I have tried to purchase a unit in this building, and the seller has accepted the offer and we have started the coop application process. In my opinion, the amount of material you need to provide is a lot, and I think it is quite intrusive if you are concerned about your personal finance confidentiality. After almost 2 months of hard work to gather a the application materials, the coop board come... [more]
I have tried to purchase a unit in this building, and the seller has accepted the offer and we have started the coop application process. In my opinion, the amount of material you need to provide is a lot, and I think it is quite intrusive if you are concerned about your personal finance confidentiality. After almost 2 months of hard work to gather a the application materials, the coop board come back in 2 days and say they would not consent to the sale without giving any reason. I find the entire process extremely frustrating and counter productive. If you are planning to invest in this building, you need to think very carefully as you not only have to invest a lot of time for the application process, but also worry about the liquidity issues when you try to sell it one day. Potential buyers can be just turned away without any reason, and by the way, my bid is an all cash bid and I am not sure if that's helping or hurting the process. If you try to buy a coop in the hope that the board would be an easy one, this is not the one you want to pick. The board is beyond tough in my opinion.
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