Is it possible to keep your information private when buying?

no

oh well i guess they were gonna find out sooner or later

Form an entity, like an LLC or partnership, and have it do the buying. Then have your lawyer or someone be attorney-in-fact so you don't have to sign anything that'll be a public record.

NWT how long does it take to form an LLC?

and then pay a lot of money so that you don't have to explain why you're doing it this way.

columbia i don't mind spending the money if it'll keep my privacy intact

excellent.

all cash deal.

and a condo, not a co-op.

cc, yes, it does cost money. And then any attempt at concealment serves as a challenge to some (e.g. me) to ferret out the truth. Usually there's some slip, like signing the condo POA, that renders the whole exercise nought.

so columbia you're saying if I pay all cash for a condo I can keep everything private?

nope...i'm saying that's one part of the equation. hiding behind an llc is going to make everyone involved in the transaction nervous. you may have to escrow common charges/taxes...think about it for a second...how would you feel if you were on the board about someone who wasn't willing to be personally responsible?

yes, it is quite possible and can be done for under $10,000. For some, that number is "quite expensive", for others, not. You make your own decision. (but it's true that MOSTLY it has to be a condo - corporations can now own Coops, I forgot when the law changed on that but it wasn't all that long ago).

assuming that the seller and the board goes along with it.

Corporations and LLCs may be technically able to own coop shares, but what board would ever approve you?

post87 this wouldn't be for a coop it would be for a condo

same problem. what would you do as a board member?

For $5 and an internet connection, any schmuck can find out who is behind an LLC. THere is absolutely nothing you can do to keep your info private. There is a ton of info on sites like Lexis and Hoovers that will out you. And if your trying to keep your info private so that the IRS won't find out, I can assure you that it will only be a matter of time before a Treasury agent knocks on the door.

There are ways of knowing who is behind of an LCC, but it will be more difficult to find your name. They told me that filing the company in Delaware is fast and cheaper.There are lots of investors that buy this way. In Harlem is common to see the address be the name of the company (XX 132nd St LLC). Looks like developers do it this way a lot of the times. It should cost less than 10.000k. I believe you have to file it for tax purposes.

just curious, who are you trying to keep your info private from? Just the average person or the government? Because you can run all you want, but your not hiding from Big Government.

Everybody knows that, Alpie.

no, not everybody does. One of my relatives recently found out the hard way.

Oh no I'm not trying to hide anything from the government. I would just like to keep my information private from the average guy and there must be some sort of way of doing it b/c I doubt celebrities put their name, address etc on properties they buy..they would be stalked if they did. I'll have to ask a lawyer how to do it.

are you a celebrity? if so, i would assume that you have many lawyers at your disposal?

"same problem. what would you do as a board member?"

No it's not the same problem.

Condo "boards" have absolutely no authority over who can or cannot buy in the building.

"I doubt celebrities put their name, address etc on properties they buy..they would be stalked if they did. I'll have to ask a lawyer how to do it."

True, but then again, the NY Post has no problem finding out where celebrities buy and publishing their address and the price they paid every Thursday.

No columbia I'm not a celebrity lol I was just saying that I think it can be done somehow b/c they do it all the time.

And yes Mr. Pres the NY Post does publish it when a celebrity buys into a neighborhood and for how much but I've never seen them list the actual address of the celebrity have you?

"And yes Mr. Pres the NY Post does publish it when a celebrity buys into a neighborhood and for how much but I've never seen them list the actual address of the celebrity have you?"

Of course they wouldn't PUBLISH the actual address. Duh. But they obviously KNOW it, otherwise they wouldn't know the other specifics.

no, they don't publish the address. However, they almost always publish the name of the buidling so you can find out where they live. For instance, it's common knowledge that A Rod lives in Trump Park Avenue and Sting owns at 15 CPW.

yes, the NY Post does publish addresses:

Actor Nicolas Cage has an eclectic real-estate obsession, buying and selling a curious assortment of property.

And now one of Cage's more traditional homes, his Olympic Tower apartment at 641 Fifth Ave., might have a buyer. We hear there are two offers on the three-bedroom, 3½-bath residence listed at $9.75 million. The home is actually two adjacent 48th-floor condos with a combined 3,550 square feet of space. The interior was designed by LM Pagano, who also decorated boats for Cage and Johnny Depp.

http://www.nypost.com/p/news/business/realestate/residential/cage_match_7ONz1ySSQX6qrbdbsBYz7I

oh well like I said I guess people would've found out sooner or later that I have money...I would just prefer it's later lol

I really doubt anyone cares anyway.

