Southbridge Towers FAQ

Southbridge Towers offers incredible value in the heart of Lower Manhattan, with attractive pricing and low monthly maintenance fees. Nestled between the Civic Center and Financial District, Southbridge Towers consists of 1,650 apartments spanning four 27-story towers and five low-rise buildings.

Click the sections below to explore important co-op policies at Southbridge Towers, including the sublet policy, pet policy, flip tax, and discounted parking for residents.

Sublet Policy

New shareholders at Southbridge Towers are prohibited from subleasing their units for the first two (2) years of ownership.

As per Southbridge Towers proprietary lease section 5.2, after the two (2) year period following the Shareholder may sublet the Apartment for no more than two (2) years out of any five (5) year period with a two (2) year gap period in between sublets. It is not allowed to sublet for less than one year (1) and not more than two (2).

There is a monthly fee for subletting, which is 100% of the basic monthly maintenance charge of your unit for the first (1) years, 200% for the second (2) year. Shareholders who owned two units or more are not permitted to sublet.

Parents and children of shareholders can sublet indefinitely without paying monthly sublet fees, however, they must complete the initial sublet packet and be approved for residency.

Flip Tax

The flip tax for Southbridge Towers is paid by the seller and is 28% for original owners and 2.5% for subsequent resales. The flip tax is calculated based on the gross sale price.

For the avoidance of doubt, the 28% rate only applies to the first sale by the original owner, while all subsequent resales or transfers at Southbridge Towers are subject to the lower 2.5% rate.

A Full Service Listing for 1%

Sell your home with a traditional full service listing for just one percent commission.

Discounted Parking

Residents of Southbridge Towers are eligible for a deeply discounted parking rate of $148.12 per month at Seaport Parking (Quik Park/Icon), available to a maximum of 661 resident car owners. Currently, there is a waitlist for this rate, with an estimated wait time of one to two years. A $100 submission fee is required to join the waitlist.

In the meantime, residents of Southbridge Towers can secure a reduced parking rate of $350 per month, which remains significantly below the market rate. There is no waitlist for this option.

To qualify for either discounted rate, both your driver’s license and vehicle registration must be registered to your Southbridge Towers address.

In-Unit Washer and Dryer

Southbridge Towers does not permit the installation of in-unit washers and dryers. However, each of the 9 buildings at Southbridge Towers has a laundry room.

The laundry machines are installed and serviced by Hercules Corp and operate using a smart card. Laundry cards can be obtained at the Management Office or from the card machine in each laundry room. Funds can be added to the card at the refill machines, or you can visit http://hercnet.com to create a smart card account and add funds electronically.

Minimum Down Payment

The minimum down payment at Southbridge Towers is 20% of of the purchase price. This is outlined in the Southbridge Towers Purchase Application instructions: “The non-financed cash payment on account of the purchase price shall be no less than 20% of the gross selling price.”

Pet Policy

Pets are permitted at Southbridge Towers. The Cooperative requires registration of all dogs residing in the building.

The Southbridge Towers dog policy is as follows:

Promptly upon adopting a dog or within thirty (30) days of adoption of this policy by the Board of Directors, proof of identifying information about your dog (i.e., name, breed, size, age, etc.), current license, and all required inoculations, including non-required inoculations, shall be provided to the Management Office. Registration of dogs.

Annually, the Management Office will request that proof of current license and required inoculations be provided to the Management Office within fifteen (15) days of request. Residents with dogs are reminded that each resident with a dog must comply with New York City laws pertaining to the ownership of dogs in New York City, as well as these rules.

Dogs shall be leashed at all times once outside your residence. That means, dogs shall be on a leash no longer than 6 feet long while in the elevators, stairwells, lobbies and public areas. The leash length conforms to New York City laws pertaining to dogs living in New York City.

The community reminds residents that it is the owner’s responsibility to control the owner’s dog(s). That means that an owner is required to prevent excessive barking and jumping on people or otherwise making a nuisance of any kind to members of our community. Please note that this includes leaving your dog on your terrace alone when the dog may bark constantly so as to disturb your neighbors.

Anyone walking a dog shall curb the dog, as required by law. If, by chance, the dog relieves itself before getting to the curb, the dog walker shall have a bottle of water when taking the dog for a walk. When the dog is finished urinating, the dog walker will use the water to dilute the dog’s urine.

Security will be asked to provide a verbal warning for failure to comply with this policy. If there is a second incident of a failure to comply with this policy, a written warning to the resident of record will be issued. If there is a third incident of a failure to comply with this policy, the incident will be reported to the Board of Directors to consider eviction proceedings for a failure to follow this policy. Note that in the event that the failure to comply with this policy is severe that there may be a danger to residents due to a dog’s behavior, a verbal or written warning may be bypassed at the discretion of Management and the incident may be reported to the Board of Directors to consider eviction proceedings.

Furthermore, New York City requires that dogs be leashed on a leash no longer than 6 feet and an owner fined for failure to pick up after a dog. This policy includes charges to shareholders for failing to comply with the community’s requirements for failure to leash a dog or picking up after the dog’s poop, as follows:

For failure to have a dog on a leash not longer than six feet: $25.00 per incident. For failure to pick up after a dog has pooped: $25.00 per incident. These charges shall be added to the shareholder’s monthly maintenance.

Gifting

Gifting is permitted at Southbridge Towers. There is no limit on the gift amount. A signed gift letter must be included in the purchase application, but notarization is not required.

Children Buying for Parents

Children buying for parents is permitted at Southbridge Towers. However, both the child and the parents must be named on the stock and lease.

Co-Purchasing and Guarantors

Southbridge Towers permits both co-purchasing and guarantors.

Storage

Southbridge Towers offers storage for rent. However, there is a waitlist of approximately 2–3 years. There is a $100 fee to join the waitlist.

Disclosure: Commissions are not set by law or any Realtor® association or MLS and are fully negotiable. No representation, guarantee or warranty of any kind is made regarding the completeness or accuracy of information provided. Square footage numbers are only estimates and should be independently verified. No legal, tax, financial or accounting advice provided.

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