Our Co-op is a residential co-operative corporation called 7-11 East 13th Street Tenants’ Corporation, organized under the laws of the State of New York. Its operations are governed by federal, state and local law.
Each shareholder of the Co-op owns shares of stock in the Tenants’ Corp., whose major asset is a portion of the building located at 12 East 14th Street and 9 East 13th Street. Our building was built in 1889 and converted to a residential apartment building in 1980.
The Co-op is part of a condominium composed of the street-level commercial unit of the building (currently occupied by various retail outlets and rented from the commercial owner) and the upstairs residential apartments (the Co-op). Pursuant to a Proprietary Lease, to which each shareholder is a party, each shareholder may exclusively occupy one or more of the apartments in the Co-op. The Co-op has 37 apartments owned by shareholders, plus one commonly held apartment occupied by the building Superintendent.
The residents and shareholders of a Co-op share management responsibilities, working to maintain quality of life at reasonable costs. There is no “landlord” here. We are each other’s landlord. The Bylaws of the Co-op require the shareholders to elect a Board of Directors, referred to through this document as the Board. The Board manages the Tenants’ Corp. and is responsible for making decisions about the operation, rules, and management of the Co-op.
Two members of our Board of Directors also serve on the Board of the Condominium along with the representative from the owners of the commercial space.