"For $5 and an internet connection, any schmuck can find out who is behind an LLC. "

This is not true. Although I could swear they USED to list them, currently the NYS corporation database clearly states that they DO NOT list the names of members of the LLC, just who will accept service for the registrant. For example, my most recent look-up was for a recent discussion of The Maitland Group. Now, assuming you don't already know who that is, all you'll find in teh NYS database is:

NYS Department of State

Division of Corporations

Entity Information
Selected Entity Name: THE MAITLAND GROUP INC.
Selected Entity Status Information Current Entity Name: THE MAITLAND GROUP INC.
Initial DOS Filing Date: OCTOBER 14, 2003
County: NEW YORK
Jurisdiction: NEW YORK
Entity Type: DOMESTIC BUSINESS CORPORATION
Current Entity Status: ACTIVE

Selected Entity Address Information DOS Process (Address to which DOS will mail process if accepted on behalf of the entity)
C/O ROSEN PREMINGER & BLOOM
67 WALL ST 19TH FL
NEW YORK, NEW YORK, 10005
Registered Agent
NONE

This office does not require or maintain information regarding the names and addresses of officers, shareholders or directors of a corporation.
*Stock Information
# of Shares Type of Stock $ Value per Share
200 No Par Value

*Stock information is applicable to domestic business corporations.
Name History
Filing Date Name Type Entity Name
OCT 14, 2003 Actual THE MAITLAND GROUP INC.

A Fictitious name must be used when the Actual name of a foreign entity is unavailable for use in New York State. The entity must use the fictitious name when conducting its activities or business in New York State.
NOTE: New York State does not issue organizational identification numbers.

30yrs is right, of course. My own little NYS LLC owns five properties in three states. If I didn't have such a big mouth on the Internet, no one would be able to connect me with that LLC using public records. I blew it when I joined Linked In. Slowly but surely the connection between my name and my LLC is disappearing on the 'net, but it will always be findable now. So if you care, don't blow it.

Interesting thing, my attorney was surprised, the other two states didn't require me to file anything at all with them as an LLC before I could buy property there. Just an aside. Suggests to me you would be wise to set up your LLC in some other state besides New York for an extra layer of privacy.

I paid $6000 for my LLC but I was taken for a ride by that law firm. You can definitely do it cheaper. An LLC is probably the cheapest way to go, versus incorporation. I don't think you have to pay cash for the unit, and I don't think co-op boards will necessarily hate you if they are sophisticated. You explain what you did and why; if you financials are A+ I think you will be fine.

Back when I was president of a civic association on Long Island, I was able to go to county and village offices and do a paper document search to uncover the true owner of a medical office complex asking for a variance to become a strip mall owing to financial hardship. They had a couple of shell corporations as I recall. Phillip Pilevsky, billionaire developer, turned out to be the core owner. It took me many hours to find this out; I even got his home address in my search. (They didn't get their variance.)

I was just researching ownership for a client and turned up a trustee in the Cayman Islands for the "Saltkettle Set." There's another way to go ;)

PS Re: Celebrities: I suspect apartment ownership is "leaked" to gossip columnists to get the ink. It's a symbiotic relationship. Celebrities who really don't want to be found are not found.

so, so the co-op is giving the proprietary lease to the llc? are then any restrictions on the llc's right to assign residence rights?

Propertyshark offers info behind LCC, or so they say, if you pay for it.

Why is it so hard to understand why someone wants a bit of privacy?
I certainly value it.
All you others that question the motives of the op, how about you give us your real names? What on earth do you want to hide by not doing so?

30 years is right. All you will find from NYS is the filer's name and address which will belong to the attorney you use.

Condo should be no problem but bear in mind that you will have to pay a higher interest rate as a corporation instead of an individual.
If you create your llc before you do any paperwork, have another bank account set up with the name of the llc as owner then everything you sign at closing will be under llc name and no one should be able to find your real name. Just make sure your signature is just a squiggle because it will be visible in the scans on acris.

I own property under llcs and there are no docs in acris that show my real name.
Don't listen to people that have not done this.

