A special category of apartments in New York City are called “sponsor units.” Basically, asponsor unit in a condo building is a residence that has been owned by the developer and it’sgoing up for sale for the first time. Or in the case of a co-op, it is owned by the original owneror the corporation […]
A co-op special assessment is an additional, temporary charge levied against shareholders topay for building capital projects or other expenses which are not provisioned for in abuilding’s regular operating budget. A co-op assessment is usually implemented when thereis a specific use of funds in mind, such as the restoration of a building’s facade. Per Share […]
Once the offer is accepted and the deal sheet is sent out, there’s still work to be done if you’re buying a co-op. And you probably have plenty of questions: Who exactly is looking at all this data, what are they looking for, and who is responsible for the due diligence at this step? Let’s […]
