Buying a studio coop to work out of

mmm...but what's the point? just put the gym equipment into your 2BR. your neighbors downstairs wont appreciate you whenever you drop those dumb-bells onto the floor.

for the money you're spending on the studio (since it's not rent-income generating), u're much better off joining an elite private-gym plus invest in stocks.

and u dont have all those amenities (clean towels, steamroom, bball court) that a gym offers.

#1...why?

I dont think he is talking about "working out". I believe OP is talking about using it as an office . . . .

OP - correct me if I am wrong?

I would think you would tell them it is a pied a tierre - though they may think you are using it to have affairs etc.;)

this is #4 - they may consider you are using it for private liasons because you already have another apartment in the city.

If you are honest that it is to do work - then co-ops have limits or restrictions on how many units can be for offices. . .so that may also be tricky.

Using an apartment for an office is not that unusual, I don't think. I would imagine that the neighbors would like that arrangement because you're only there from 9-5 & you may not even be using a number of the other services. I'd start talking to different realtors & see what their thoughts are; somehow I don't think it would be a big issue. Let us know what happens.

OP, why don't you rent office space instead?

HA! HA! HA!.....Thanks so much for the good laugh, it did not occur to me someone would think WORKOUT as in excercising, not WORK OUT OF as in an office. Cracked me up.

O.K., why? I already rent a small office. When you rent a commercial space, you pay for all sorts of extras, like to have your trash hauled away...I'm a two person company, I barely have trash, but it costs me $75 a month for the previlege (and no, there is no getting around this, the super/landlord tells Tony Soprano how & who the tenants are). You pay commercial prices for Con Ed, phone etc. We pay extra on top of our rent for the sprinkler system, security guard...my landlord also requires me to carry a 3 million dollar insurance policy which costs $2,700 annually, if I had apartment insurance for just what I needed it would cost me around $600 a year.

If I buy a studio apartment, it will cost me less every month, plus, I'll have it as an investment.

I don't want to lie about my ultimate use of the space, I think that's just asking for trouble down the line...I think a board might think we'll be getting messengers in and out all day, and all sorts of traffic. But the fact is, almost everything we do is done on and sent through the computer. We would have no more or no less UPS, FedEx, etc. than the next guy.

I don't think it's too unusal for someone to live/work out of their apartment, but to have a separate apartment to just work out of, I think is not so usual, hence my inquiry. Unfortunately, the realtors I've met so far, never know the answer to my question. I just spoke to my lawyer and he suggested when there's a place I like, I should get the managing agents name and number and call them to find out how the board feels about it before I make any offers.

Must go now...it's time for my workout.

There is usually a specific stipulation for commercial units (i.e. offices) in a condo or coop - so your approval is conditional on what they allow for commercial units (how many etc).

OP your reasons make sense. You may want to look into buildings that allow pied-a-terres and/or reputation for easy boards.

And stress that you have the type of business that wouldn't entail having clients visit. Maybe work with a good buyer's broker, get them to steer you toward a place that would suit your needs.

Is condo the way to go? I love older buildings so I think co-op but there may be less concern in a condo building.

I live in condo - may be less of concern but both types have stipulations on commercial units.

my coop's bylaws recognize people working from home if it involves using the computer as opposed to meeting clients. again, depends on the bldg. lots of people 'work from home' in the same capacity that you would.

just a thought....

My condop is pretty flexible. I know that at least a couple of people have offices here. 310 east 46th street. The managing agent is cooper square - you could ask them.

#15- I looked up your building. what is the reason for the relatively high maintenance for the units in your building?

O.K. after several days now of going out and looking at various open houses, this is what I've heard about buying a coop to run my graphic design business out of (not live in, just work out of)...

One broker (after we asked for the management company's name and phone, said she would contact them first), said the first two floors of the coop was zoned for commercial, but since the apartment was on the third floor, the management thought something could be worked out.

Another broker, simply flat out said no coop will allow it. Period. Because they are coops and because "they say so". When I asked for specific reasons, he could not tell me any, just "because". I got the distinct impression this was a broker with very limited knowledge, and instead of offering to look into it (and maybe learn something in the process) just got really uppity. I thanked him for his time and left.

Yet another, said he knew that particular coop was more concerned about having 2 years worth of liquid assets for paying maintence after the down payment. This building had pied-é-terres, and lots of apartments bought for children.

I haven't seen any condos yet...I have looked in Tudor City which seems kind of "Loose", I think ultimately, that's what I need "A loose board".

sounds like you're taking the right approach. the second broker isn't worth your time.

you should def check out condos. why wouldn't you?

Actually, the second broker is right. Most boards don't allow it primarily for a business. If you were to actually live in the unit and have an extra space dedicated as an office, that would be more reasonable.

Look at the actual co op board packages and you'll see that the questionnaires include a portion about actual use of the unit. If they think your business will generate foot traffic into the building, then they'll flat out reject you. It's not worth the seller's time, broker's time or even your time to bid on a unit and win the bid, only to lose it to the coop board. Buy a condo studio instead.

I'm not adverse to condos at all, they're just way fewer condo studios in my price range and neighborhood that I want as compared to coops, that's why I haven't seen any.

I've carefully explained upfront my intentions to each broker, and throroughly explain my buisness is primarily all done on and through the computer. I don't need messengers, clients see layouts on dedicated sites and all files for printers are uploaded to their servers. Once in a blue moon a client comes to visit, I can't remember right now when the last time a client came, it's been so long. I won't be getting Fresh Direct deliveries, won't be using the shower, and won't be stomping around at 3:00 in the morning or cooking cabbage for dinner. I think I'd be a darn good tenent to have as neighbor!

And as I've said, I've been upfront immediately about my use for the studio, so I don't waste anyone's time, let alone my own. I know boards have their beliefs about a business and preceived traffic, but it's a somewhat antiquated notion in light of this techological age...just ask my old messenger service!

I think that you are indeed doing the right thing. Just keep looking & I do think you'll find what you're looking for. I don't think it's that unusual.

"I know boards have their beliefs about a business and preceived traffic, but it's a somewhat antiquated notion in light of this techological age"

Haha, I'll bet most boards are filled with "antiquated" people as well! There's no escape from that.