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Succession rights to Penn South apartments.

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  • Succession rights to Penn South apartments.

    A cooperator gave the attached to me about who is entitled to own a Penn South apartment if the shareholder of record passes away. It is 2 pages from a contract between PS and NYC.

    Cooperator said House Committee gave this out at a recent meeting.

    Seems like you have to be family + have been on income affidavit for at least 2 years + apartment is primary residence.

    I hope the attached is informative to all.
    Attached Files

  • #2
    Re: Succession rights to Penn South apartments.

    Thank you so much Sweeney41370 for posting this.. the 2 year period is for parents or adult children of the co-operator if he or she passes ... the document did not mention the 2 year period for the surviving spouse...

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    • #3
      Re: Succession rights to Penn South apartments.

      Originally posted by Mowgli-Steven View Post
      Thank you so much Sweeney41370 for posting this.. the 2 year period is for parents or adult children of the co-operator if he or she passes ... the document did not mention the 2 year period for the surviving spouse...
      Your welcome.

      You are probably right that there would be no waiting period for the "spouse"--you are a careful reader. In quotes because "spouse" is not capitalized and is probably not a defined term. I suspect thought that "spouse" could be interpreted to mean legally married, and so may not include what was once knows in NY as domestic partners.

      If you have any doubt about the rights of succession, you would be safest to write to PS management for verification. Or address the issue to you House Committee representative if you prefer to remain anonymous.

      ==============

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