Most people looking to buy an apartment in New York City know the basic trade-offs between a co-op and a condominium: the approval process and building rules are usually stricter with a coop, but co-ops make up a much bigger percentage of the city’s housing stock, and they tend to be
less expensive than condos. But once you dig into these differences, the comparison gets more complex.
Effective December 3, 2014, all residential leases must contain a notice in bold face type as to the existence or non-existence of a Sprinkler System in the Leased Premises. For most of us, the Leased Premises are the apartment which is the subject of the proprietary lease. If there is no sprinkler system in the apartment, this “Sprinkler Disclosure Notice” may be used. If there is a sprinkler system in the apartment, this must be disclosed in the notice and the notice must state the last date of maintenance and inspection.
The notice must be inserted into and made part of every proprietary lease, including any amendments that may be made in the future.
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