New York Tenant Rights FAQ's

What is the difference between a co-op and a condo?

Owning a condo is similar to owning a house. You own a piece of real estate and you receive a deed to the property. Co-op owners don’t own real estate. They own shares of stock in a corporation that owns the building and they receive a proprietary lease for their apartment.

What do I need for the co-op board?

The following is a partial list, and further details are available from your Citi Habitats agent. Co-op boards require a purchase application, financial statement, three letters of personal reference, two financial letters of reference, a letter from a present landlord, employment verification letter, business letters of reference, copies of the last three years' income tax returns, a credit search, lead paint disclosure, and financing information.

If I buy an apartment, can I sublet when I want?

Most co-operative apartments have limitations on subletting. Very few allow you to rent without restrictions. Some don't allow sublets for any reason or will let you sublet for a limited amount of time, provided you have already lived there for a specified amount of time. Sublets are available for up to two years, at which time you would have to sell or move back into the apartment. With the strength of the marketplace, most Manhattan co-ops have tightened policies or eliminated the entire process. In order to raise revenue and discourage subletting, some buildings charge fees to the owner in addition to the standard application fees, while some buildings also charge a monthly fee calculated as a percentage of the maintenance. In a condo, you have the right to rent at any time, although virtually every condo building in New York has recently tightened its policies, including raising the fees charged to the owner of the condo. Many condos now require the subletter to fill out a complete application disclosing financial and credit information in order to rent from an owner in the building.

How much of the maintenance in a co-op is tax deductible?

A portion of the maintenance is used to pay real estate property taxes. Co-op buildings receive one tax bill for the entire building. Each shareholder pays a proportionate amount of the building's taxes, and the portion of the maintenance that is used to pay the real estate property taxes is 100% tax deductible.