Sponsor owned apartment has ruined my renovated bathroom!!!!

Idlewild wrote: [quote=Ben][quote=brooklynpotter]8 units. we own the building, but there are still three tenants leftover from the coop switch. so, really, it's a cost split between 5 people.

none of us know anything about tenant laws, and i'm the only one with real any knowledge of buildings and infrastructure...so, we need someone/a company. but these guys are on their last leg with us

So who owns those 3 units? Are these sponsor owned? Each unit should pay it's share and that share should be paid by whoever is collecting the rent from these people.

If they are owned by the coop and the 5 of you are the only ones with shares in the coop you may want to consider selling the units to someone else. This way you won't have to deal with any LL/tenant issues as you won't be the LL anymore. This will also raise capital for the building that can be used to pay down the underlying mortgage, make improvements, etc.

That may not be true. From what I understand about coops every owner has a stake in each other's apartment. This is why when you sue a coop it's the coop as a whole not just one offending unit. All the shareholders are landlords regardless of who wons how much of a majority.

we all have stakes, yes. but each xx amount of shares makes up 1 board vote. three apartment's worth of shares, three votes.

brooklynpotter wrote:
we own them, and they have rent stabilized tenants in them. we could sell them--if anyone would buy them, and i don't know why they would because these tenants aren't going anywhere. yes, we've offered the tenants large sums of $$ to move out. and even if someone bought them, they that person becomes the largest shareholder.

There are investors who buy these. It's a long term play that eventually the apts. will be vacated and they will get their profit then. Of course the sale price is usually nothing near what the market value would be if they were vacant.

Ben wrote: [quote=brooklynpotter]
we own them, and they have rent stabilized tenants in them. we could sell them--if anyone would buy them, and i don't know why they would because these tenants aren't going anywhere. yes, we've offered the tenants large sums of $$ to move out. and even if someone bought them, they that person becomes the largest shareholder.

There are investors who buy these. It's a long term play that eventually the apts. will be vacated and they will get their profit then. Of course the sale price is usually nothing near what the market value would be if they were vacant.

i can't see these apartments as properties an investor would want: all tenants are young (50s), healthy, and have adult children living with them. it's likely they'll want to hang onto their 2-bedrooms 1/2 a block from the park till they're carried out in boxes. hell, i would.