Effective April 1, 2003, any shareholder wishing to sublet his or her apartment must own and have resided in the apartment for a minimum of two years prior to submitting a request to sublease.
A sublease may be for a term of one (1) year renewable only on approval from the Board of Directors annually. An apartment may be sublet for no more than five (5) years (approval is required upon each year’s renewal). After the 5-year period, the shareholder will not be allowed to sublet for a minimum of two years prior to requesting to sublet their apartment again.
The following fees will apply
|Year 1||15% of the annual maintenance|
|Year 2||20% of the annual maintenance|
|Year 3||25% of the annual maintenance|
|Year 4||30% of the annual maintenance|
|Year 5||35% of the annual maintenance|
Upon approval of the subtenant, you will be charged the appropriate sublet fee (as listed above) which will be payable to 32 Gramercy Park Owners Corp. This sublet fee will appear monthly on your maintenance bill for the duration of the sublet.
The Board, upon application, will entertain an extension beyond the five year limit for an additional two years on a case by case basis. The fee would remain at 35% of the annual maintenance. Download the application below.
Please allow four (4) weeks for the processing of your Sublease Requirements. If you would like to have your prospective tenant move in by the first of the month, the package should be submitted the beginning of the prior month to allow time for processing.