Dennis Greenstein Quoted in The New York Times
“Imposing Limits on Co-op Sublets”

Dennis Greenstein was quoted in the real estate Q&A column of The New York Times on Sunday, November 27, 2009. The letter writer owns a co-op and sublets it. According to the letter writer, some years ago, the co-op board proposed a sublet fee of 5 perfect of monthly maintenance, which was ratified by a shareholders' vote. They wanted to know if it is legal for the board to now adopt a rule limiting the years an owner can sublet.

Dennis replied that setting a time limitation for sublets falls within the board’s discretion and may be adopted without the approval of the shareholders, even though the original fee was ratified by a shareholder vote. He noted, “If challenged by a shareholder, the courts will most likely defer to the decision of the board under the ‘business judgment rule.'"