I'm thinking about buying but I'd rather my name, current address etc. not be listed on the public record

Is this Charles Rangel?

Like I said, give us your real name in that case.

do you really think that posting on these threads is at all related to purchasing a unit in a manhattan condo?

how do you remain anonymous once you move in? or do you pretend not to live in the building, just visiting?

Sounds like either money laundering or hiding assets from the spouse.

No cc, posting here is very different. It's just a real estate board so what's the big deal about revealing your name?

On the other hand, and by way of example, purchase costs, mortgage details etc. are akin to one's salary in that this can be quite sensitive information depending on who knows about it. Revealing one's salary amongst your colleagues is often discouraged in companies because of the perceived inconsistencies that could come out. Similarly, everyone in your workplace knowing what you paid and how big your mortgage is could correlate to comp and, although there is nothing that can be done about that (short of doing everything in under an llc or buying a coop with respect to mortgage details) surely the same kind of perceptions could arise in the workplace based on assumptions on salary based on mortgage.

Just an example but it is valid and provides a distinction between that level of detail vs giving your real name on a real estate board.

What this has to do with being anon in the building itself I have no idea - but that's the way you argue so I'll leave you to that one.

"Sounds like either money laundering or hiding assets from the spouse."

Exactly. Highly unlikely that any co-op board would even consider such an application. RED FLAG!

lol nycmatt I've already said this is not for a coop. Thank you divvie & fluter for the info. People are entitled not to have their assets known to the world. I'm sure it's done all the time, as long as I pay my due taxes to Uncle Sam, i think it's definitely possible to keep everything private. I'm not concerned about the interest rate issue involved with an LLC b/c I'll be paying with cash. So even if it does cost 10 grand to form one, it's well worth the price to maintain privacy.

riversider i loved the charlie rangel line funny stuff

"how do you remain anonymous once you move in? or do you pretend not to live in the building, just visiting?"
columbia just b/c someone lives in a condo doesn't mean they own it.

My celeb clients, when they considered buying, would have bought a co-op through a trust that was specially formed for the purpose. The board of the co-op would have had to approve the trust (which takes a "looser" board, but there are some) and would have added an occupancy rider saying Mr. xx and Ms. xx are going to be the sole occupants of the unit.

For a condo, it's much, much easier.

As far as forming an LLC, I think my lawyer did the formation of Front Porch for me for less than a thousand dollars.

And as far as the press, the Post (my old paper) does not publish exact celebrity addresses unless there's some celeb co-operation because of privacy concerns -- I think it was Hugh Jackman who got mad years ago when his building in the Village was being bandied about a lot, and asked for a zone of privacy.

ali r.
{downtown broker}

sorry to be a nitpicker but....

if i know that a co-workers lives in apartment XXX in building Y--the fact that you set up an llc that doesn't have your name on it doesn't stop me from seeing exactly what you paid for it. what am i missing here?

furthermore, from my own experience, most people are pretty aware of how they rack and stack financially vs. their peers.

"furthermore, from my own experience, most people are pretty aware of how they rack and stack financially vs. their peers."

Exactly. For example, I make more than many people, but less than many (other) people. And, I know for a fact that columbiacounty also makes more than some people, but less than other people.

columbia why does it bother you so much that someone chooses to keep their finances private? what difference does it make to you?

it really doesn't. just trying to point out the practicality of the situation. still wondering about the answer to my question above.

"Sounds like either money laundering or hiding assets from the spouse."

Spoken by someone likely without enough assets to know the real reasons to set up LLCs to hold assets, eg estate planning, lawsuit protection and family wealth transfers (all legitimate), but you need to be worth more than $7m or so (if married) for it to matter with the estate tax exemption. Now we have a better idea of guys like NYCMatt, who don't understand LLCs or the necessity of having a master bathroom in expensive apartments.

"if i know that a co-workers lives in apartment XXX in building Y--the fact that you set up an llc that doesn't have your name on it doesn't stop me from seeing exactly what you paid for it. what am i missing here?"

Something very fundamental. Remember the point of this thread? You can search ACRIS by name. No need to know exact address. Most co-workers would not know your address but, I know this is a bit of a stretch, would probably would know your name.

And if you REALLY want to keep private, look into filing your LLC in Nevada. It's shocking if you use one of the services there how little info the State itself wants.