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NYC Sublease Agreement for a Coop Apartment

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.

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.

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Sample introductory letter for a NYC sublease agreement

Shareholder
[Address]
New York, NY 10001

September 21, 2017

Re: Apt. 1A, Sublet Application, [Address], New York, N.Y. 10001

Dear Shareholder:

Enclosed please find a Sublet Application for the referenced apartment. Also enclosed is a set of riders which must be made a part of your sublease. Please attach a copy of the proposed sublease, letters of reference from each of the prospective subtenants’ employers (including income verification), current Landlord, three additional letters of reference for each of the prospective subtenants and a completed copy of the attached Lead Base Disclosure form.  Please include a letter from your mortgagee consenting to the sublet. Please return a complete Sublet Package via e-mail to [Email Address] together with an application fee payable to [Building Management Company] in the amount of $290 plus $45 for each prospective subtenant to cover the cost of credit checks, a check in the amount of $1,100 made payable to [Cooperative Corporation] representing the ‘Move In/out’ fee of which $200 in non-refundable and a $20 check payable to Cash for the doorman on duty and a $40 check payable to Cash for the superintendent.

Interviews are held once monthly on the date of the Board’s meeting. The date of each meeting is determined shortly before.

Please keep in mind that, should your sublet request be approved, the cooperative imposes a sublet fee of $240 per month for studios and one bedrooms and $375 per month for two bedroom apartments. The corporation requires that subtenants maintain renter’s insurance; proof of coverage will be required prior to moving in.

Attached are the rules for moving into and out of [Address]. Please read them carefully.

Very truly yours,

[Building Management Company]

Bob Manager

As Agent for [Cooperative Corporation]

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Sample moving policy for a NYC sublease agreement

Shareholders
[Address]
New York, N.Y. 10001

Re: Moving Policy, [Address], New York, N.Y. 10001

Dear Shareholder:

To limit the inconvenience to you and the other residents of the building, as well as to protect the corporation against any loss resulting from damage to the building’s public areas or property, the Board of Directors has adopted the following policy to the House Rules & Regulations regarding moving:

Move-ins and move-outs must be scheduled with Dylan [Phone Number] at least 48 hours in advance of the move. The elevator will have to be prepared with protective mats to protect the cab. Move-ins and move-outs must take place between the hours of 9:00am and 4:30pm. The people moving in or out will be obliged to pay a fee of $50 to the Superintendent for his time.

A deposit of $900, of which $225 is non-refundable, is required of everyone moving in or moving out to indemnify the corporation against any loss resulting from damage to the building’s public areas or property. This includes Shareholders and subtenants of Shareholders. After the move, an inspection will be conducted. If any damage is noted, the cost of the repairs will be deducted from the deposit and the remainder will be refunded. If the damage exceeds $230, the additional amount will be billed to the Shareholder.

Sincerely,

[Building Management Company]

Bob Manager

As Agent for [Cooperative Corporation]

Sample terms of a NYC sublease agreement for a coop apartment

RIDER ATTACHED TO AND FORMING A PART OF THE SUBLEASE DATED       BETWEEN  ____________________ AS OVERTENANT AND                                                                 AS UNDERTENANT FOR APARTMENT  1A    IN PREMISES LOCATED AT [Address], NEW YORK, N.Y. 10001

1. This Sublease Agreement shall at all times be subject and subordinate to the Proprietary Lease between [Cooperative Corporation], (“Landlord” herein) and (“Overtenant” herein). Undertenant agrees to comply with all rules and regulations of [Cooperative Corporation] including, but not limited to, those rules and regulations concerning occupancy, use of the demised premises, subletting, pets, and unreasonable noise.  Any breach of such rules and regulations and/or the Proprietary Lease shall also constitute a breach of this Sublease Agreement, entitling Overtenant to all remedies for default as provided for in the Overlease, a copy of which has been made available for inspection by Undertenant. Undertenant hereby agrees that the Landlord’s Board of Directors and/or its managing agent is hereby vested with the legal right to commence legal actions or proceedings against Overtenant and/or Undertenant, jointly and/or severally, in the event Undertenant shall be in default of any terms, conditions or warranties contained herein.

2. Undertenant shall make no alterations, changes or improvements to the demised premises. This is a material obligation on the part of Undertenant herein, causing any breach thereof to constitute a substantial and material breach of this Sublease Agreement entitling Overtenant to all remedies for default as provided and contained in the Overlease, a copy of which is annexed hereto and incorporated herein.

3. Undertenant may not sublet the demised premises without the prior written consent of Overtenant and Landlord, which may be withheld by Overtenant and/or Landlord for any reason or for no reason whatsoever.

4. It is understood and agreed that the building in which the Premises rented is located is owned by a Cooperative Corporation, and is not regulated by any form of local or state rent control or rent stabilization. Thus, Undertenant understands and agrees that Undertenant has no statutory right to any renewal Lease, and any such renewal Lease which may be offered shall be on such terms and conditions as Overtenant may wish in Overtenant’s sole discretion, subject to obtaining from Landlord written consent thereto.

