I have lived in my Manhattan H.D.F.C. co-op for over 7 years. When I first moved in, the Co-op president told me that I would have the option to purchase the unit(or shares) after 2 years. At this time, the price of the shares would have been small. When the time came, he put it off and told me next year. Since then he has given me a plethora of excuses but continues to renew the lease. By this time the housing prices skyrocketed in our neighborhood. I decided to purchase a house in NJ and sub-lease the apartment. I made sure that I discussed this with him before I started my house search and he said that it would not be a problem. He actually encouraged me. He said that he would continue to renew the lease and I could purchase the unit when I was ready in a couple of years. Now the two year lease is up and he is stating that I have to give up the apartment. First he told me that I probably would not be able to get a mortgage. After I solved that problem, he then told me that I couldn't because I owned a house in New Jersey. He said that it's the rule of the H.D.F.C.
Can someone please tell me if this is true? I don't believe him. I think that he wants to sell the apartment for a very high price or wants to give it to one of his kids. This is because he strung me along all of these years and then lied to me and told me that it wouldn't be a problem to sell it to me and now, he tells me this. Keep in mind that this is the 10th excuse that he has given me. The reason that I don't believe him is because I heard that he owns a few apartments in other H.D.F.C buildings. How come the "rule" would apply to me but not to him? I know that there is a rule where you cannot purchase more than one H.D.F.C. apt. and it applies to New York only. New Jersey is out of there jurisdiction.
Help Please!!
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