Towers on the Park

leasing permitted after 1 year of ownership; i heard that only 2% of units are rented. i would guess there is low turnover because most residents don't want to leave.

That is misleading. That board did not read the by-laws. Owners were permitted after the city subsidizes expired (2010 ish?). The board that changed that were not qualified and misled sellers, buyers since. As I had personally hired counsel to explain the by-laws to them. The 1 year occupancy was voted under fraud (as that board never disclosed renting was available)
They are now trying to make this condo a co-op by proposing a 2 year occupancy then a 6 out of 10 year rental,as a lot of unit owners have been here since the condo was built and irony of all ironies, they want to prevent unsavory people to live here (their opinion, no back up)
It's probably going to court

I can't imagine who would want to lower the value on their apt. by going coop.

After all, this co-do is still much much better than those CO-OPs controlled by the SOBs

Any updates regarding the "coop" conversion? I see the case of the 1 year to sublet was taken to the court and the board won. Is the board still pushing the 6 year sublet limit?

Streeteasy- I am not new to StreetEasy Talk- been on this board for many, many years with lots of postings- approve me already! My username is UptownSpecialist.

You can absolutely sublet from Day 1 - it's just very expensive to do so. I have sold in the building- and the 1 year to sublet rule is nullified if you are willing to pay 1 year worth of common charges that the building requires if you sublet prior to 1 year of ownership.

That said- the purchaser board package and the subletter's board package is somewhere around 125 pages before you add anything personal. Granted a lot of it is informational, but it's by far the longest purchaser application I have ever encountered- condo or co-op. This alone can discourage buyers and subletters from moving forward.

No 6 year sublet limit. What they do have is a 125 page purchaser and sublet application and the board requires new buyers to put up 1 years worth of common charges in escrow. If the apartment is sublet prior to the end of the 1 year period- then the board keeps the funds in escrow as part of a sublet fee. If it's not- the owner gets the money held in escrow back.