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 18 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. 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. Shareholders are NOT permitted to sublet for less than one year (1) and not more than two (2). Shareholders who own more than one unit 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: $600.00 x 100% = Monthly Sublet Fee of $600.00
Total Monthly Maintenance Including Sublet Fee = $1,200.00
Example Year 2: Monthly Maintenance: $600.00 x 200% = Monthly Sublet Fee of $1,200.00
Total Monthly Maintenance Including Sublet Fee = $1,800.00
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: $2,500 – $3,200
1-BR: $3,000 – $4,000
2-BR: $3,800 – $5,200
3-BR: $5,000 – $6,200