what should my salary be for a coop?

It depends on the co-op, of course, but I think they'd want to see the mtge + maintenance cost to be <30% of gross income, and possibly less. They may, and probably do, have a requirement for the amount of liquid assets you would have after making the down payment.

Maybe I'll make it.
I have a separate question:
If a person wants to remove their name from a coop unit, then does the other person have to show they can afford the whole unit before the other person can be removed? It works that way with houses, I think. Thanks.

hi, printer, is the gross income before or after tax? That makes a huge difference

If you assume a mortgage of $471,250, at 5.5% interest for a 30-year fixed + $1000/month maintenance, that comes out to $3750/month. Most coops I've seen require housing expenses to be less than 25% of gross monthly income. Therefore, you need to be making at least $180,000 a year.

I think it is more than likely that the coop will require a secondary review of the financials if one of the leaseholders decides to remove their name from the lease. Yes, it is a coop, but it is still a lease. This would be especially the case in coops that forbid third-party guarantors.

Hm. This is good info. Thanks.
(gross is before taxes, net is after)

in addition to income requirements, coops that i would rate as medium in their scrutiny require that buyers can show liquid assets, in additon to those used for downpayment, that sum to 48 x monthlies (mtge and mntnce)

Oh ok. I see more now it's reviewed.

What are some of the things that a coop board might do if a person loses their job while in the middle of their lease/mortgage? Can they ask for another person to be put on the unit? What might they ask for? The building is mid-town east by the river.
Thank you

If you stop paying your maintenance, the co-op can force a sale of your shares. From the proceeds the co-op will take the maintenance arrears and its legal fees, then the bank takes what it's owed. You get what's left, if anything.

If you don't have the financial wherewithal to weather 6 months out of work (minimum!), you have no business buying. Renting is a better option.

Is 6 months still the standard? I think it should be at least 1 year.

I said minimum 6 months. I personally would never want to have such a thin safety net. What are you going to do if there is an assessment of several thousand dollars to deal with a major facade project, or if the elevators and roof have to be replaced at the same time? Better to ask "How will I make my payments if I lose a job," than the more insane question "What happens if I stop making payments." The latter really shouldn't even be on the list of options. If it has to be, DO NOT BUY.

Actually I know a person who owns a coop and is (unfortunately) experiencing some legal problems. This person may in fact have a lien of nearly 2/3rds the market value of the coop unit put in place against his unit. How would a coop board handle this? The lien goes against the property, not the person, and (from what I know) good luck getting anyone to buy a unit with a lien on it.
btw - Thanks for all the great info. You guys are very knowledgeable.