After a recent trip to NYC, we have decided we would like to try and buy an apartment in Manhattan, most likely with another couple of families, or an LLC, in order to afford somethin in midtown with 2 bedrooms. I have some questions about buying in the city:
1) How does a co-op work and do they have to vote about if you can buy in their building or not?
2) Are certain areas representing or value right now over midtown?
3) Tips for buying, finding deals? Places to look for listings? certain types of situations to avoid?
4) I see tax abatements advertised with some properties. What does that mean?
I have an idea about buying in an LLC with a total of ten families we know where we live, then splitting the expenses, mortgage payment, down payment ten ways. That way on a $1MM apartment, we would each come up with about $20k down, $600/month for fees and mortgage and get about 36 days per year of use of the apartment.....That's assuming a $6000/month payment and fees and about $200k down.
After a recent trip to NYC, we have decided we would like to try and buy an apartment in Manhattan, most likely with another couple of families, or an LLC, in order to afford somethin in midtown with 2 bedrooms. I have some questions about buying in the city:
1) How does a co-op work and do they have to vote about if you can buy in their building or not?
2) Are certain areas representing or value right now over midtown?
3) Tips for buying, finding deals? Places to look for listings? certain types of situations to avoid?
4) I see tax abatements advertised with some properties. What does that mean?
I have an idea about buying in an LLC with a total of ten families we know where we live, then splitting the expenses, mortgage payment, down payment ten ways. That way on a $1MM apartment, we would each come up with about $20k down, $600/month for fees and mortgage and get about 36 days per year of use of the apartment.....That's assuming a $6000/month payment and fees and about $200k down.
I admit Im a novice when it comes to Manhattan real estate, but I was watching one of those home improvement shows and herd that its about 1 mil per bedroom in Midtown Manhattan these days. Try and find a fixer. Good luck to ya!
I admit Im a novice when it comes to Manhattan real estate, but I was watching one of those home improvement shows and herd that its about 1 mil per bedroom in Midtown Manhattan these days. Try and find a fixer. Good luck to ya!
I did some looking last night and for $1MM, you can get two bedrooms, two bath or 1.5 baths at least in a good location. 800-1100 square feet which is large by Manhattan standards I think.
There is ton's of stuff on craigslist for sale but I need to learn what all of these co-op, abatements, co-op boards, required down payments, etc all mean before looking more seriously.
I did some looking last night and for $1MM, you can get two bedrooms, two bath or 1.5 baths at least in a good location. 800-1100 square feet which is large by Manhattan standards I think.
There is ton's of stuff on craigslist for sale but I need to learn what all of these co-op, abatements, co-op boards, required down payments, etc all mean before looking more seriously.
ACCVENTURES cant help ya with your question unfortunately as I dont know shit about NY. or co-op appt. but could you change your avatar back to the chick with visor this fantasy Island midget is really disturbing.. by the way who was the chick with the visor??? Good luck with the appt. hunt
ACCVENTURES cant help ya with your question unfortunately as I dont know shit about NY. or co-op appt. but could you change your avatar back to the chick with visor this fantasy Island midget is really disturbing.. by the way who was the chick with the visor??? Good luck with the appt. hunt
I wish you the BOL with it. But it doesn't usually end up good when you go in with other people this way.
Also they have tons of rules for sales like this up there. Probably should search some New York laws, rules and regulations. Got to be something on the city website.
I would love to have something up there, but I just don't have enough bullets for it. Or at least everyone of my bullets would be gone if I did.
I wish you the BOL with it. But it doesn't usually end up good when you go in with other people this way.
Also they have tons of rules for sales like this up there. Probably should search some New York laws, rules and regulations. Got to be something on the city website.
I would love to have something up there, but I just don't have enough bullets for it. Or at least everyone of my bullets would be gone if I did.
I live in NYC DO NOT EVER EVER buy anything with anyone (ESPECIALLY NOT 10 families) if you buy a condo for 1M be prepared to pay 1,000$ to 1,500 maintenance fee every month
I live in NYC DO NOT EVER EVER buy anything with anyone (ESPECIALLY NOT 10 families) if you buy a condo for 1M be prepared to pay 1,000$ to 1,500 maintenance fee every month
What a terrible idea. Think about this.. you have 7200 dollars per month you can use , then there is the 20 k.. lets assume you have this apartment for 20 years.. thats 8200 you spend then.
Ofcourse you say, that you'll be able to sell it and get your money back.. maybe so but that will be a huge hassle if someone wants to sell and the others wont.
You want to stay in NYC for 36 days each year.. use craigslist and rent the places.. that should atleast give you 30 days for that kind of money and LESS TROUBLE.
What a terrible idea. Think about this.. you have 7200 dollars per month you can use , then there is the 20 k.. lets assume you have this apartment for 20 years.. thats 8200 you spend then.
