuity, lasting as long as the shareholder owns the cooperative shares. The lease is not a traditional rental arrangement but rather a permanent right tied to share ownership.
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Lisa is explaining the difference between cooperatives and condominiums to her client. What document do cooperative purchasers receive instead of a deed?
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Jennifer inherited 200 shares in Central Park Cooperative from her grandmother along with the proprietary lease for apartment 12A. She wants to understand her inheritance tax implications. How are cooperative shares treated for tax purposes in New York?