400 e 77th street--- BEWARE

The real question is why are certain words and sentences crossed out. What's the dilio on that?

i have no idea why certain lines of my post are crossed out--- they shouldn't be

bug in street easy

I have news for you, just because your mortgage broker said that didn't mean you had more of a chance. A coop board can turn you down for ANY reason without explanation so you mortgage broker really shouldn't have said that to you because he or she had no way of backing it up. Stick with a condo.

Does the building allow parents to purchase for children? Some buildings don't allow...but those are usually ones with good financials. Seems strange that after all that they're reject you - either you were misinformed about the board's expectations or they are a bunch of idiots.

Either way if their financials are poor it's just as well...move on.

..i'm the previous poster - that's not to say that building that allow parents to purchase have bad financials. Each building is different. good luck!

Co-ops can be annoying but if they do have poor financials you're actually lucky to not have bought into the building. STREETEASY: WHAT'S WITH THE LINES THRU THE TEXT. WE SEE THAT NOW & THEN. PLEASE LET US KNOW WHAT THAT IS ALL ABOUT. THANX. GREAT SITE !!!

I just looked at this building & streeteasy says that the price has just increased on the one 'for sale' unit by $26,000 14 hours ago. Is the seller on the board & was somehow able to queer the deal because after 6 weeks they felt the price was too low? The co-op process is so convoluted & byzantine & apparently so arbitrary that one does wonder.

Why would you want to buy in a building with poor financials? You are supposed to find out about the financials and any planned asessments BEFORE signing the contract.

I'm surprised the board told you why they rejected you. Usually they do not. Anyhow, it might not have had anything to do with your daughters income or assets. It might have been the price of the unit, your letters of reference, your interview, a beef someone on the board had with the seller, the list goes on.

Why don't you let her get her own apartment without your help so she learns the value of a dollar? How do you expect her to ever excel in life if she knows that you will always be there to buy her stuff? Life is supposed to be hard when you are 24. Wasn't it for you?

I'm the 24 year old daughter and I DO know the value of a dollar. I was going to contribute as much as I could from my salary to pay mortgage and maintenance. Starting salaries in NYC don't match the ever-increasing rental prices and I'm grateful that my parents were willing to help me get settled in a doorman building in a great neighborhood. The building is missing out on a responsible and considerate resident.

I'm sure the co-op members will spend the rest of their lives in deep regret, kicking themselves for not approving a pampered adultolescent with indulgent parents. They will have to settle for someone capable of paying their own way in the world.

you are lucky to have your parents to help, but wouldnt it be easier for them to just help you rent until you have enough to buy on your own? trust me, its so much more fun to own on your own. have them give you $$ to live in a great area for a few years as a renter. i really don't blame the co-op boards, the idea of living in a dorm all over again is not appealing, especially with kids. its a stereotype i know, but you may as well just rent.

Even renting a studio is $2000 a month that we'd just be throwing away. If we were to buy a place, we'd be making an investment. And lord knows the last thing I want to do is to live in a dorm -- if that was their problem with selling to me, then they didn't read my recommendations!

New Poster here:

You don't get it. Boards generally don't like members who are not invested in the building. This is not YOUR investment. It's your parent's investment. You are just a member of the lucky sperm club. If YOU earned and saved the downpayement and YOU earned and saved the show money (liquidity after the down payment) than YOU would be considered a more suitable candidate. You didn't. You aren't a desireable co-op member. Go find a condo or a rental.

#16 harsh, but valid. the interesting term you use is "we". Dont you want the first time you own to something co-signed by a spouse...not your parents? unfortunately we all had to rent before we buy...and you're not throwing money away if you are living there.

whatever! if she has the means to obtain help from her family, so what? many people in manhattan have received money from their family to make a down payment or monthly mortgages. it's not just a "home"... it's also an longterm investment. why pay some idiot rent when you can use it to pay off a mortgage? at the end of the day, the property will build equity over time. renting will not build any equity except putting a nice smile on the owner's behalf.

Tell the "so what" to the mortgage underwritter. They may not care whether the down payment and income to pay the mortgage come from the parents of the child.

But a co-op does care. A co-op is both a corporation and a community; shareholders and neighbors who share financial obligations. It is very much the co-ops concern who is paying the expenses and who needs help to meet their financial obligations.

#16 . you are just jealous that you were not blessed with this persons worth. you are such a lame disgusting low class uneducated ass. off with your head!!!!!!!!!!

Ahhh, but I have a co-op! Even if I had to do something low-class like..gulp...work (oh, the horror) and sacrifice (the humanity) to earn and save up a down payment.

In reading the above it seems like some of the coop owners are of lower class that the young girl who wants to live in the building.

Class in America? Youve got to be kidding

We think its great your parents are able & willing to help you. We helped our children and our
parents helped us. Pretty rough world without help and as long as you appreciate it and
make them proud thats all that matters. The other posters are just jealous and have a sorry case of envy.

I did find it enlightening about how the co-op board might view the scenario. I had upstairs neighbors once, a bohemian-type family, a mother & 2 20ish kids, & suddenly the only one living there was the 20ish son playing loud music & drugged out of his mind. Certainly not an ideal situation. I can see how a co-op board may be wary.

self-entitled whiner, i'd turn you down in a second and your whiney self-entitled daughter,

#9, maybe the current listing to which you refer isn't the same unit the OP was trying to buy.

Also, how did this tread turn into potshots about social class and stereotypes of 24 year-olds? Where are we...curbed.com?

Why all the debate. Just buy into a Condo. There are some beautiful Condo in great neighborhoods. Yes that may cost more but I think in the long run they are a better investment and certainly easier to sell. Why oh why must it be a coop?

