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Hi, any advice on the Athorp Broadway?

Started by Viran
about 17 years ago
Posts: 28
Member since: May 2009
Discussion about
If I am a cash buyer, will I get a good deal? What happens if the building can't be converted?
Response by NWT
about 17 years ago
Posts: 6643
Member since: Sep 2008

If the conversion falls through, you get your deposit back. Or let's say the owner will owe you the deposit.

You'll want to get occupancy when you sign the purchase agreement. Play your cards right and you could end up with a stabilized lease.

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Response by Viran
about 17 years ago
Posts: 28
Member since: May 2009

Hi NWT, thanks for your input. Will a lawyer be the right person to help me, or a broker?

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Response by NWT
about 17 years ago
Posts: 6643
Member since: Sep 2008

I don't know. Might not be worth a broker's time, since they're not getting recompensed until a closing that might never happen. You definitely need a lawyer with experience in condo conversions, to make sure you end up in the apartment, on good terms, no matter what happens with the conversion.

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Response by West81st
about 17 years ago
Posts: 5564
Member since: Jan 2008

Easiest question of the day. Here are the guys you want:

http://www.hmgdjlaw.com/contactinfo.asp

Ask for Billy or Kevin. As far as I can see, there's no apparent conflict with their work for the Tenants' Association.

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Response by NWT
about 17 years ago
Posts: 6643
Member since: Sep 2008

They'd be perfect.

It must be an interesting Tenant's Association. There's at least one tenant who's a principal of a co-op sponsor. Ain't NY grand?

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