Like most co-ops, our building limits shareholders’ ability to sublet. A sublet, which is defined as anyone other than you living in your apartment for more than 30 days, is permitted for no more than three of every five consecutive years, and when you propose to sublease the apartment you must provide a completed sublet application and pay any sublet application fee required. And there is additional maintenance to pay: 10% for the first year of the sublease; 20% for the second; and 30% for the third. Illegal subletting is subject to financial penalties.
A sublet is defined as follows
- occupancy of an apartment for more than one month
- in the shareholder’s absence
- by persons other than those permitted to occupy the apartment pursuant to paragraph 15 of the Proprietary Lease (or as provided by law).
Because the presence of subletters in the building can cause problems, including difficulty obtaining financing for shareholders, other purchasers and the Co-op, the following rules govern subletting:
- All subtenants and subleases must be approved by the Board prior to the commencement of any sublease;
- The shareholder proposing to sublease the apartment must provide a completed sublet application in the form required by the Co-op and pay any sublet application fee required.
For reasons of security, lifestyle, and New York law, it is COMPLETELY FORBIDDEN to rent out apartments for short terms via popluar apps such as AirBnB, VRBO, or any other forum that the board or the management company identify. Doing so will result in a fine for each day of the prohibited rental.