victoria 7 east 14th street

You are looking to buy a co-op and among your first questions is if you can rent it out?

It doesn't matter as co-op boards can easily change their minds about liberal sublet policies and frequently do. Also, I lived right near there on 14th and almost lost my mind because of the ambulances and firetrucks. It is super loud. Stay off 14th.

Try http://streeteasy.com/nyc/building/25-west-13-street-new_york facing 13th St.

Subletting is permitted.

I believe there are limitations on renting. It may be 1 out of 3 years, or something similar. Call one of the listing Brokers, they probably know the exact answer. It happens to be a good building, especially the higher floors have views and are high enough over the street that you don't hear 14th. The location is perfect and doorman/laundry/parking. Underrated bldg (for the record I am not a resident or owner in the Victoria).

There was a sell off over construction noise and loss of light due to the New School building. Now that the building more or less complete that hysteria should be over. Thus you might get resistance using comps from a couple years ago.

i plan to live there but would like the option to rent out if I ever decide to leave nyc.

Bigmoviebuff

There is a sublet of a sponsor unit that I showed a previous client and the seller's agent made it clear the owner is willing to take offers to buy. I believe there is no board approval for buyers with this unit. I'm not sure what the option to rent would be but I can find out for you.

Let me know if you'd like more information.

Eric Detelich
Nestseekers International
ericd@nestseekers.com

I currently own in the building and below is my recollection of current subletting rules.

As a general matter, subletting is allowed, but it is subject to board approval and sublet fees. If I recall correctly, the fee is 10% of rent in the first year, 20% in the 2nd year and 30% in every year after. The fee resets back to 10% if you move back in and re-sublet.

However, if you purchase a unit directly from the sponsor (does not require board approval), you would be subject to different rules that allow unlimited subletting without board approval and without fees (aside from a sublet application fee).

As someone mentioned before, the board could potential change these rules.

>i plan to live there but would like the option to rent out if I ever decide to leave nyc.

Why not sell?