Frequently Asked Questions

Q. Does Horizon House rent apartments?

A. Not normally. Occasionally, shareholders may sublet their apartments, but the quantity of such apartments is very limited.

Q. How do I find out about the availability of apartments? A. Consult the "Realtors Page" on our Web Site. Area realtors in Fort Lee are very familiar with the availability of apartments for purchase as well as for the (rare) rentals at Horizon House. Q. Can you tell me the asking prices for available apartments? A. No, we can't. A broker from our Web Site's "Realtors Page" should be able to answer your questions about pricing. Generally, apartments in Horizon House are priced far below comparable apartments in New York City. And our views are usually considered to be superior. (Some monthly rentals for garage space in Manhattan cost more than the carrying charges for a one bedroom apartment here with parking!)

Q. What are "Cooperative Apartments"?

A. Individuals buy shares in 1266 Apartment Corporation. With those shares accrues the right to lease your apartment from the Corporation under the terms of an instrument called a "Proprietary Lease." Tax law gives Co-op owners essentially the same breaks as home ownership—with the benefits of apartment living.

Q. What is "the Proprietary Lease"?

A. The Proprietary Lease consists of the official rules for residents of the complex. Among the subjects covered are the rules governing use of the service elevator for deliveries, acceptable times for repairs/improvements, pet control, barbecuing, etc. New residents are required to read and sign a document agreeing to abide by the terms of the proprietary lease.

Q. How are Directors elected?

A. Horizon House bylaws require that there must be 7 directors for the Corporation. In May of every year, an election is held with four of the seven positions contested. The top three candidates are appointed to two year terms, while the fourth place candidate receives a one year appointment. Thus, every year, there is the opportunity for a new majority to be voted in. Only shareholders of one year residency who are in good standing (i.e. have no outstanding obligations to the Corporation) are eligible to run for office.

Q. What are the advantages of a Co-op versus a condominium?

A. Each has its advantages. Advocates for cooperatives claim that this kind of arrangement creates a more congenial community, since there is legal recourse (see Proprietary Lease) when a resident behaves inappropriately to the well being of the community.

Q. If your Co-op provides "the benefits of apartment living," who does the work around the complex?

A. The Corporation, at the direction of the Board of Directors, hires the staff to provide the usual services. Nearly two years ago, Horizon House employed the Goodstein Management Company  to manage the day to day affairs of the complex. Goodstein's General Manager reports to the Board.

Q. What does the admissions process consist of?

A. Meeting with the Admissions Committee generally takes about 30 minutes in the early evening. This is usually the first chance for an applicant to meet with his or her new neighbors. Prior to this meeting, the prospective resident will submit  documentation to the committee demonstrating his or her financial ability to comfortably handle the unit's "carrying charges."

Q. If I am planning to sublet an apartment from a shareholder, must I go through the admissions process?

A. Generally not, since the shareholder bears the direct obligation to pay the unit's carrying charges. However, there have been suggestions from some shareholders to scrutinize sublet arrangements, since, in the past, some of these leases have not been "transparent" to the Corporation. (Sublessors, like shareholders, are obliged to obey the terms of the Proprietary Lease).