Board packages at TWC & 15 CPW.

They are condos. I don't think there is any "board approval."

It is certainly possible for a condo to require a hefty info package without that necessarily being the equivalent of a co-op board process. Typical might be a REBNY purchase application with financial statement, backup for all the items on the financial statement including savings, checking, brokerage and retirement accounts and several recommendation letters, as well as two years of tax returns with all schedules and attachments, and a credit check release form.

I haven't done deals in either building, though, so I'd suggest contacting the managing agents. TWC is Related and 15CPW is Brown Harris Stevens.

Feel free to contact me if you want help with the application -- my firm does that work for a flat fee.

ali r.
DG Neary Realty

ali - I know that 160 W. 66th requires a "package" similar to what you mentioned. The question is, if the only option the building has is to purchase or rent the unit, why require the package? Can a prospective purchaser/renter refuse to provide the info?

I'd also like to know what happens in practice if a condo board doesn't want the buyer but doesn't want to assess the other owners to match the offer.

Per all the by-laws I've seen, the condo has x days to either exercise its right of first refusal or waive it. So, can title pass without the waiver? Or will the lawyers and title insurer say "no go"?

The seller, when they bought the place to begin with, agreed to provide whatever info about a seller that the board "may reasonably require". Does the seller go to court to get a definition of reasonable?

I'd love to see what a condo board would/could do if, say, a David Pullman or a Stephen R. Lapidus wanted to buy. They'd probably sell their kids to match that offer.

Here're package requirements for a couple of condos:

http://97.74.79.241/Sale%20Package_Jade%20Condo.pdf
http://97.74.79.241/199purchase.salesapplication.pdf

Thanks for your replies, everyone. Also, I have heard that most condo boards will allow you to put several years worth of common charges into an escrow account in lieu of providing financial and credit info. Does anyone know anything more about this?

The condo board application for 15 CPW is intense. They asked my applicants for every document possible. At the time my applicant applied, they were sending their packages to the building attorney for review. That was two years ago. You should request the packages from the managing agents.

Well, I'm very hesitant to address the policies of either of these high-profile buildings, since I've never done an application in either one of them. I do have experience with other, erm, "persons of notoriety," and the reality is that what's going to be provided is negotiated with the managing agent (who speaks with the board) beforehand. What's "reasonable" is negotiated.

My general policy is to only lift the kimono a little bit -- for example, if I'm doing a rental for a Hollywood kid, I generally just negotiate to show $1 million of assets and then stop. Similarly, for a purchase even in one of these fancy schmancies, they are condos, so you could probably just show the first 10x purchase price and then stop. I would certainly do that before I would offer escrow - because why waste that money?

I guess the theory behind requiring the package is that if someone doesn't meet minimum standards of financial declaration, credit soundness, etc. then you don't even have to go to rfr. But in truth, I'm a young agent, but I've never seen a board not provide an rfr waiver.

ali r.
DG Neary Realty

I would be very surprised if 15 cpw & two have unique policies. They will most likely do background checks and perform a standard board package(Condos are not Coops). You could just pick up the phone and call the managing agent...

So the condos make you go through everything coops do,(and seem to add some really onerous fees - move-in AND move-out fees?) except for the board interview, when in almost every case they really wouldn't be able to stop the sale/rental as in most cases they financially couldn't afford to purchase/rent.

In other words, once someone has initally bought a condo, becasue of the "ease" of purchase or rent, they really want to act as if it's a coop.

So..one again..penthouse lady is making up the facts based on nothing.

here's hoping penthouse lady falls off the terrace

Basically all condos can do is exercise right of first refusal. What non-sense.

Here's hoping greenecounty drowns in the Hudson on the trip across

not very nice penthouse lady

Front_porch, in the scenario you mentioned where a buyer can often just show the board that he/she has assets of at least 10x the purchase price, would the buyer still have to provide non-financial info, such as personal references or a credit check, if the "standard" board package requires these? Thanks!

skdo23, it's going to be negotiated -- for example, a VIP might say that they don't want to provide their Social Security Number due to former incident of identity theft -- but generally yes.

I think for one Emmy winner the way we played it (for a not-terribly-demanding board) was that we ran the credit and provided the board with the resulting report so that the full SSN didn't go through anybody's hands but mine. But in general, boards want to have their managing agents do their own credit checks, and fussier boards are going to run more detailed checks, including running a criminal background check plus having a forensic accountant taking a look at the source of all that money.

And I've NEVER heard of anyone being able to skip their personal reference letters.

ali r.
DG Neary Realty