5. It is further understood and agreed that no loud noise shall emanate from the Premises rented that might cause discomfort, annoyance or disturbance to any person residing in the building in which the Premises rented constitutes a part or in any nearby building.

6. In the event Undertenant shall change or install any lock or any other type of security device in the Premises rented, Undertenant shall, at his/her sole cost and expense, supply Overtenant and Landlord with a copy of all such keys and instructions necessary so that Overtenant and Landlord, and their respective agents, may have physical access to the Premises rented at all times.

7. Undertenant may not keep any of his/her personal property in any of the public areas of the building in which the Premises rented constitutes a part without having first obtained the written consent of the Landlord.

8. Undertenant agrees at his/her sole cost and expense to comply with all present and future laws, orders, and regulations of all State, Federal, municipal and local governments, departments, commissions, and boards, relating to the collection, sorting, separation and recycling of waste products, garbage, refuse and trash (hereinafter referred to collectively as “recycling rules”) in to such categories as provided for by law, and in accordance with the rules and regulations adopted by Landlord for the sorting and separation of such recyclable materials. Landlord reserves the right, where permitted by law, to refuse to collect or accept from Undertenant any waste products, garbage, refuse or trash which is not separated or sorted as required by law.  Where permitted by law, Landlord reserves the right to require Undertenant to arrange for such collection of unseparated or non-household garbage at Undertenant’s sole cost and expense, utilizing a contractor satisfactory to Landlord.  Undertenant shall pay all costs, expenses, fines, penalties, or damages which may be imposed upon Landlord or Overtenant by reason of Undertenant’s failure to comply with the provisions of this Paragraph.  Further, Undertenant shall indemnify and hold Landlord and Overtenant harmless, including reasonable legal fees and expenses, from and against any actions, claims and suits arising from such Undertenant’s noncompliance with this Paragraph, utilizing counsel reasonably satisfactory to Landlord.  Undertenant shall also be liable for any cost, expenses and disbursements, including attorneys’ fees, incurred by Landlord in the commencement and/or prosecution of any actions or proceedings by Landlord against Undertenant, predicated upon Undertenant’s breach of this Paragraph.

9. In the event the Overtenant shall at any time default in the payment of rent or additional rent due Landlord (commonly referred to as “maintenance”), the Landlord may, at its option, so long as such default shall continue, demand and receive from the Undertenant the rent due or becoming due from such Undertenant to the Overtenant, and apply the amount to pay sums due and to become due from the Overtenant to the Landlord. Any payment by the Undertenant to the Landlord shall constitute a discharge of the obligation of such Undertenant to the Overtenant, to the extent of the amount so paid. The acceptance of rent (and/or maintenance) from the Undertenant shall not be deemed to consent to or approval of any subletting or assignment by the Overtenant, or a release or discharge of any of the obligations of the Overtenant to the Landlord, except to the extent of crediting to the Overtenant’s account the amount so paid by the Undertenant to the Landlord.

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Sample NYC sublease agreement for a co-op apartment

APPLICATION FOR SUB-LEASE | COOPERATIVE

Premises  Address:

Unit:                   Monthly Rent:

Proposed Commencement Date:

Proposed Termination Date:

Applicant’s Name:

Social Security Number:

Date of Birth:

Present Home Address:

Telephone:                             E-mail:

Years at present address:

Present Landlord:

Telephone:

Previous Home Address:

Length of Occupancy:

Previous Landlord:

Telephone:

Employer:

Telephone:

Position:

Date of Employment:

Annual Salary:

Other Sources of Income:

Amount of Other Income (per annum):

Bank:                                        A/C#

Branch:

Names of all persons who will reside in the apartment and, if children, state number and their approximate ages:

Names of all clubs and society memberships, fraternities and honorary societies to which applicant belongs:

Schools and colleges attended by applicant, co-applicant and children:

Names of all residents in the building known by applicant:

Do you intend to use the premises in any way for business purposes?

If so, explain:

Do you intend to harbor any animals in the premises?

Do you make any claim to any form of diplomatic immunity?

If so, explain:

Are you a party in any litigation?

Are there any lawsuits or judgments against you?

Are you the guarantor to any debts or obligations?

If the answer to any of the above three questions is affirmative, please use a separate sheet to explain the circumstances.

Please give any additional information which may be pertinent or useful:

In case of emergency contact:

Name:                                  Home Telephone:                                 Work Telephone:

Relation:

The undersigned has filled out the information sheet below and understands that this information is essential in considering this application. [Building Management Company] and its agents are hereby authorized by the undersigned to perform a credit check upon each applicant and perform a search of each applicant’s public records. The undersigned agrees that such information, including but not limited to the credit check, can and will be forwarded to the Board of Directors of the cooperative corporation to which this application is made.

Date:                                    Signature:

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.

NYC Sublease Agreement for a Coop Apartment

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.

NYC Sublease Agreement for a Coop Apartment
  • 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.

Disclosure: Hauseit and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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