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License vs Deed for Apartment Storage Units in NYC

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  • License vs Deed for Apartment Storage Units in NYC

    I've seen some buildings allocate storage units to apartment owners as separate pieces of property, as in the storage unit has a separate deed. This to me seems more cumbersome, wouldn't you have to pay separate real estate taxes for starters on it?

    On the other hand, I've seen other buildings in NYC allocate storage units via a license. In this case the building I believe owns all of the storage units, and gives licenses out to the owners to use specific storage units. My guess is that this is much more efficient.

    In either case, my understanding is that a building may let owners swap storage units between themselves, but I doubt most would allow outsiders to come in and buy a storage unit.

    Any advice on what to look out for otherwise in terms of storage units when buying an apartment in NYC?

  • #2
    I've seen parking lots that are separately deeded, and I've seen parking lots show up in public records as separate transactions, but never storage units. My guess would be that the vast majority of condos and coops in NYC use the license method. The building owns all of the storage units and assigns or licenses a storage unit to each owner. Usually no swapping is allowed either.

    Though to be fair yes I've seen some new developments offer storage units separately, so it seems that it's possible to only buy a new construction condo but pass on the storage unit.

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