I won the bidding war but my real estate attorney just found out this co-op unit has a proprietary lease expiration date in 2037. They did not suggest that I move forward if expiration date within a 30yr window.
What should I do now? I like the unit but don't know what will happen after proprietary lease expires.
167 Perry Street #5J NYC
167 Perry Street #5J New York, NY 10014
So, you'd still own shares in the co-op, but your lease to of rights to that particular space expire? This makes no sense to me. But then,co-ops are rare around here. I'm curious to learn more about how this works...
it's most likely that it would be renewed but I would have the seller speak to the board and have your attorney check with the managing agent. It's always a risk as it's their word only.
It's shocking that this was not disclosed at the outset. I don't know how you could be expected to make an educated offer without knowing about the lease expiration.
The outcome could be financially catastrophic. Please ask your real estate attorney to explain all of the potential consequences. You could literally lose your entire investment.
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