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I currently live in a 8 building co-op complex in Queens. My daughter, who is looking to purchase a co-op in the same complex, found an apartment that she is interested in purchasing. She found an apartment that has been on the market for a long time now. Apparently, the apartment was purchased by an individual many years earlier with a parking space attached to it. My daughter loves the apartment but doesn't want to buy the parking space. The management mentioned that in order for her to purchase the apartment the parking space has to be sold beforehand. Nothing can be done unless the parking spot is acquired hence the long duration on the open market for that apartment. Is this even legally correct and what are my options in moving forward?
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I agree with Steven. I would contact management and directly ask if your daughter would have the right to rent out her parking space.
If they say yes, ask them to show her where in the Lease, By-Laws, or House Rules it says this.
If it actually says it, have her meet with real estate attorney to confirm this. If so, then could use that attorney since this seems to be the only possible sticking point.
In my co-op parking spaces are not attached to the apartment because they are so coveted, as Steven notes.
Good luck!
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I can't see any reason why it would *not* be a valid requirement. Co-op's were created with all sorts of covenants in their governing documents, and I bet the relationship of the parking spot to the unit itself can be found in the Proprietary Lease. You may have to go back to the Offering Plan, or the other documents like the Bylaws and House Rules.
As for being "legally correct", there is no law, governmental regulation, or section of administrative code I am aware of that addresses the relationship between a parking spot and a co-op unit. Parking spots are usually highly coveted, and shareholders can make a lot of money renting them out (if allowed by the co-op).
I am not a lawyer, so the above is all supposition on my part. If it really becomes a sticking point, your best bet is to consult with an attorney, or maybe try searching in Google for parking spot attachment to co-op apartments.
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