NYC Co-ops That Don't Need Board Approval or Restrict Subletting

Updated Nov 3, 2026 · 5 min read

Short answer: They exist, but they're rare. Of the 339 NYC co-op offering plans we have in full text, 10 say in so many words that the board has no right to approve buyers, or that its consent isn't needed for a sale or lease. In those co-ops the board has only a right of first refusal (the right to buy the apartment itself at your price), like a condo board. There is no board interview or financial review of buyers. There's also a second, narrower exception in many more co-ops: apartments the sponsor still owns. In 128 co-op plans (38%), the developer (the sponsor), and anyone it sells its remaining apartments to as a "holder of unsold shares," can sell or rent out those apartments without asking the board. Everyone else in the building still needs board approval.

How Co-op Approval Normally Works

In a typical co-op, the proprietary lease (the lease each owner signs with the co-op) says no sale and no sublet without the board's consent:

“The Proprietary Lease of the Apartment Corporation prohibits the sublet, in whole or in part, of an Apartment or a parking space without the prior consent of the Apartment Corporation.”
Contello Towers No. 2 Corporation, 2740 Cropsey Avenue And 2015 Shore Parkway, Brooklyn · plan C240001, p. 13

That consent is where the co-op "income check" comes from. The financial requirements, such as minimum income, cash left after closing, or a debt-to-income limit, are usually board policy and aren't printed in the offering plan. A board can turn down a buyer or a sublet for almost any reason that isn't discriminatory. A condo board usually can't; it has only a right of first refusal (see condo vs. co-op).

Co-ops Whose Plans Say the Board Can't Approve Buyers

Co-op	Filed	Type	Where the plan says it
201 East 23rd Street Apartment Corp.201 East 23rd Street, Manhattan	2024	New	C240002, p. 19
450 Washington Street Owners Corp. F/K/A 34 Desbrosses Condominium450 Washington Street, Manhattan	2019	Conversion	C190004, p. 65
Two Ten Warren Owners Corp.210 Warren Street, Manhattan	2019	Conversion	C190005, p. 862
400 East 84th Street Owners Corporation400 East 84th Street, Manhattan	2019	Conversion	C190006, p. 77
Brooklyn Point1 City Point A/K/A 138 Willoughby Street, Brooklyn	2016	New	C160008, p. 18
Chatsworth Realty Corporation340-344 West 72nd Street, Manhattan	2013	Conversion	C130004, p. 35
Azure333 East 91st Street, Manhattan	2007	New	C070002, p. 42
Mark Hotel Owners Corp.25 East 77th St, Manhattan	2007	New	C070010, p. 30
48 Bond Street48 Bond Street, Manhattan	2006	New	C060007, p. 6
419 West 55th Street Corporation419 West 55th Street, Manhattan	2003	Rehab	C030005, p. 8

All but one are in Manhattan, and all were filed since 2003: new buildings and conversions sold to investors and owners alike. The plan for 48 Bond Street puts it plainly:

“Under this Plan, the consent of the Board of Directors of the Apartment Corporation is not required for any sale or lease of an Apartment, which is a right cooperative boards traditionally have but which condominium boards do not.”
48 Bond Street, 48 Bond Street, Manhattan · plan C060007, p. 6

The 2019 conversion plans for 210 Warren Street, 450 Washington Street and 400 East 84th Street use the same words, and add that owners don't have to live there:

“The Board has no right to approve or disapprove purchasers and neither the Proprietary Lease nor By-Laws contain a requirement that such purchasers be owner-occupants.”
Two Ten Warren Owners Corp., 210 Warren Street, Manhattan · plan C190005, p. 862

Two of them, 201 East 23rd Street and Brooklyn Point, are co-ops set inside a condominium, so the leasing rules come from the condo's by-laws. Those still set a lease term:

“Leases of Residences, other than Unsold Residences, may not be for terms shorter than one (1) year or longer than five (5) years. The Residential Board does not have the right to approve or disapprove purchasers, and as a result, there is no limit on the number of owners who may purchase a Residence for investment rather than for personal occupancy”
201 East 23rd Street Apartment Corp., 201 East 23rd Street, Manhattan · plan C240002, p. 19

The catch: these are the rules on the day the plan was filed. Shareholders can amend a proprietary lease, and boards add policies. Check the current lease and house rules, and read the amendments (see co-ops that changed their rules in amendments).

Unsold Shares: Sublet Without the Board

In most co-op plans, especially conversions, the shares the sponsor hasn't sold are "unsold shares," and their holders don't need the board to sell or sublet:

“Sponsor and any Holders of Unsold Shares may sell or sublet any of their respective Unsold Apartments without restriction or limitation.”
Independent Lic Owners Corp., 42-14 Crescent Street, Queens · plan C180003, p. 10

That right can pass to whoever buys the unsold shares from the sponsor, depending on the plan's wording, which is why some co-op listings advertise "sponsor unit, no board approval." Read the plan's section on holders of unsold shares, and ask whether the seller actually holds them; once unsold shares are resold to an ordinary buyer, they usually become regular shares.

Owner-Occupancy Floors

Some co-ops go the other way and tie subletting to how many owners live in the building:

“No subletting will be approved if at the time of application for subletting or at any time during the proposed term, the OOP for the Building is below 80%”
Westview House Condominium, 595-625 Main Street, Manhattan · plan C150002, p. 946

Co-ops With Income Limits Instead

HDFC co-ops have an income check of the opposite kind: a maximum household income, set by the building's regulatory agreement, and often strict sublet and resale rules. See what an HDFC co-op is.

What to Check

Search the plan for "approve or disapprove purchasers" and "right of first refusal."
Read the proprietary lease's assignment and sublet paragraphs, and the current house rules.
For a sponsor apartment, confirm the seller holds unsold shares and what rights pass to you.
Lenders still underwrite you, and some won't lend in buildings with many renters.
Search "right to approve or disapprove purchasers" on The Condo Book Project to read the wording in other plans, or look up a co-op's plan in the Attorney General's database (how).

FAQ

Are there NYC co-ops with no board approval?

Yes, a few. 10 of the 339 co-op plans we read say the board can't approve or reject buyers and has only a right of first refusal. They're listed above.

Can I rent out a co-op apartment?

In most co-ops, only with the board's consent and under its sublet policy. In the co-ops listed above, and for apartments held as unsold shares, the plan says the board's consent isn't needed.

Do these co-ops check my income?

Not through the board, according to their plans: a board that can't approve buyers can't impose a financial review. Your lender will still check your income if you take a mortgage.

What is a holder of unsold shares?

The sponsor, or someone who bought shares from the sponsor and was given the sponsor's rights under the plan. Holders of unsold shares can usually sell and sublet without board consent.

Is a co-op without board approval the same as a condop?

No. A condop is a building split into condo units, one of them owned by a co-op. Some co-ops on this list are set up that way, but a co-op can also simply waive board approval in its proprietary lease.

Where this comes from: the 339 NYC co-op offering plans (plan IDs starting C or CC) that The Condo Book Project has in full text, searched for wording that the board has no right to approve purchasers, or that its consent isn't required for a sale or lease, and for wording that holders of unsold shares may sublet without consent. Each count is a floor: plans that say the same thing in other words aren't counted. Quotes are from the plans, with their PDF page. This is general information, not legal advice. Updated November 2026.