Coop Boards

Walk into the building, stand in front of the reception desk, and scream as loudly as possible "WHAT THE FUCK IS THE FUCKING CASH REQUIRMENT FOR THIS PIECE OF SHIT BUILDING?".

lol

I've tried that. It works.

Call the building's management company.

And they should spend time responding to some random caller because...?

Because that's what the building pays them to do on their behalf.

really? i thought the building pays them to run the building. lets play another game of "ask Matt."

Yes, CC. REALLY. The management company is the public face of the building. Any questions of any sort pertaining to our building are properly routed to our management company. That's what we pay them to do.

Most coops have units for sale and those listings often contain the info sought (i.e.,what % down is required). Or go to an open house and simply ask.

You cannot just call a management company representing a building and ask for this information. You can call in reference to a unit that is for sale and they should respond. It's the equivalent of asking what the partnership options are for a limited liability partnership - if one of the business owners is looking to sell and you show genuine interest, they will talk to you. If no one is interested in selling out of the business, then they and those that represent them owe you nothing.

"You cannot just call a management company representing a building and ask for this information."

Yes you can. It's done all the time.

"Most coops have units for sale and those listings often contain the info sought (i.e.,what % down is required). Or go to an open house and simply ask."

And that's obtaining the information without a broker?

30yrs: your snarkiness aside, I understood the OP to mean without dealing with a broker. You can look up an ad or go to an open house and pick up a fact sheet without dealing with a broker or asking/answering any questions. If this is a hypothetical mysterious academic exercise in how to get info without getting near a broker, then I misunderstood. I thought the OP simply wanted to avoid approaching one for this info.

As awful as many brokers are, I don't think I've ever seen the amount one has to put down misrepresented in an ad or flyer since this figure is not really open to interpretation--it is different than 'estimated sq/ft" representations. In practice, this "amount down" info is fairly reliable.

NYCMatt - no you can not. The managing agent is prohibited from disclosing this information to random parties. I challenge you to call a managing agent and request this information if there is no unit for sale in the building. Start with 720 Park Ave.

Our former mgt company was almost impossible to contact as an actual Owner!

I suppose we have a very good management company and other buildings do not.

Attend any open house in the buildinmg, regardless of whether or not it is an apartment that you are interested in?

I don't think this is the easiest information to get. Here's a down payment story: We worked on a transaction in a building (as listing agents) where we thought and publicized that 80% financing was acceptable (that was what was in our computer system about the building, and what we heard from the managing agent) and it turned out to be 75% when the lawyers actually pulled and read the documents.

That's just the down payment required, which is a fixed number that is written down somewhere, and therefore findable.

As far as board requirements -- well, the standards that are in the collective hive-mind of the board probably aren't written down anywhere, so brokers who are familiar with the building can make guesses that are more educated than not, but they can't tell you anything with any certainty.

ali r.
Ask the Agent: bit.ly/12afCB

"without asking a RE broker"

"Or go to an open house and simply ask."

"And that's obtaining the information without a broker?"

"go to an open house and pick up a fact sheet without dealing with a broker" (must be one of those open houses where the broker doesn't show up but the building just lets anyone in and the door is open?)

res ipsa loquitur

"Attend any open house in the buildinmg, regardless of whether or not it is an apartment that you are interested in?"

Well, it's not like cash requirements of the Coop change from apartment to apartment.

Just found a managing agent -- www.midboro.com -- that keeps some of its buildings' docs publicly online. Includes a setup sheet (if that's what they're called) tailored to brokers/buyers. Since they do, others might, so you might want to google around.