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Q. What is the difference between a co-op and a condominium
community?
A. When you purchase a co-op, you become a shareowner in the 2077
Tenants Corporation, obtaining the number of shares assigned to the
dwelling unit you are purchasing. In turn, 2077 Tenants Corp. provides
you with a Proprietary Lease for your apartment. Sales and purchase of
condominiums involve a transfer of deed from seller to buyer.
Q. What is a “Proprietary Lease"?
A. The Proprietary Lease spells out the terms under which 2077 Tenants
Corporation grants its shares to tenant-owners. It incorporates
shareowners’ obligations, including payment of maintenance charges and
fees, and your agreement to abide by The Pembroke’s “House Rules.”
Q. Is there an advantage to owning a co-op or condo?
A. It depends on the purchaser’s preference. Since they are owners of
their units, condo owners generally are liable for more expenses than
co-op owners, who share the cost of maintenance, taxes and operating
expenses for common areas among shareowners. Condominiums tend to be
more expensive than co-ops, although monthly maintenance is usually
lower because of a lower level of basic maintenance service provided by
condo associations as compared with cooperatives like The Pembroke.
Co-op and condominium owners enjoy essentially the same tax breaks as
home owners.
Q. Do I need approval to purchase an apartment at The Pembroke?
A. Yes. Our admissions committee reviews all applications to ensure
prospective tenant-owners meet our guidelines for financial
qualification, including ability to pay monthly carrying charges
(maintenance, fees and assessments) and mortgage obligations. We do not
discriminate on the basis of marital status, religion, race, national
origin or sexual orientation.
Q. How is The Pembroke governed?
A. The Pembroke bylaws establish a Board of Directors consisting of
seven members who serve overlapping 3-year terms. Annual elections are
conducted in May.
Q. Can I sublet my apartment?
A. Under special circumstances shareowners who have lived in The
Pembroke for a minimum of two years may sublet their unit.
Q. What about renting my apartment to a family member?
A. The Pembroke Proprietary Lease, which will be provided to you upon
application, covers all terms and rules for occupancy.
Q. How do I find out about current vacancies?
A. Consult the “Available Units” section of our website or contact one
of our sponsor
Real Estate Firms
Q. How much does the typical apartment cost?
A. Unit prices range in price according to number of bedrooms, exposure,
floor and market fluctuations. But you can be certain that with the
available amenities, prices will be lower per square foot as compared
with Manhattan luxury co-ops.
Q. Do you permit dogs?
A. No.
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