When you buy into a co-op, you’re not purchasing a piece of property or unit in a building. You’re buying shares in the corporation that owns the building, and you’ll receive a stock certificate instead of a title, as you would with a condo. A proprietary lease permits you to live in your unit.
As a co-op shareholder, your monthly maintenance fee covers such shared expenses as building and property management and maintenance, real estate taxes, professional services for the corporation, and some utilities. If you own a condo, your monthly association fees do not include real estate taxes — you are responsible for paying taxes on your own unit — and may not cover all shared expenses, such as capital replacement projects.
The monthly maintenance fee includes professional building and grounds management and maintenance; heat, water, gas, sewer, and trash; front desk concierge, live-in building manager, dedicated maintenance staff; legal and accounting services related to the apartment cooperation; capital reserve funds; and the underlying mortgage and property taxes.
The apportioned building real estate taxes and mortgage interest for each unit may be tax-deductible, depending on each owner’s personal situation.
You’ll purchase shares in Rockcliffe Apartments Owners, Inc. and will be provided with a stock certificate and a proprietary lease to occupy your apartment indefinitely. The number of shares assigned to each apartment is primarily based on the unit’s square footage and floor location. Monthly maintenance is based on the number of shares you own.
Share price is specific to a unit’s sale; the share price for any Rockcliffe apartment equals the sale price after closing, divided by the number of shares allocated to the unit.
The Rockcliffe is managed by a professional property management company that reports to the Board. A seven-member Board of Directors, composed of shareholders who are elected by their fellow shareholders, governs the Rockcliffe in accordance with the laws of the State of New Jersey, and as defined in the Rockcliffe Certificate of Incorporation, Proprietary Lease, and By-Laws.
Shareholders may volunteer to serve on Board advisory committees and are free to attend Board meetings, where the business of the corporation is conducted and voted upon by the Board. In accordance with the By-Laws, yearly elections for open Board positions are held at the Annual Meeting.
Up to two cats are allowed at The Rockcliffe.
Subletting is allowed after three years of ownership, with Board approval.
Currently, no more than six units may be sublet, and other restrictions apply. The full Sublet Policy and Application Procedures for subletting are available upon request from Taylor Management Company.
The Rockcliffe provides fee-based indoor and outdoor parking. The monthly fees are — $35 for outdoor parking and $60 for garage parking. There may be a waiting list for garage parking. Bicycles may be parked in the garage for free.
Garage parking spots and storage units do not transfer, but they may be requested at closing. There may be a waiting list for one or both.