Ofcourse you say, that you'll be able to sell it and get your money back.. maybe so but that will be a huge hassle if someone wants to sell and the others wont.
You want to stay in NYC for 36 days each year.. use craigslist and rent the places.. that should atleast give you 30 days for that kind of money and LESS TROUBLE.
From what your proposing, it doesn't sound like you will get a coop board to approve the purchaser. Unless it's a sponsor sale, the Coop has a Board which must approve of the proposed purchasers.
The Board is most likely going to want the proposed buyers to be individuals (as opposed to an LLC) and there can be very strict financial tests to meet for the board. Some boards want a ton of $ in reserves, some boards don't allow financing over 50%, some require that the premises be a primary residence. Coop boards, for the most part, suck balls.
I think you may be wasting your time looking for a manhattan coop. I'm an attorney and do a lot of real estate so if you have specific questions, let me know and I will try to answer them for you.
With a coop, you are not buying land and you do not get a Deed. Instead, you are buying into a corporation and receive shares of stock in the corporation and a proprietary lease to reside in the unit. There is a management company for the unit to maintain the common areas of the property and for that you pay a monthly maintenance.
A good thing about a coop is that you don't pay a mortgage tax on the purchase (a fee charged by the City equal to 1.8 of 2% less $30) of the mortgage amount. If the price is over a million dollars, you will pay the state a "mansion tax". That is I believe 2% of the purchase price.
From what your proposing, it doesn't sound like you will get a coop board to approve the purchaser. Unless it's a sponsor sale, the Coop has a Board which must approve of the proposed purchasers.
The Board is most likely going to want the proposed buyers to be individuals (as opposed to an LLC) and there can be very strict financial tests to meet for the board. Some boards want a ton of $ in reserves, some boards don't allow financing over 50%, some require that the premises be a primary residence. Coop boards, for the most part, suck balls.
I think you may be wasting your time looking for a manhattan coop. I'm an attorney and do a lot of real estate so if you have specific questions, let me know and I will try to answer them for you.
With a coop, you are not buying land and you do not get a Deed. Instead, you are buying into a corporation and receive shares of stock in the corporation and a proprietary lease to reside in the unit. There is a management company for the unit to maintain the common areas of the property and for that you pay a monthly maintenance.
A good thing about a coop is that you don't pay a mortgage tax on the purchase (a fee charged by the City equal to 1.8 of 2% less $30) of the mortgage amount. If the price is over a million dollars, you will pay the state a "mansion tax". That is I believe 2% of the purchase price.
Check on what your NYC and New York State taxes will be before you buy anything. You might be surprised (and it won't be a happy surprise). The lady buying my house down here in MS pays $4000 a year taxes on the house she is selling up there. I have to sell and move out of the hurricane county (thank you, Allstate, for raising my insurance so high I cannot afford to live here!).
Check on what your NYC and New York State taxes will be before you buy anything. You might be surprised (and it won't be a happy surprise). The lady buying my house down here in MS pays $4000 a year taxes on the house she is selling up there. I have to sell and move out of the hurricane county (thank you, Allstate, for raising my insurance so high I cannot afford to live here!).
I'm going to tell you from experience ACC...a co-op board will NEVER approve you...
A board in NYC are some of the most SNOBBISH ELITIST DOUCHEBAGS you will ever have the misfortune to meet in your life...even celebrities get turned down by boards...
And if you're only going to use the place for a couple of times a year, you are better off renting or getting a sublet in Brooklyn or Queens...way cheaper than NYC...it's basically a 7 minute train ride into NYC...and the quality of living is WAY better than living directly in the city. I got my apartment in Brooklyn and it was the best thing I've ever done...I live 4 blocks away from Prospect Park and some of the best restaurants and pizza joints in Brooklyn
I'm going to tell you from experience ACC...a co-op board will NEVER approve you...
A board in NYC are some of the most SNOBBISH ELITIST DOUCHEBAGS you will ever have the misfortune to meet in your life...even celebrities get turned down by boards...
And if you're only going to use the place for a couple of times a year, you are better off renting or getting a sublet in Brooklyn or Queens...way cheaper than NYC...it's basically a 7 minute train ride into NYC...and the quality of living is WAY better than living directly in the city. I got my apartment in Brooklyn and it was the best thing I've ever done...I live 4 blocks away from Prospect Park and some of the best restaurants and pizza joints in Brooklyn
co-op will not approve a group buy. they aren't necessarily hard-asses or snobbish elitist douchebags like ITG says. but they want occupants in their buildings, not timeshares or renters or anything like that
co-op will not approve a group buy. they aren't necessarily hard-asses or snobbish elitist douchebags like ITG says. but they want occupants in their buildings, not timeshares or renters or anything like that
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