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We have unused basement space - under lock and key. it used to be an apartment many years ago.
We would like to convert it to a playroom. The sponsor claims ownership is may be selling it. The offering plans says the sponsor only has claim to one apt in the basement. He has already done that that by leasing a second basement apt to the coop for a bike room. CAN THE COOP LAY CLAIM TO THE LOCKED APT?
The offering plan states, " the sponsor is expressely reserving to itself or designee, the right to alter or rehab said basement apartment as well as the right to create one or more basement apts..." and, " the sponsor may alter such wtihtout permission from the coop plus , once done, he may be present a letter from a brokerage firm stating how many shares are to be issued for said apt. " The offering plan then goes on to say there are unissued shares of the corp. which will then be issued to this space.
That sounds like the craziest offering plan. I do Nyo see how it was approved. I have reacd a lot of articles here land Cooperator that state once a plan is approved it ,the # of shares per apartment cannot be changed.
The apartment the shareholders are using for a rec room sounds like shared space, like a hallway or terrace, there are no shares for that.
I thought when the plan is approved 100% of the shares had to be accounted for,there is no changing of shares after the plan is in effect,especially like your saying. I am surprised the sponsor is allowed to lease common space ,used for bicycles.
I am not a pro inanyvfields. However I can smell a scam,fake paperwork,,or the AG office is robo stamping the plans approvals.
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at the time of converison so the coop can incorporate them in the future. For example, if the coop sells hallway space and has to assign shares. In the case mentioned above, the coop is not yet using the basement space - it is just sitting there. wasted. The sponsor also does not charge to lease the bike room space - there is a monthly storage fee which goes into general funds.
Sounds you you need to speak to an attorney who is familiar with co-op laws and regulations.
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I just noticed that the offering plan does not say the sponsor may sell these apartments.
It says he can rehab and alter them. Anyone out there delt wiht this and can you send details?
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