Legal Question in Real Estate Law in New York

Hi,

In a property that is owned by a corporation, and the people living in the separately built units are called "lessee" and the corporation is called "Lesser".

Is the "Lesse" considered the "owner" of the unit that he lives in? And who owns the property that the separately built unit lies on? Does that belong to the owner of the unit or is that also owned by all shareholders?

Which part of the property is considered common ground that all the shareholders own?

Thank you


Asked on 6/16/14, 7:25 pm

1 Answer from Attorneys
Kevin Connolly Kevin J. Connolly

It's impossible to answer this without reviewing the leases. This structure is common in cooperative housing corporations and in those the lessee of a unit is the "owner" of the property for most purposes. Property not granted in the leases would be the common ground.

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Answered on 6/19/14, 5:00 am


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