QUESTION

Is there a way to go around or fight particular rulings of a Coop Board in a Coop apartment building? I know it's vague but please see details.

Asked on May 20th, 2017 on Real Estate - New York
More details to this question:
Hello! I bought a co-op apartment in the Bronx in 2007 and lived there until 2015. I then got transferred to California because of a job. In 2011, I bought the apartment adjacent to mine to have a bigger space for my family. It did not materialize because I became too busy. In 2012, I sublet the apartment so I can have the money to pay for the maintenance fees and mortgage. In 2014 the Coop Board passed a ruling that the maximum years to sublet an apartment is 3 years starting 2014. On July 2017, I have to let go of my tenant. The other ruling is that if the owner vacate the apartment, he/she has 3 years to sell it. My apartment that I bought in 2007, I have to sell it by 2018 because I left in 2015. The adjacent apartment that I bought in 2011, I have to sell this year. Otherwise, the Board will take over the apartments. Is there a way to keep my apartments? If I only knew that these rulings will be imposed, I would have not bought my apartments in that building. Thanks.
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1 ANSWER

Estate Planning Attorney serving New York, NY
1 Award
The board cannot "take over" an apartment unless your lease is terminated in a court proceeding.  Whether these issues are grounds for termination depends upon how the rules were imposed. 
Answered on May 20th, 2017 at 4:06 PM

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