Co-op: parents buying for full time student

Why do you want to buy co-op for ur child?
The co-op's board treat buyers as federal criminals.
Why bother?

because the condos in that neighborhood are way too high and above budget.

Why don't you lie and say the apt. will be used by you?

it's in a very so-so location (especially with the construction next door) but the foundry is a condop with very liberal purchasing/subletting rules that is not very expensive. 310-12 East 23rd Street. Reasonable maint. i believe as well. horrible elevators and halls at 310, better at 312, but some nice apartments.

and what if they found out? Could they not throw out my daughter?

My mother had a two bed rooms unit in that area in the 90s for ten years.
They raise cc every year, finally a lot of people can't stand it anymore, they start renting it out and selling.
Even then, the board gave all the renters and buyers a hard time to approve them.
It took my mother's 3rd buyer three months to pass the board after the buyer produce bank account(s),3 reference from banks,3 references from employer,4 references from buyers's friends,credit check etc.
They even want to know how much the buyer's jewelry worths.
They will want to know if your child is going to a " good " school.
Good luck.

By the way,whatever you do, DO NOT use brokers from Prudential Douglas Elliman.
They are idiots.

First, disregard advise of those who advise you to make a tremendous purchase employing deceit. Bad advice. Lying in a coop is not a good plan.

It may be too far south for you, but Randall House on Broadway and 9th St I believe allows students to reside alone is a parent's coop. Also FWIW, the Georgetown on 8th St and Broadway is a coop that operates with condo rules that permits students to live there I think. They are not bargain buildings, but they fit the technical requirements you outline and are extremely safe and in great locations.

I have never heard of someone being thrown out of a co-op simply for lying. NEVER.

That's where condos really are better. Coops will drive you nuts with this set of facts.

"It may be too far south for you, but Randall House on Broadway and 9th St I believe allows students to reside alone is a parent's coop. Also FWIW, the Georgetown on 8th St and Broadway is a coop that operates with condo rules that permits students to live there I think. They are not bargain buildings, but they fit the technical requirements you outline and are extremely safe and in great locations."

I'll have to check, but when Rose Coop'ed a "package" of their buildings all at the same time, it was Georgetown Plaza, Randall House, 7 Lexington, and the Churchill. My guess is the Offering Plans were all pretty close to the same. I'm not all the familiar with 7 Lex, but I do know it is exactly the location, has a bunch of smaller units (studios) that are not as prevalent in Randall House and Geargetown, probably has some simialr requirements to Randall House and Georgetown since, as i said, the same Sponsor/same time conversion.

In addition, while I haven't checked the current policies, 4 Lex and 50 Lex were always know for being fairly lax, as well as 150, 160 and 200 East 27th St. Other generally "lax" buildings in the area are 225 E 36th, 229 E 29th St, and I'll try to come up with some more later.

re:310-12 East 23rd Street. It's a Rockrose conversion, so they do tend to be more lax, but I'm not so sure I agree with "Reasonable maint" ( mid to high $900's for large studios?)I than one purchaser who couldn't fit their furniture in and had to pay tons to the movers to carry their sofas, etc up 9 flights. It's also on a stretch of 23rd which I think will ALWAYS be a tough resale, and is one of a number of buildings when the market took a crap last time became almost impossible to sell and units were going for dirt cheap, so if the market takes a reasonable sized second dip, you could see units here taking a bigger hit than the market as a whole.

"I have never heard of someone being thrown out of a co-op simply for lying. NEVER. "

But if you look at the Pullman case, you can for objectionable behavior. So if you engage in something which the Coop Board deems to be "objectionable behavior" - and may do so somewhat arbitrarily if you lie to them - you don't want to end up in a retaliatory Pullman case.

This is a very specialized problem where an experienced realtor who knows the area co-op boards will do much better for you than the wisdom of crowds. I work downtown but don't know all the East Side boards, so I'd recommend you call Judith Thorn at Warburg or John Prince at Elliman.

ali r.
DG Neary Realty

"I than one purchaser who couldn't fit their furniture in and had to pay tons to the movers to carry their sofas, etc up 9 flights. "

Should have been "re:horrible elevators and halls at 310, I have known more than one purchaser who couldn't fit their furniture in and had to pay tons to the movers to carry their sofas, etc up 9 flights. "

"This is a very specialized problem where an experienced realtor who knows the area co-op boards will do much better for you than the wisdom of crowds. I work downtown but don't know all the East Side boards, so I'd recommend you call Judith Thorn at Warburg or John Prince at Elliman.

ali r.
DG Neary Realty"

Total self promotion: or you could work with Ali and I together: while I don't show retail buyers apartments
myself, Ali does and we just this week got a guy in contract who had been unsuccessful working with another broker and originally came to us for some consulting. Between my knowledge base and Ali's people skills, we make an extremely potent combination. And I'll put my knowledge base on Coop transactions up against any Broker or Attorney's in Manhattan, and you get that for free (normally $200 to $300 an hour) in the Alli/Dave combination package.

David Goldsmith
DG Neary Realty .

LOL. I appreciate 30yrs thinking I'm not triple-booked already (BTW, Dave, am meeting the appraiser Monday on that EV deal) but if he can tell me what buildings to look at, I do often have an ability to open doors that used to seem closed.

ali r.
DG Neary Realty

50 Lexington is a condop right on 25th Street and Lex. That might work for what you want. If your child's name is not on the lease, they might charge an extra 5% on the monthly maintenance. I have the same problem and I asked when I looked at 50 Lex and that was what I was told.

you can buy a coop and place the parents as owners and the three of you as occupants; you can use it as a pied a terre and you kid can use it while at school.

ok I didn't read the ans and the brightest of SE have prob suggested better things but how about just buy it in your names and put the child as joint owner. My ex was a full time student living in the brevard coop in a unit that was owned by her folks and she was added a coowner.