New York  |  Real Estate Law

Legal Question

Asked on: 6/11/13, 5:38 pm

Can a parent transfer her ownership of her coop apartment in New York, NY to two siblings as a gift while she remains living in it?

1 Answer

Answered on: 7/09/13, 5:16 am by Philip Katz

There is no legal reason why the parent cannot do this. A coop apartment is a unit of space that a person resides in by virtue of their owning shares in the corporation and a proprietary lease that gives them the right to live in a specific apartment. The entire coop building or buildings are run by a Board, and they typically retain the services of a managing agent, superintendent and other experts to manage day to day operations of the building. The Board members also make the rules for who can own shares and leases, and what requirements must be met by all applicants who seek to purchase stock in the cooperative.

For this reason, the answer to your question will be determined by what the Board rules are for stock and lease transfer, and whether or not the Board will approve the transfer and your proposed arrangement.

Good luck.

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