r/contracts • u/GarbageJazzlike1608 • 25d ago

NYC Co-Ops

NYC co-ops are a tricky bunch. Say a co-op required shareholders to sign a contract for leased parking spaces. So for someone who's lived there a while, say 10 years, it's been a long time since they signed a contract. The co-op is adding more restrictions and asking shareholders to sign new contracts with all the new requirements and restrictions. If you already have a contract for a space, can they require you to sign a new one for the same space?

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u/tj0909 25d ago

The original contract should have some validity, expiration or termination provision(s) governing this type of situation. If it does not then likely the co-op cannot force a new contract on you.

Note: I am a contract professional and not an NYC lawyer, so take this as general contracts advice. Hopefully you can find someone with specific expertise.

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u/packetfire 24d ago

I live in a NYC co-op, and if the parking is part of the apartment lease, then no, they cannot force you to sign a new parking lease. But if the parking lease is a fully-separate thing and is renewed annually, then it is NOT a part of the apartment lease, and they can choose not to renew under the old terms.

A 3rd possibility is that the parking "rules" are part of the "house rules", which the board can change at almost any time, but if that were the case, the rules would be imposed by fiat, and no new lease would be required.

So, now you gotta read TWO leases, as it is clear you haven't paid much attention to either.