Harlem HDFC

Sounds like you and your sister are well aware of the risks- which is a great start. How open or entrenched is the Board? I ask because the concept of the HDFC program was to provide sweat equity. Is your sister willing to volunteer her time and is the Board open to this?

Obviously it sounds like they have made moves in the right direction, but need some help. What concerns me is the maintenance payment backups. I would want to know further details about that because legal costs to foreclose is very expensive. I know in a co-op the co-op eventually gets that money back- but can the building/owners afford the foreclosure process in the shorter term.

I wound up self managing my condo when our sponsor up and left us as soon as our building was up and running (new construction- sold out shortly after C of O obtained). The sponsor is supposed to have an obligation to stick with us for at least the first year- but that is another story. Anyway, I wound up self-managing our building- and it was a lot of work. We now have a management company in place- but I did more than my fair share for the building during our early period where we really didn't have the money in place yet to afford a management company. I don't believe the majority of owners understood how much work was involved until I put pressure on them to volunteer.

This could either way- your sisters worst nightmare or her dream come true- depending on how things play out. In the end I think you (or rather your sister) needs to do her own risk/reward assessment.

THANKS, semerun!

I get to do the legwork, living right in Harlem.

She gets to ask me all the questions about my legwork, because she is now living in N. Westchester [and wanting to return to Harlem!] with 2 very busily involved and demanding lil ones!

And, I dont really mind, its kinda fun!

Theres not a crunch as she's willing to play for a lil time, to see how things play out with the Cooperative also!

Shes had an informal Board interview--several meetups with different Board Members to see Units . . . .
They get along, they DO know they have to sell and are eager . . . . but as usual, its the devil in the details as explained in the original post.
There has been no mention of sweat equity.
These are built and renovated.
She is not at all interested in an unrenovated Unit even at a lesser price!
She might watch and like HGTV but has no intention of any sort of Home Renovation--extremely great friends with her super!

And, oh yes! A few Units are in Litigation.
I think . . . . some Probate, and others Cooperative foreclosing on Shareholder. Its maybe 4 or so units out of 80!

Again, she knows the Info, and its the price and future potential that keeps the interest!
4 Basic Beds, 1.5 Baths 1200 sq feet [roughly] Maintenance1K Purchase Price 275K

Doubt if she has Board interests, not enough time with Kids, etc!

I guess time over the summer will tell more . . . . .

Sounds like a total nightmare, unless she has the time and ability to help with the board.

I was thinking a lil more along those lines too . . . . . she's not so much inclined!
I cant quite determine if the Board genuinely KNOWS they need help?
Or, if they know, and dont want to think about it!

Seems theyd rather you just up the cash, buy, become a shareholder, THEN, they'll tell all and ask for help . . . . maybe!

Again, she's content to sit and wait, over the summer, at least . . . . .

I moved from Westchester (Harrison) to Harlem. Harrison is a great town- but not for a single guy that was really done with the suburbs. While I own a market rate condo, I have gotten very familiar with HDFC's while helping a friend buy one.

My guess is that you are looking at the HDFC by Lenox and 141. If this is indeed the one you are looking at- I told my friend to pass when I walked around that area. That section of Harlem has a long way to go and is surrounded by Housing projects. I have vision- and stuck to my guns when I told my parents I was buying in Hamilton Heights (my dad worked in the area near Fairway @ 130th St in the '70's when he came back from 'Nam)-they thought I was crazy and now that they have seen the changes for themselves- they see the potential I saw. Lenox and 141- I just don't see the potential.

When I was referring to sweat equity- I meant with regard to helping the board- project management, doing research on behalf of the building, etc. If she isn't prepared to help with the board- I would be be reluctant to recommend such a troubled building. All I see is danger signs ahead. I know I wouldn't want to take such a risk, unless you have total confidence in the board...and it sounds like you don't.

Right On!

No, I dont have confidence in the Board!

Funny, she just rang me and I told her I have all her business on SE!--she laughed and said better not have any revealing details!
I told her a really good friend would maybe guess, other than that its anonymous!

Anyway, we again talked about this briefly, and I siad its priced right and all with the space, but it would have to be a very hands on type thing and she would have to somehow make the time and get involved with the Board to make the Coop Investment WORK!

I believe it does have potential, and this would be a different type of sweat-equity!

