Co-ops can impose restrictions that make it difficult to use an apartment as a pied-à-terre, but it can also be challenging to keep track of how every shareholder is using their units, our experts say.
“Many co-op boards have a strong preference for owner-occupied units and may make efforts to advise prospective purchasers of their no pied-à-terre policy in the building,” says James Woods, Esq., managing partner at Woods Lonergan. “Once someone has been approved and living in the building, it tends to be a different situation, particularly when they are a tenant in good standing for an extended period.”
About the Author
James Woods, Managing Partner of Woods Lonergan, holds more than 25 years of experience in corporate, real estate, and business legal matters. His expertise in handling negotiations, litigation, jury trials, and all forms of alternative dispute resolution spans multiple areas, including corporate, real estate, and commercial litigation. James actively represents dozens of Cooperative and Condominium Boards and serves as counsel to many Corporate Boards. Prior to founding the firm, James proudly served as an Assistant District Attorney for Nassau County and handled both jury and bench trials. With experience that also covers sophisticated transactions and complex acquisitions, James also serves as counsel to several domestic companies in a range of industries and commercial arenas, including real estate, insurance, banking, transportation, and construction. If you have any questions about this article you can contact attorney James Woods through his biography page.
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