As part of our celebration of the holidays — and as a thank you to the larger community that supports us all year long — Realty Collective is proud to feature the work of key non-profit organizations making the borough (and beyond) better every day. We’ve selected 10 non-profits to highlight and we encourage everyone […]
As part of our celebration of the holidays — and as a thank you to the larger community that supports us all year long — Realty Collective is proud to feature the work of key non-profit organizations making the borough (and beyond) better every day. We’ve selected 10 non-profits to highlight and we encourage everyone […]
As part of our celebration of the holidays — and as a thank you to the larger community that supports us all year long — Realty Collective is proud to feature the work of key non-profit organizations making the borough (and beyond) better every day. We’ve selected 10 non-profits to highlight and we encourage everyone […]
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 […]
The good news about the co-op board interview is that the vast majority of turndowns–based on a buyer’s financial package–occur before an interview takes place. Attorneys have counseled their boards to do this in order to cut down on lawsuits alleging discrimination. That means that most of the time, if you’ve gotten to the interview, […]
The vast majority of rejections occur before the co-op board interview, based solely on yourapplication. As one Manhattan property manager shared with the NY Times, out of 350transactions in buildings managed by his company, 20 buyers were turned down before theinterview, and only 1 afterward. Co-op boards do not have to explain why they rejected […]
Whether you’re buying a co-op or a condo resale, your purchase usually must be approved bythe building’s board. This involves submitting a 45-page-long, invasive, much bemoanedapplication package assembled by you and your broker that includes tax returns,recommendation letters, financial statements and much, much more. Some applications onlyreach back a couple of years; others go all […]
Though we wish it weren’t the case, we’re hearing about more instances where condo boardshave abused their right of first refusal to effectively discourage a potential buyer fromcompleting their purchase. A condo board typically has 30 days to respond with a right of firstrefusal after a condo purchase application has been submitted. However, if the […]
The Right of First Refusal is a privilege that is rarely exercised by condo boards primarilybecause it is exceedingly difficult to raise funds either through a special assessment or a loanto be able to purchase a multi-million dollar condo in NYC. Furthermore, even if it werepossible to raise the funds, there would likely be severe […]
