What is a Sublease Agreement for a Coop Apartment in NYC?
How onerous is a typical NYC sublease agreement for a coop apartment in NYC? Will the co-op sublet application demand as much information as the dreaded co-op board package in sales?
Cooperative apartments, simply known as co-op’s, are a unique feature of the housing market in New York City. Coops differ from condos in that the co-op board has absolute authority in many aspects of a co-op apartment owner’s life, especially when it comes to the ability to sublet (i.e. rent out) their apartment.
As you can see from the sample co-op sublet application below, the information requested of a potential renter is almost as onerous as the demands made of someone purchasing a co-op apartment. This makes sense from the co-op board’s perspective as one of the primary reasons co-ops still exist is because certain New Yorkers are very particular about who their neighbors will be.
As a result, prospective tenants and tenants’ agents will have to do a lot more work to rent a co-op apartment vs a condo apartment or an apartment in a 100% rental building. The complexity and additional work involved is often a turn-off for tenants’ agents and they will typically avoid showing co-op apartments to their rental clients unless absolutely necessary.
Comparison to requirements of purchasers in the same co-op
Please attach the items described on the following page and return the completed Purchase Package via email to [Email Address], and one hard copy together with an application fee payable to [Building Management Company] in the amount of $350, plus $40 per applicant for a credit check. Please — we cannot accept incomplete applications. Interviews are held once monthly on the date of the Board’s meeting. The date of each meeting is determined shortly before.
- Executed copy of the contract of sale
- Copy of the commitment from the lending institution
- Statement of net worth
- Copy of the mortgage application
- Copy of the applicant(s)’s two previous years tax returns
- Copies of bank statements — at least 2 consecutive months
- Copies of pay stubs for at least two consecutive pay periods
- Copy of any brokerage or 401k statements
- A letter of reference from the applicant(s)’s employer
- A letter of reference from the applicant(s)’s current landlord
- Three additional letters of reference.
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