Listing Broker – Representing Owner’s Looking to Sublet
My name is Michael Roché, Real Estate Broker and Owner of Area New York; a full-service real estate firm located in the Financial District. I have specialized in FiDi’s real estate market for the past 15 years and would be happy to share my knowledge and experience in real estate with you.
Coop sublet’s have a reputation for being the most difficult propety to rent. Sublet’s can be time consuming (board approval), expensive (board & appilcation fees), and restrictive (2 years out of every 5 year period). A skilled, experienced broker can make all the difference when it comes to finding a quality tenant and coordinating the application and approval process.
Frequently Asked Questions
Q. What is SBT’s Sublet Policy?
A. Tenant-Shareholders are prohibited from subleasing their units for the first two (2) years of their ownership.
As per Southbridge Towers proprietary lease section 5.2, after the two (2) year period following the Shareholder may sublet the Apartment for no more than two (2) years out of any five (5) year period with a two (2) year gap period in between sublets. It is not allowed to sublet for less than one year (1) and not more than two (2).
Parents and children of shareholders can sublet indefinitely without paying monthly sublet fees; however, they must complete the initial sublet packet and be approved for residency.
Q. Are there any additional Fee’s associated with Subletting?
A. YES – Tenant-shareholders shall pay Southbridge Towers, Inc. a sublet fee in an amount equal to one hundred fifty (150%) percent of the annual maintenance then allocated to the Apartment, payable on a monthly basis.
Monthly Maintenance: $600.00 x 150% = Monthly Sublet Fee of $900.00
Total Monthly Maintenance Including Sublet Fee = $1,500.00
Q. How much money can I get if I decide to Sublet my apartment?
A. It depends. The figures below represent an estimate based on current market conditions. Rental amounts will vary depending on factors such as – building, floor, view and renovations.
0-BR: $2,200 – $2,800
1-BR: $2,900 – $3,800
2-BR: $3,900 – $4,800
3-BR: $4,500 – $5,000