rejected by co-op board

Talk: Sales: Discussing 'rejected by co-op board' email updates RSS rejected by co-op board 32 comments teeman 1 day ago ignore this person report abuse I was reject by a co-op board, I have net worth in the millions and this building wasn't on fifth or park ave, in fact E 77 bet 1/2, no doorman etc., smaller apts, I only wanted a pied-a-terre, was paying cash, like 500K, as always no reason... [more]

Talk: Sales: Discussing 'rejected by co-op board' email updates RSS rejected by co-op board 32 comments teeman 1 day ago ignore this person report abuse I was reject by a co-op board, I have net worth in the millions and this building wasn't on fifth or park ave, in fact E 77 bet 1/2, no doorman etc., smaller apts, I only wanted a pied-a-terre, was paying cash, like 500K, as always no reason given, didn't even have an interview, very very puzzling, anyone have experience with this, what can be done? does it pay to start a law suite against the building? seller, sellers/broker is astounded !! maly 1 day ago ignore this person report abuse Maybe they decided there were too many pied-a-terre in the building? The seller's broker should know, if only so they don't waste their time presenting unsuitable prospective buyers. Absent that, I'd say look at it like a lucky escape: if the board is so mercurial there is no rhyme or reason to their decisions, you don't want to be a shareholder there. NWT 1 day ago ignore this person report abuse Was it this one? http://streeteasy.com/nyc/sale/452186-coop-350-east-77th-street-upper-east-side-new-york The_President 1 day ago ignore this person report abuse it coauld also be that the sales price was too low. LonelyWolf 1 day ago ignore this person report abuse Could also be that co-op did not feel comfortable with someone paying all cash, for pied a terre, for apt between 1st and 2nd. if you do have all these millions, your target should be more on fifth and mad. money laundering could be an issue these days. Are you from south america? just food for thoughts... Also, condo would make way more sense for pied a terre anyway... LonelyWolf 1 day ago ignore this person report abuse Also, "the_president", you mentionned that could be the price is too low... does this happen often that co-op rejects because of low price? Even in our current economy? When buyers were all fighting to get a place, I understand,, but don't think this is still the case... scoots 1 day ago ignore this person report abuse Someone on the board hopes to buy it for him/herself? stevejhx 1 day ago ignore this person report abuse Sue the bastards, buy a condo. Co-op boards are crazy. It's illegal for co-op boards to reject on price. Then of course, millionaires don't file "law suites." Riversider 1 day ago ignore this person report abuse Not illegal ot reject based on price, but huge conflict of interest if a board member purchased instead. teeman 1 day ago ignore this person report abuse NWT, yes that was the one, on top of everything they increased maintenance fees 11.5% in 2009 and now 7.5% in 2010 plus a surcharge for four months of over $100.00, I'd say the building has problems or/and the board and managing agent don't know what the hell they are doing. LonelyWolf not some South American, just a retired NYC, businessman who moved out of state after 911 and now figures prices are cheap enough to buy a pad in NYC, in fact kids when to private fancy private schools in NYC, not that it did them any good !!, but considering that I was trustee on those schools, can't figure this one out, something smells here, MALY is right who wants them anyway, problems abound here, future buyers be on guard, I feel bad for seller, who can't get their money out of this bad situation at the moment. Sunday 1 day ago ignore this person report abuse Here's another possibility: Given: Teeman have a net worth in the millions and will pay for the coop in cash. A review of Teeman's financials show that he has highly leveraged and risky businesses/holdings. Declines in those businesses/holdings could easily force him sell this coop in the near future in distressed prices. Riversider 1 day ago ignore this person report abuse Some coops do not like being considered a second home either. Higher rates of default or non-payment of common charge. Sunday 1 day ago ignore this person report abuse or maybe Teeman's full name is: Teeman Madoff RE2009 1 day ago ignore this person report abuse teeman- it stinks, you put time into it and had a plan. no one likes to be rejected, particularly without a reason. again, it stinks but think about how bad it sucks for the seller!! you are in a good place as there are lots of nice apt available now! Riversider 1 day ago ignore this person report abuse Condos make better pied-a-terre. Consider yourself fortunate. RE2009 1 day ago ignore this person report abuse i agree, go for a condo for a pied-a-terre and consider this an education into the current real estate market. when you want to sell it one less thing to stress about. front_porch 1 day ago ignore this person report abuse teeman, did you use a buyer's broker to assemble your co-op board package? I don't work the UES but I know that there are people who do. ali r. DG Neary Realty teeman 1 day ago ignore this person report abuse Hi Front porch- yeah, a broker from Elliman did my board package, and it was as professional as any presentation I've ever seen, impressive, and one foot thick with tax returns, partnership LLC's,tabs, etc. thanks for the advise, good luck with these Manhattan co-ops, hope nobody wants to get their money out quick from some of these !!! Fluter 1 day ago ignore this person report abuse Teeman, I'm sorry. What a disappointment. My sources suggest that pieds-a-terre are not allowed in this building, however. I don't have absolute confirmation of this, I just got up!, but I suspect this is the most likely reason you were rejected. {Manhattan real estate agent.