Co-op real estate lawyer Natalia Sishodia (https://sishodia.com/do-i-have-a-roof-rights-when-purchasing-a-penthouse-in-a-coop/) of Sishodia PLLC has published a detailed and insightful article titled "Do I Have Roof Rights When Purchasing a Penthouse in a Co-op?". This article aims to guide prospective penthouse buyers through the intricate aspects of securing exclusive rooftop rights in New York City's cooperative buildings.
Co-op real estate lawyer Natalia Sishodia highlights the challenges New Yorkers face in finding spacious living accommodations. "In a city where space is at a premium, securing roof rights can significantly enhance the living experience by providing much-needed outdoor space," says Sishodia. Her article entails the legal definitions and nuances surrounding rooftop access and exclusive rights, crucial for anyone considering a penthouse purchase in a co-op building.
Understanding the terms "appurtenant" and "adjoining" is essential when interpreting a co-op's proprietary lease, explains co-op real estate lawyer Natalia Sishodia. She references a key case, Rushmore v. Park Regis Apt. Corp., which clarified these terms. "The court's ruling distinguished between roof areas directly accessible from the penthouse and those above it, which can significantly impact a buyer's rights and expectations," Sishodia notes.
Co-op real estate lawyer Natalia Sishodia emphasizes the importance of thorough due diligence. "Prospective buyers must understand exactly what roof rights entail, as these can vary significantly," she advises. The article underscores the necessity for potential buyers to work closely with a knowledgeable attorney who can meticulously review offering plans, amendments, bylaws, board minutes, and financials.
According to standard proprietary leases in New York City co-ops, premises leased to shareholders include "rooms in the building as partitioned on the date of the execution of this lease designated by the above-stated apartment number, together with their appurtenances and fixtures and any closets, terraces, balconies, roof or portion thereof outside said partitioned rooms, which are allocated exclusively to the occupant of the apartment."
Sishodia elaborates on the significance of Paragraph 7 of a standard lease, which states, "If the apartment includes a terrace, balcony, or a portion of the roof adjoining a penthouse, the Lessee shall have and enjoy the exclusive use of the terrace or balcony or that portion of the roof appurtenant to the penthouse." The interpretation of these terms was pivotal in the Rushmore v. Park Regis Apt. Corp. case, where the court ruled that the roof above a penthouse was not an appurtenance necessary for the enjoyment of the penthouse unit.
Natalia Sishodia stresses that even if an offering plan indicates exclusive roof rights, buyers must clarify what this means during the due diligence process. "Access to the roof might require additional agreements and safety measures, such as licensing agreements with the co-op and construction of protective decks," she explains.
The article also compares condos and penthouses, highlighting the unique attributes and potential drawbacks of each. Penthouses offer exclusivity, high-end amenities, and privacy but come with higher costs and maintenance responsibilities. Conversely, condos are more affordable and practical but may lack the luxurious features and space of penthouses.
Natalia Sishodia concludes by emphasizing the role of a seasoned real estate attorney in navigating these complex matters. "At Sishodia PLLC, our goal is to empower clients by ensuring they fully understand their rights and options," she says. "We conduct thorough due diligence to help purchasers make informed decisions and achieve their real estate goals."
Prospective penthouse buyers and those interested in rooftop rights in co-ops can gain valuable insights from Natalia Sishodia's article, which provides a clear roadmap for understanding and securing these coveted rights.
About Sishodia PLLC:
Sishodia PLLC is a respected law firm based in New York City, well-versed in real estate transactions, including co-op and condo purchases. The firm is dedicated to providing personalized legal services, helping clients navigate the complex aspects of real estate with clarity and confidence. Sishodia PLLC is committed to empowering clients to achieve their real estate goals through thorough due diligence and tailored legal strategies.
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Email: natalia@sishodialaw.com
Website: https://sishodia.com/
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