Truth be told, I like the space sizes too . . . .
I could go for a large Unit myself, if I didnt already have my own Coop in a much, much nicer section of Harlem, albeit way more expensive!

I'm pissed at my no good, soon to be x, brother in law, [and thats a whole different non-SE convo!] who has made the whole single parent thing be for my sis , but that is what it is!
The Yonkers 2 bed Condo is ok for right now, but as the kids get older, she's gonna need the 3+, and to be closer to family, this is best price and size for Harlem.
The Market rate stuff would be minimum of 700, more like 800+ and that is just all the way out of the question!
So, we are back to the summer wait and see of 'square 1!'

THANKS semerun!

Is it kool to exchange numbers on here, or not? Or emails address?
Be good to talk in the real . . .

Glad to hear that Hamilton Heights is working well for you!

What/where did your buddy ultimately choose?

Best to take this offline, but a couple of questions for your sister to think about:

1) Schools
2) Custody arrangement

1] Private School--shes THE ULTIMATE SOCCER/DANCE/VOLLEYBALL/WHATEVER/ MOM!!!
That SUV gas guzzles everywhere in the TRI STATE!!
RDC Take and Retrieve! That would be Riverdale Country . . . .

Custody??!! She's . . . . THE!! . . . and I MEAN THE--with CAPS!!--THE MOM!!
. . . like no other
[ . . . . and UNCONTESTED . . . -feel me--'unnerstand'??11]

Lenoxav, sorry, I wasn't on streeteasy much in the last couple of days. Hamilton Heights was a wise choice and I continue to see the changes. My first two years were tough- the neighborhood was definitely still very rough. The last couple have improved vastly. I am amazed I haven't even needed to call 311 once for a noise complaint all year. This time of year three years ago I would need to call many times Thursday-Sunday nights because of the people with the bass in their cars so powerful my entire apartment would rattle.

I don't see the same level of potential at Lenox and lower 140's as I did other parts of Harlem. Subways you have just the 2 and 3 close. The A/C/B/D or the 6 (just over the 145th Street bridge) isn't out of the question- but not exactly close enough to be considered easy access. You have Strivers Row close- but that is really just a couple of blocks- not enough to impact the entire neighborhood. You have the FDB section around 145th with the Pathmark..again not really close though. You also have the new Bronx Terminal Market- terrific for the lack of great retail in the area..but again not really close enough. If you like Tennis- there are a lot of courts around that area though. In Hamilton Heights- you have the City College campus which is expanding, Sugar Hill Historic District, virtually no housing projects, Riverside Park and RiverBank State Park, and easy Access to the A/C/B/D and 1 Trains. Hamilton Heights is also experiencing some spillover effects from the Columbia expansion.

My friend has been patient- and I identified a great building for her- but units don't come up often. So far she has been searching for 2 years now- but she is looking to buy the home she will live in for the rest of her life. She is looking for a Classic 6 in an HDFC building- not easy to find, but there are some out there. At least all of this time searching has allowed her to continue saving- so she now has a substantial down payment. Last year she finally found the perfect apartment- but got outbid and I didn't want her to stretch her budget any further. Now she has enough to afford it.

Have you considered lower Washington Heights- 156th to 158th or so- East of Broadway? I know there are a bunch of HDFC's in that area with larger apartments priced reasonably, many renovated too. What about 930 St. Nicholas? Although I wonder why I have seen so many listing in that building. That section of Washington Heights is still close to the A/C/D and 1 trains. I have also seen many listings in that section not on Streeteast- but listed on Craigslist- mislabeled as Harlem.

THANKS, semerun!
Enjoyed a nice Memorial WEEK, and just checkin in here . . . .

I'm just taking a break, cause its alot of wheel spinning.
She's in no rush at all, and I'm getting worn out trying to help where she's not in any rush.

Besides, its becoming more apparent to just bide some time, I think.
When the time is right, the right deal will present itself.

Thanks for the Lower Washington Heights, East Harlem recommendation.
Never really registered before, guess just sticking with the Central-South Harlem area I know.
Never looked at Craigs List, either [go figure, right??] but I am curious to see what I see there . . . .

> Besides, its becoming more apparent to just bide some time, I think.
When the time is right, the right deal will present itself.

what's the update? did she find the right HDFC?