Co-ops & Proprietary Leases
A proprietary lease is a lease given by a cooperative corporation that provides the share owner with the right to live in a particular unit or apartment. In a cooperative apartment building, the lease that the corporation provides to the shareowners allows them to use their apartment unit in accordance with the terms and rules specified.
Proprietary leases give the cooperative corporation many rights and powers. These powers include the right to cancel or terminate a shareholder's proprietary lease under certain circumstances. Usually, such termination can occur when a shareholder violates an important aspect of the lease such as failure to pay monthly maintenance or other rules of the cooperative.
In recent years, courts have allowed cooperative corporations to use this authority to cancel leases and, essentially, evict the apartment owner. These issues are very complex and it is advisable to obtain an attorney to assist you on any occasion when termination of a proprietary lease is involved.
I have represented both cooperative corporations and unit owners in matters relating to proprietary leases. I work closely with my clients to assist them to achieve their desired result.
For personalized attentive service, please call (212) 355-2575 or e-mail