building at 1065 Park Avenue

I don't know the exact number, but I can provide you with some anectdotal information. I was married to an apartment owner in this building. We were not married at the time that he bought the apartment, however, he did give me details about the purchase. As a 30 year old financial services employee (institutional equity sales), he bought a one bedroom in either 1999 or 2000. After subtracting the cash purchase price (he didn't take a mortgage and had no other debt) from total assets, he had about 6x the purchase price in liquid assets. His liquid assets were composed of over 100 different stock holdings in large cap publicly traded companies, which were convertible in T + 3 days (under 5 days). The board would not let him in until his parents (similar profile, larger scale) provided a guarantee. I don't know if the board still maintains the same standards...

Sounds do-able!

I wouldn't have let him in either.

Trash.

hehe

thanks East71, valuable info.

So, all in all, around 20xs (+/-) liq assets. I bet the board adds truffles to their hallucinogenic mushrooms

Hello! It's all about keeping people OUT.

Duh.

Hello! they probly poop Grey Poupon

Matt: if they wanted to keep 'em out, they woulda rejected him, non? As you know, Bd can pretty much reject anyone for any raison

He had penty of liquidity, but I think that the board was worried about lack of diversification among asset classes since he was fully invested in equity with no fixed income holdings or large amounts of cash. Still, he could convert 100% of his equity holdings in under 5 days.

With Coop boards its as much about joining the club as making sure you are a good credit.

"Still, he could convert 100% of his equity holdings in under 5 days."

Theoretically.