Do you have any apartments for rent in your co-op?

Unfortunately, the co-op does not keep track of sublets or rentals while they’re being advertised for rent. Sublets and rentals are usually listed by the owners with rental or real estate agencies. The co-op Board gets involved only at the end of the process, when a shareholder seeks approval for a sublessee or tenant.

You should be aware that our co-op is trying to encourage purchases rather than rentals.

Since the sponsor gave up control of the co-op to the shareholders in 1997—read a history of the litigation—we have increased the proportion of shareholder-occupants from 38% to 97.3% (this number includes co-op-owned apartments, which financial institutions count as “occupied by shareholders”). The sponsor is no longer in the picture since 2002, when they sold their remaining apartments to the co-op.

The current occupancy statistics (as of 12/31/2018) are as follows:

Unit breakdown
(as of 12/31/2018)
14 Bogardus 31 Nagle 37 Nagle Total %
Owner-occupied 38 33 34 105 94.6%
Co-op-owned 2 0 1 3 2.7%
Investor/sublet 2 0 1 3 2.7%
Sponsor-owned 0 0 0 0 0.0%
Total 42 33 36 111 100%

We are aiming for an even higher proportion of owner-occupants—we dream of 100%. Owners tend to care more about the welfare of the buildings and their neighbors than do renters, and the presence of tenant-shareholders in the building make for a vital, exciting cooperative community, and a viable investment. To reach this goal, we will continue to pressure investors and sublessors to sell their apartments to bona fide tenant-shareholders, and the co-op will sell its three apartments (which are currently occupied by rent-stabilized tenants) to shareholders as they become vacant.