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How to sublet my HDFC coop in Harlem

Started by hoovers1mom
almost 10 years ago
Posts: 0
Member since: Sep 2014
Discussion about
A lot of my neighbor's are subletting & we got a new board pres who may be sympathetic to it. My husband and I may need to move out of the city for school and job changes(which are reasons for legal sublet). So we would go to the board to say reasons why we are subletting. The only issue is price. Can we get away w charging close to market for our property? We have a two BR, 1.5 bath, 1100 sqft apt w washer dryer in unit, in an elevator building. I was hoping on getting $2500 which is still below market, but over 10% what we pay($1790). How does one do this without alerting the authorities? We live in central Harlem below 125th st close to where the new Whole Foods is going in. So it will be a hot yuppified neighborhood before too long. We would do it for two years.
Response by callahan
almost 10 years ago
Posts: 37
Member since: Nov 2014

Are you East of Lexington ?
West of Frederick Douglas Blvd ?

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Response by streetsmart
almost 10 years ago
Posts: 883
Member since: Apr 2009

From what I understand it is totally illegal for any HDFC co-op to allow subletting. It defeats the purpose of HDFC ownership. If you own an HDFC it must be your primary residence. Good luck.

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Response by semerun
almost 10 years ago
Posts: 571
Member since: Feb 2008

It is true that an HDFC apartment is intended to be a primary residence. That said, get to understand the regulatory agreement or monitoring agreement that your building signed. This will help you identify whether you can sublet the apartment or not, and if so- the term (generally for not more than 2 or 3 years) and the rental rate. If an HDFC does allow you to sublet- it's not going to be anywhere close to market rate- it would be a specific ratio, which might cover most of the maintenance -but it would be extremely rare to see anything remotely close to market rate (and there is a high likelihood it wouldn't even cover your monthlies).

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Response by kmbroker
almost 10 years ago
Posts: 116
Member since: Jan 2008

Many HDFC's allow subletting for 1 or 2 years only, but have a surcharge that they add for this. Call your managing agent and find out the rules for your building

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