Co-ops are the worst. I have owned two and have vowed to never do so again. Their pseudo-community vibe makes them so hipocritical its is scary. The thought that someone can deny you housing -- WHEN YOU HAVE THE FINANCIAL MEANS TO BUY -- is some weird form of reverse elitism practiced by closet communists (or is that the other way around). I am selling my co-op now and wil never, ever buy another one. Philosophically it was against everything I stand for (free markets, free choice, non-discrimination).

I still cant believe that they are allowed to legally operate as they have to provide no reasons for rejection . . . just not right.

what's with all the name calling? parents should just buy her a condo or pay her rent. i understand where the board is coming from, but she shouldn't take it personally. yes the board is missing out, but some condo will be happy to have a responsible 24 year old. good luck miss!

This discussion board should have an a**hole filter. Really. The acrimonious b.s. posted here takes away from the purpose of the board which to have interesting and informative posts.

I actually know this building and did quite a good amount of research and the board is NOT as tough as you think it is. They require 25% debt to income ratio and 1 year's maint/mortgage liquid. This is not a stringent requirement at all. If you did some research into the co op market in the UES before you bid on this apartment, you would have realized that your daughter would not have qualified since at the age of 24, she probably just started working.

And I would assume for her to make the 25% debt to income ratio and the 1 years liquid, then you would had to dump a large down payment to satisfy those requirements. This shows the entire apartment is basically a gift and most boards don't like that, as #16 said because it doesn't show a vested interest in the "company".

Buy a condo instead.

Thanks #32...I learn so much from this web site

A friend's building just turned down the 30-something son of a guy with a $10MM+ net worth because he was jobless. Personally, I do not want to live in a co-op which would allow parents buying for children. Another issue with these arrangements, besides deranged offspring is parents dying and their assets tied up while the kid who makes nothing cannot afford the debt service and the place is foreclosed. I know these kids never think of things like this, but we who buy our own apartments do. I say go board!

Are there any condos that have a board approval process in NY? For instance, Trump World Tower... is there a board there that can turn away buyers??

No condos dont have boards - they can request more documents from you though to appear more selective. If they reject you though, they have to buy the unit.

But they can reject a sale to keep someone out... that sucks, does that happen often??

To #'s 32 & 34: Since the parents are Co-purchasers, why wouldn't their income count? If they meet the financial ratios themselves, who cares about the kid, the criteria is already met. As for the parents dying, what's the difference versus any other purchaser dying? Risks are the same except in this case you've also got the kid on the hook. And what is this vested interest nonsense? Why would anyone think the kid doesn't have the same vested interest? Besides as a coop shareholder, my priority would be ensuring fees are paid, I franky wouldn't care whether the parent or the kid pays.

It is unusual for a condo to reject a sale and then purchase the apartment - my understanding is that it is very rare. It would lead to an increase in common charges potentially (even if resold soon after) and also potential litigation if the building from buyer I would think.

Anyway - my understanding is that it is rare for a condo board to exercise their right of first refusal.

#38--- You're missing the point. The idea is to have resident shareholders, period. Some coops want this, some dont care. Personally, the fewer non-shareholder residents, the better (i.e. the fewer moving days, the fewer open houses, rental agents and potential renters, delivery men (kids order out much more often), etc.) There's a good reason for the rule.

At the end of the day, coops have leeway to make such rules, and these points have been litigated in New York courts before.

400 E77th has been plagued with poor sales ans assessments in the past 2 years. It sells at a discount to the neighboring buildings. I would assume an onerous board perception could be part of the problem. I am in a co op in the area, we did not have definite rules on co purchases, but recently clarified with the managing agent that we would welcome them. This is then gets around to the brokers. We have since seen buying activity (before market picked up) and interest skyrocket for studios and 1BR. If you like losing money, more rules are great.

#41, is your point that by articulating rules it's easier to market units in your building? If so, by doing so buyers know up front what they're getting into and it may show that the building is well managed.

#34 & 38, you can't make a blanket statement that parents buying for children is bad, it all depends on the kid and the arrangement. Some kids are trust fund babies who don't know anything abt responsibility, some are not. Just that these arrangements tend to carry a whole set of circumstances.

As for the example that the parents' assets are held in the kid's name, a smart board would look at such an arrangement and see how much of the assets are liquid and determine how responsible the child is in handing his/her parents' estate. Sure, this can be subjective but if you're dealing with a potentially irresponsible shareholder (whether financially or socially) better know up front.

I think the one thing some posters are "forgetting" is that kids need to save up a hell of a lot more money today vs. even 5 yrs ago to be able to buy. Prices have doubled. So, to all the folks that bought more than 5 years ago, you actually had it EASY.

good point! one thing to consider when buying a studio is that many of these buyers are kids, so allowing parents or guarantors is a huge way to widen the buying pool.

I'd never want to buy a studio in a bldg that didn't permit parents or guarantors. As long as the building evaluates the situation prudently I think it should be fine.

#42, my point was easier rules raise prices and lower time on the market

i bet beware is so happy they did not buy in this building now!

in response to this old post:

"I actually know this building and did quite a good amount of research and the board is NOT as tough as you think it is. They require 25% debt to income ratio and 1 year's maint/mortgage liquid. This is not a stringent requirement at all. If you did some research into the co op market in the UES before you bid on this apartment, you would have realized that your daughter would not have qualified since at the age of 24, she probably just started working.

And I would assume for her to make the 25% debt to income ratio and the 1 years liquid, then you would had to dump a large down payment to satisfy those requirements. This shows the entire apartment is basically a gift and most boards don't like that, as #16 said because it doesn't show a vested interest in the "company".

Buy a condo instead."

the board now requires 2 yrs liquid.