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I wanted to see if anyone has a list/information regarding Coops that have liberal sublet policies (allowing for sublets from day one, etc.)? I tried searching for a list of buildings/developments, however, I was not able to locate one.
Streeteasy does allow you to search for keywords like 'unlimited sublet' however that's only limited to units that are for sale/have sold. If anyone has additional information, I would appreciate it.
There's probably no database of that. A lot will not publish there policies, and they don't have to.
Thank you for the response. I'm speaking with Compass to see if they may have an internal list that they can share. The other approach is to have my assistant give individual buildings a call to find out. Even then, I would have to identify those buildings.
Thank you for the response. I'm speaking with Compass to see if they may have an internal list that they can share. The other approach is to have my assistant give individual buildings a call to find out. Even then, I would have to identify those buildings.
Very few coops allow subletting as an inalienable right and most don't allow it at all. And even the ones that do allow it almost never make it clear what the rules are. They purposely keep things vague so that they can never get pinned down and accused of any kind of discrimination. You will get nowhere trying to call "individual buildings" to find out because buildings don't generally have phone numbers. With some effort you may be able to find a phone number for a coop buildings managing agent but they will always keep things vague and say that any decisions like that are always made by the coop board on an "individual basis".
Streeteasy and most real estate search engines frequently spit out erroneous info re subletting, pet policies, unit sq footage, etc. They cannot be relied on.
If the ability to sublet is paramount you would probably be better off looking at condos only. The whole point of coops is to maintain the ability to control a living environment and that means(among other things) the ability to keep some people out. Who and how they get kept out varies wildly from coop to coop depending on the culture of the building but make no mistake about it, each coop has it's own unique culture. A buyer should always investigate to understand the culture of a coop before buying.
Very few coops allow subletting as an inalienable right and most don't allow it at all. And even the ones that do allow it almost never make it clear what the rules are. They purposely keep things vague so that they can never get pinned down and accused of any kind of discrimination. You will get nowhere trying to call "individual buildings" to find out because buildings don't generally have phone numbers. With some effort you may be able to find a phone number for a coop buildings managing agent but they will always keep things vague and say that any decisions like that are always made by the coop board on an "individual basis".
Streeteasy and most real estate search engines frequently spit out erroneous info re subletting, pet policies, unit sq footage, etc. They cannot be relied on.
If the ability to sublet is paramount you would probably be better off looking at condos only. The whole point of coops is to maintain the ability to control a living environment and that means(among other things) the ability to keep some people out. Who and how they get kept out varies wildly from coop to coop depending on the culture of the building but make no mistake about it, each coop has it's own unique culture. A buyer should always investigate to understand the culture of a coop before buying.
The system won't allow me to give you rep points, however +1 from me when it'll be feasible.
You have highlighted some great points about Coops and their sublet policies. I'm looking for flexibility because I'm splitting time between NYC and Boston. For now, having a convenient place to stay in Manhattan makes sense however if my company's orientation changes or I end up exiting in a few years, then I'd like to retain the possibilities to rent it out or have family/friends stay there.
You are definitely right about condos providing additional flexibility and I'm definitely looking at them. The challenges are that condos are rather limited in Manhattan, and I actually don't mind the all-inclusive maintenance fees that coops charge.
I'm glad that you pointed out that StreetEasy and real estate search engines frequently have erroneous information. I'll have to verify with my agent each time.
Very few coops allow subletting as an inalienable right and most don't allow it at all. And even the ones that do allow it almost never make it clear what the rules are. They purposely keep things vague so that they can never get pinned down and accused of any kind of discrimination. You will get nowhere trying to call "individual buildings" to find out because buildings don't generally have phone numbers. With some effort you may be able to find a phone number for a coop buildings managing agent but they will always keep things vague and say that any decisions like that are always made by the coop board on an "individual basis".
Streeteasy and most real estate search engines frequently spit out erroneous info re subletting, pet policies, unit sq footage, etc. They cannot be relied on.
If the ability to sublet is paramount you would probably be better off looking at condos only. The whole point of coops is to maintain the ability to control a living environment and that means(among other things) the ability to keep some people out. Who and how they get kept out varies wildly from coop to coop depending on the culture of the building but make no mistake about it, each coop has it's own unique culture. A buyer should always investigate to understand the culture of a coop before buying.
I think it depends on where you are looking. When I was looking for coops in my old neighborhood, more than half of them (actually, maybe most of them) allowed subletting. However, I think I only saw one that allowed for subletting immediately once you bought it. So, I agree that if it's a requirement, the OP won't find many at all. Most that did allow subletting required that you lived in the place for at least a year, but for the most part, two years, before you could sublet. This was something I was explicitly looking for, since I didn't know if I would be relocating in the future. OP, if you are only looking in the city (Manhattan), then it will probably be a little more work to find this information out.
Usually when you are looking at coops, it's easy to find out. I never had an issue finding out. If I went to an open house or viewed a unit, it was something I was always told when asked. Some listings provide it as well if you're looking on Trulia or Zillow. But being able to find some kind of dedicated list? I agree---not going to happen. And how difficult it is really depends upon your building---my previous coop didn't give people a hard time about subletting, but I know the building across the street was a bigger PITA.
Large or even significant number of units for rent in a co-op (investor or owner) drives down prices. That is one reason why many co-ops either don't allow renting, have caps, other rules and this includes subletting.
Banks and others providing financing for co-op or condo units take into account careful consideration of units owned by investors and or rented out versus owner occupied. It will vary by institution but when number of units rented, sublet or whatever hits a certain point financing becomes tricky or even difficult to obtain.
Tudor City is a case in point; co-op units are very inexpensive in those buildings because of high number of units rented out. Again either via investors bought just for that purpose, or shareholders.
It varies by building of course, but higher up food chain one goes feeling is that people should be able to carry their apartment in city (be it a pied-a-terre or whatever) and still afford home or homes elsewhere without having to rent out the co-op unit.
Lower down you go into middle-class buildings boards tend to be more understanding of people either needing or wanting to make money.
By definition a co-op is meant to be a group of households that coming together to live "cooperatively". Where you have constant turn over of units every one or two years due to rental or sublet, that defeats its own purpose.
Thank you for the response. I'm speaking with Compass to see if they may have an internal list that they can share. The other approach is to have my assistant give individual buildings a call to find out. Even then, I would have to identify those buildings.
You're probably not going to get a definite list because what a building allows today may not be so tomorrow or next month.
Co-op boards pay attention to sales prices and value of units. If too many apartments are being sublet/rented and it begins to affect sales prices either of its own will or prompted by shareholders a board will have to act.
Problem with renters or sublet even in a co-op or condo the board isn't the landlord per se; but owner of shares or unit. This creates problems if tenant is causing problems or whatever, board can only go after shareholder/owner to force him/her to take action. In meantime you've got someone in unit totally pi$$ing others off.
In extreme situations a co-op board can act to oust a shareholder.
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