Legality of owning two co-ops?

Started by Hello

almost 5 years ago

Posts: 9

Member since: Oct 2009

Discussion about

I would like to possibly have a co-op in NYC and one in California (both would be closet-sized). I know many co-ops say you have to be a primary occupant (at least until you’re allowed to rent it out). If you are allowed to rent one out, does that mean you can buy another? Do I need to ask for bylaws in each or should I just assume the purchases are not allowed? (It’s confusing as I have seen ones you can sublease immediately. And an agent at one building said buying two co-ops in the building (not to combine into one place) was ok. I don’t plan to rent them out. I know a condo is better for this but it’s too too pricey, and freestanding homes are not feasible for me. Thanks.

Response by KeithBurkhardt

almost 5 years ago

Posts: 2988

Member since: Aug 2008

You can simply ask if the co-op allows pied a terres. There's nothing illegal about owning two co-ops.

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Response by Hello

almost 5 years ago

Posts: 9

Member since: Oct 2009

Thanks!

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Response by front_porch

almost 5 years ago

Posts: 5321

Member since: Mar 2008

I own two co-ops. You just have to make sure that you're upfront about which is your primary residence, and which is your secondary residence, and that -- as Keith said above -- that the secondary residence place is okay with pieds-a-terre.

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Response by INTBuyer

almost 5 years ago

Posts: 150

Member since: Apr 2013

Not a legal issue, if that’s what you’re wondering. However, each co-op is its own little fiefdom with its own rules that you’ll have to abide by. Most co-ops don’t like second homes or investment properties but once you’re in there’s little they can do.

Legality of owning two co-ops?

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