SUBLETS

LISTING BROKER – REPRESENTING OWNER’S LOOKING TO SUBLET

My name is Michael Roché, Real Estate Broker and Owner of Length x Width (formerly known as “Area New York”); a full-service real estate firm located in the Financial District. I have specialized in Lower Manhattan’s real estate market since 2004 and would be happy to share my knowledge and experience in real estate with you.

Coop sublets have a reputation for being the most difficult property to rent. Sublet’s can be time consuming (board approval), expensive (board & application 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.

In addition to over 20 years of experience as a real estate broker specializing in Lower Manhattan, I was born and raised in Southbridge Towers. This combination gives me a unique perspective that allows me to utilize my relationships with SBT management, maintenance, security, the board of directors, and longtime residents in order to provide the highest quality service to my clients.

Frequently Asked Questions

Q.  What is SBT’s Sublet Policy?

A. 

Please be informed that new 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). There is a monthly fee for subletting, which is 100% of the basic monthly maintenance charge of your unit for the first (1) years, 200% for the second (2) year. Shareholders who owned two units or more are not permitted to sublet.
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 – There is a monthly fee for subletting, which is 100% of the basic monthly maintenance charge of your unit for the first (1) year, and 200% for the second (2) year.

Example Year 1:  Monthly Maintenance: $700.00 x 100% = Monthly Sublet Fee of $700.00

Total Monthly Maintenance Including Sublet Fee = $1,400.00

Example Year 2:  Monthly Maintenance: $700.00 x 200% = Monthly Sublet Fee of $1,400.00

Total Monthly Maintenance Including Sublet Fee = $2,100.00

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. Prices also shift depending on the time of year (winter months yield lower rent prices and spring/summer months higher rent prices).

0-BR:   $2,500 – $3,200
1-BR:   $3,200 – $4,200
2-BR:   $3,800 – $5,200
3-BR:   $5,000 – $6,500

Q. Do I need to pay a broker fee to Sublet my apartment?
A.
It Depends. There are two ways to go about compensating the broker.
1) Owner Paid Fee: The owner of the apartment pays the broker fee which is typically 1 month’s rent. This would speed up the process of renting the apartment as most prospective renter’s would prefer not to pay a broker fee and many of the competing luxury buildings in the financial district compensate brokers meaning renter’s would not have to pay a fee.
2) Renter Paid Fee: The prospective renter pays the broker fee which is typically 1 month’s rent. Having the renter pay the broker fee works better in the summer month’s when there is more demand for rentals. It would take longer to find a renter as there are less total renter’s in the market prepared to pay a broker fee on top of first months rent and one month’s rent security deposit.
Michael A. Roché
Length x Width
Principal Broker
Phone: (212) 227-8281
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