New York Co-op Lawyer

Co-op Purchase and Sale Attorney Serving New York City

New York City has more cooperative apartments than any other city in the world. Co-ops account for roughly 75% of the housing stock in Manhattan and represent a significant share of residential units across Brooklyn, Queens, the Bronx, and Staten Island. Purchasing a co-op means buying shares in a corporation that owns the building and receiving a proprietary lease for your unit, a transaction structure fundamentally different from buying a house or condominium.

Every New York co-op transaction requires contract negotiation, due diligence on the building's financial health, preparation of a board application package, board review (and often an interview), and a closing where stock certificates and the proprietary lease transfer to the new shareholder. Sellers navigate flip tax calculations, managing agent coordination, and compliance with their building's transfer procedures. An experienced co-op attorney manages these requirements and protects your interests from offer through closing.

At Agarunov Law Firm, P.C., we represent co-op buyers and sellers throughout New York City. Our office is located at 30 Broad Street, 14th Floor, in Manhattan's Financial District, with convenient access from all five boroughs. Schedule a free consultation to discuss your New York co-op transaction.

Our New York Co-op Legal Services

Contract Review for New York Co-op Transactions

New York co-op purchase contracts allocate shares to the unit, assign the proprietary lease, and incorporate board approval contingencies that differ from building to building. We review every contract term to protect our client's position: financing contingencies, board approval deadlines, deposit structure, maintenance charge adjustments, and the allocation of closing costs between buyer and seller. For transactions at or above $1 million, mansion tax planning is addressed at the contract stage.

Board Package Preparation Across NYC

Board application requirements differ significantly across New York's co-op market. A Fifth Avenue building may demand exhaustive financial disclosure, personal and professional references, and a formal interview, while a building in Rego Park or Pelham Parkway may have a simpler review process. We help buyers across all five boroughs prepare organized, professional board packages that include tax returns, bank and investment statements, employment verification, reference letters, and any supplemental materials the specific board requires.

Building Financial Analysis for NYC Co-ops

When you purchase a New York co-op, you become a shareholder in the corporation that owns the building. The building's financial condition directly affects your monthly maintenance charges and the long-term value of your investment. We review the cooperative's operating statements, reserve fund balance, underlying mortgage terms and maturity dates, and any planned or pending capital assessments. Older buildings across the city face ongoing infrastructure costs for elevators, facades, roofs, and plumbing systems that can result in maintenance increases or special assessments.

Proprietary Lease and House Rules Analysis

The proprietary lease is the governing document for your occupancy of a New York co-op unit. It establishes your maintenance obligations, subletting rights (or restrictions), renovation approval process, pet policies, and the grounds on which the board could seek to terminate your tenancy. House rules supplement the lease with day-to-day regulations. We review both documents to flag provisions that could affect how you live in or manage your apartment, including subletting limitations that vary dramatically from one New York building to another.

Co-op Closing Representation in New York

New York co-op closings involve transferring stock certificates and assigning the proprietary lease rather than recording a deed. We attend every closing, verify financial calculations for maintenance proration, flip tax, managing agent transfer fees, and any applicable mansion tax, confirm that all documents are properly executed, and ensure the corporation's share ledger is updated. Our attorneys protect against errors that could delay or jeopardize the closing.

New York Co-op Sales Representation

Selling a co-op in New York involves contract preparation, flip tax calculation, managing agent coordination, and closing representation. We manage the legal requirements from listing through transfer, including any specific disclosure obligations or transfer procedures that your building's proprietary lease mandates.

What You Should Know About New York Co-ops

New York's co-op market is the largest and most varied in the country. Prices range from under $100,000 for units in outer-borough developments to tens of millions for apartments in Manhattan's premier buildings. Board selectivity spans a similarly wide spectrum. Some buildings conduct rigorous financial reviews with formal interviews, while others process applications with minimal scrutiny. The key variables that distinguish one co-op from another are the building's financial health (particularly its underlying mortgage and reserve fund), the proprietary lease terms (especially subletting and renovation rules), and the board's historical approach to buyer applications. An attorney who understands these dynamics can help you evaluate whether a particular co-op is the right investment before you commit.

Why New York Co-op Buyers and Sellers Choose Agarunov Law Firm

• Direct attorney access: your co-op transaction is personally handled by a licensed attorney, not delegated to support staff
• Centrally located: our Financial District office at 30 Broad Street is accessible from every borough by subway
• New York and New Jersey licensed: dual-state practice for clients with property or business interests across state lines
• Citywide experience: we handle co-op transactions across Manhattan, Brooklyn, Queens, the Bronx, and Staten Island
• Responsive communication: we return all calls and emails on the same business day