Sublet Policy

Sublet Guidelines

Shareholders are eligible to apply to sublet their apartments after completing the mandatory three year residency requirement, which calls for the shareholder or immediate family to occupy the unit for three years following date of purchase. For purposes of this Sublet Policy, apartments which remain vacant following purchase are not considered occupied and subletting will not be allowed until the residency requirement has been fulfilled. Apartments used as a pied-a-terre may likewise be restricted until the residency requirement has been met at the Board's discretion.

The following guidelines apply to all sublet applications:

  • All sublets are subject to Board of Directors approval without exception. All potential subtenants must be interviewed by the Board. Moving into an apartment is not allowed prior to or on the day of the Board interview. Violation of this provision is grounds for rejection of the sublease application.
  • No application to sublet will be approved if the shareholder is not current in all maintenance charges or has failed to comply with any provisions of the co-op governing documents, including but not limited to the Proprietary Lease, House Rules or other policies.
  • No application will be approved unless the Superintendent verifies that a key to all entry door locks of the apartment has been deposited in the Lock Box in the Superintendent’s Office.
  • All subleases must be for a minimum two-year period, renewable annually thereafter.  Subleases must contain a No Smoking and No Pets provision.  A copy of the sublease must be provided.
  • As a prerequisite to approval of the sublet application, the Co-op reserves the right to inspect the condition of the apartment upon reasonable notice to the shareholder. 

Sublet Fee/Administrative charges

The annual Sublet Fee is $12.00 (twelve dollars) per share. A one-year fee must be paid upon approval of the application. Thereafter, the annual fee will be billed as applicable. Administrative charges for processing applications are imposed by the Managing Agent, MGRE, and must be paid directly to them. Sublet applications can be downloaded at www.MGRE.com.

Renewals

Sublease renewals are subject to Board's discretion and can be denied for any reason. If the subtenant is eligible to renew, the shareholder will receive a letter from the Managing Agent, asking whether (1) the sublease will be renewed, or (2) a new subtenant will be sought, or (3) the shareholder intends to occupy the unit. It is the shareholder's responsibility to respond in a timely fashion, furnish documents and pay appropriate fees in order to avoid imposition of an illegal sublet fee.

Refund of Sublet Fee

Sublet fees are neither refundable, nor will they be prorated. However, in the event that a subtenant vacates a unit unexpectedly within the first six months of the subtenancy, the Board, in its sole discretion, may apply a credit of 50% of the sublet fee paid toward the shareholder’s next sublet fee. No more than two such credits will be granted to any shareholder.

Subtenant Compliance

All subtenants are required to comply with the applicable provisions of the Co-op’s governing documents, including but not limited to the Proprietary Lease, House Rules and other policies.    Failure to comply will result in termination of the sublease. Please refer to the House Rules for additional information regarding moving in or moving out.

Illegal Sublets

An illegal subtenant includes any occupants of the apartment who are not authorized to occupy the unit in accordance with the terms of the Proprietary Lease and/or applicable law. This includes, but is not limited to, guests who exceed the time limit provisions of the Unaccompanied Guest Policy. An illegal sublet fee of $2500.00 (twenty-five hundred dollars) will be assessed to the account of any shareholder who allows occupancy of an apartment in violation of the Proprietary Lease or without complying with the provisions of this Sublet Policy.

Adobe PDFDownload Sublet Application Packet from MGRE

 

Adopted: 1997
Revised: 2014, 2015

   
   
   
   
   
   
   
   
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