When Can Holder of Unsold Shares Apply for Increase?

Landlord asked the DHCR if the holder of unsold shares in a cooperative building can apply for and receive MCI increases for building-wide improvements. In an opinion letter, the DHCR stated that generally the managing agent of a cooperative corporation must file an MCI application on behalf of the corporation and all proprietary lessees, including sponsors and holders of unsold shares. Occasionally, the DHCR has permitted the holder of unsold shares to file but only when the cooperative or condominium can't or won't file, or permits the holder of unsold shares to do so.

DHCR Opin. Ltr. by Charles Goldstein (3/10/98) [2-page document]