SHAM CO-OP - "subleases" or no leases.
Pros
If you rent a courtyard facing unit you may have new/newish windows whereas renters facing street have drafty 100+ year old windows.
Cons
Landlord illegally removed unsold units out of rent stabilization and gives only "subleases" or no leases. Refuses to sell unsold units to tenants past and present. Building riddled with building code violations and repairs done mostly without permits.
FRAUD, INVALID LEASES, CRIMINAL ACTIVITY
Pros
Location on Manhattan.
Cons
Don't expect rent receipts or a valid lease. This 9 unit townhouse apartment building is riddled with building code violations and a landlords daughter "ghosting" as the buildings Managing Agent using and abusing Power of Attorney. This building has 43 noise complaints within two years (43 police visits), no front door locks, no intercom, no laundry, no door man, illegal and unpermitted work, HP Court Actions, two Criminal Trespassing charges and one Criminal Mischief charge against the landlords daughter. https://commentariesonnyrealpropertylaw.substack.com/p/evaluating-cooperative-legitimacy
Advice to the owners
Laws and building codes exist for a reason.