} teeman 1 day ago ignore this person report abuse Fluter, Thanks for your input, I would love to know what your sources say, the selling broker (Corcoran) was specifically asked about pied-a-terres, and responded it's on a case by case basis, and that someone from Bermuda recently purchased a unit for part-time occupancy, if they had a specific absolute policy it would have been nice to be so informed, like I should sue the RE agent, I've spent $2500 on legal fees etc., to say nothing of time and hotel rooms to do searching. The Real Estate industry, brokers in particular should get a better hold on this thing.............for everyone's benefit, like don't you guys have some association, membership type organization, my broker, spent hours on putting together a board package, only to get taken out to dinner by me..... glad I'm not part of this industry KeithB 1 day ago ignore this person report abuse I have sold a few piede a terres over the years, had a closing on one last week. In the future the only thing I can suggest is that you or your broker call or email the managing agent of the building to confirm the buildings policy. Most times the sellers brokers information is correct, but I always like to check myself. The stakes are to high. FYI: There is no mention of this particular buildings policy in the databases that I checked. Best of luck in the future! Keith (Broker) front_porch 1 day ago ignore this person report abuse Again, I don't know this building, I don't work up there. But if you're a strong candidate with a strong package and no firm policy against p-a-ts .. that suggests that the building's percentage of full-time resident occupancy is getting too low for board comfort, which is something both the agents should have been able to warn you about before going forward. Even if there's no blanket ban, generally this is the kind of dirt that board members tell us as agents. Also, if the building has a lot of renters, any lender lending on the building will have a recent questionnaire defining the percentage of owner-occupants somewhere in their files if they care to look for it. (It's info that the managing agent can provide, too, but they'll usually charge you two or three hundred bucks to answer the question.) Teeman, I'm sorry this happened to you. It sucks. If you're interested in co-ops in the future, don't just ask about the policy on p-a-ts but ask the seller point-blank about owner-occupancy and owner-residency percentages in the building. Best of luck! ali r. inonada about 24 hours ago ignore this person report abuse Teeman, I got a question for you. I never understood the whole pied-a-terre thing. How often are you planning on using this place? Maybe a couple of weekends a month? I'd rather do a nice hotel at $400-500 a night. I figure $500K and $1500/month are in the ballpark of spending $2500 a month, and I guess the other choices in NYC would be (theoretically) more attractive to me. I can understand the advantages of having one's "own" place vs. leaving a small wardrobe with a hotel, or not wanting to be around a hotel enviroment all the time, but I was wondering what your motivations are. teeman about 23 hours ago ignore this person report abuse inonada- nothing like home, your art work, your paintings etc., especially for a major collector, besides hotels can be a pain in the ass, holidays you can't get the room you want, the temperature isn't always really adjustable, no way. at home your kitchen if you don't want to go out, if you have money, you buy your own digs, hotels are good for the twice a year visit to Italy, Europe or the Caribbean, best- Riversider about 23 hours ago ignore this person report abuse Same argument(but weaker) can almost be made for Condo hotels, which seemingly only benefit the developer, but buyers swear it makes sense. Riversider about 23 hours ago ignore this person report abuse Teeman, if i used the second home often enough, I think I would place a monetary value on the knowing that I could leave my stuff laying around and knowing it was mine to use anytime. Not sure what that value is however. inonada about 23 hours ago ignore this person report abuse Hmm -- perhaps you can have the staff hold a few paintings along with your small wardrobe ;). To each his own -- cheers. inonada about 23 hours ago ignore this person report abuse Riversider, it seems to me that the "home" aspect is very important to teeman. I.e., if the choices were to spend 2 weekends in hotels whenever he wanted (I guess with a name like tee-man, we can assume "he") vs. just sit at his home in the 'burbs, he'd just sit at home in the 'burbs. falcogold1 about 23 hours ago ignore this person report abuse ' I have net worth in the millions and this building wasn't on fifth or park ave,' maybe they thought you were a dick...sounds like it. inonada about 23 hours ago ignore this person report abuse Yeah, teeman. You're a dick because you gave them information they specifically requested. Asshole. NYCMatt about 21 hours ago ignore this person report abuse "Some coops do not like being considered a second home either. Higher rates of default or non-payment of common charge." BINGO. nycbrokerdax 7 minutes ago ignore this person report abuse teeman, i am sorry you had to go through that, i will say that especially on parts of the UES when managing agents tell the broker everything is a case by case basis this is usually an indication of a "close lipped" kind of board. Basically the board does not want to set official policy about each circumstance because they want total discretion. It can be very frustrating for both agents and potential buyers. What i usually do in these cases is ask the doorman for a contact for someone on the board so that i can speak directly with a board member to get the most accurate information possible so as to not waste everyones time. The managing agent is probably just instructed to tou the party line and give the same answers for everything. 32 comments Add your comment Sorry, no more anonymous posting. [less]