The Majestic

Sounds as if, in the case of these buildings, you really should be using a buyer's broker to help you navigate.

Tough in what sense? You are talking about one the premier properties in NYC. What do you think? Seriously, this is the type of highend purchase a seasoned broker can help with.

chloe, I'm an agent who lives on the UWS and I'm happy to talk to you if you're not already working with someone.

ali r.
ali [at] dgneary [dot] com

kyle - you thought my one sentence post (which IMHO clearly indicated that his person, looking at these buildings, should definitely be working with a broker) wouldn't be understood by the OP?

... or just ask the listing agents for the apartments that interest you. They don't want to waste time on an unqualified buyer, so it's in their interest to screen you properly (although they probably won't come right out and tell you the guidelines).

West81st - but don't you think that the OP's having a buyer's broker would be more helpful in this case? A selling broker "hinting" that someone is not qualified (a) might not be interpreted well by the potential buyer and (b) might be wrong based on "impressions". A buyer's broker, with better knowledge of buyer's finances, etc. would, IMHO be best for helping a potential buyer navigate the rocky shoals of prime NYC real estate.

Usually, when a board requires 50% down,that seems to be a clear indication that it is a bit strict to say the least. The good news is, the term "short sale" does not seem to enter into their world.

ph41: Maybe, maybe not. Some buyers are perfectly capable of self-qualifying (or self-disqualifying) with a calculator, REBNY financial form and a little guidance from the listing agent. Others have trouble grasping the concept of "post-closing liquid assets". Some buyers' brokers know the requirements of CPW coops inside out, from Harperley Hall up to the Ardsley. Others couldn't tell the Majestic from the Dakota if you spotted them the first three letters.

West81st - well, in this case the OP would not seem to fall into your first category of buyers (capable of self-qualifying). Your comment about the second category of buyers' brokers - well LMAO!!!

ali - I usually feel that your posts are helpful and on-point, but on this one I think you're reaching. You've always said that your specialty is downtown, you deal with a lot of rental clients (albeit "celebrities"), and you live quite a bit north of these buildings. Do you really feel that you have enough experience with these buildings to be a truly knowledgeable, helpful buyer's broker to the OP, or, and I hate to say it, are you just doing the standard broker trolling for business?

PH41, you're right that I'm a young agent. This buyer should hire Macrae Parker.

However, assuming that she doesn't, everyone in the next tier down is going to do what I would do: get a formal client engagement, and then write their network to say, "hey, I need to talk to a board member."

Do I think that's going to get me a Majestic board member? I think it would get me two, but you're right to say that's a speculation of mine until proven.

I think my network is elastic enough that I'm okay in most non-Park/non-Fifth avenue buildings (and I feel a little stronger on Fifth every year), but you never know what your friends are going to deliver till you call them.

ali r.
DG Neary Realty

FWIW, "Insiders" at 115 CPW include Deborah Kern and Joyce Weisshappel of Corcoran (although one of them recently sold and the other wanted to).

ph41: Like a good buyer's broker, an unrepresented buyer has to give the listing agent enough information for basic screening without opening the financial kimono completely. I think it's feasible to strike this balance when submitting an offer - in writing of course - with language like: "Our liquid assets are a multiple of the proposed price"; or, for a coop with more modest requirements, "At the proposed level of financing, we expect to have ample liquid reserves after closing to cover several years of monthly costs."

ph41: why so snarky? I think consensus of various opinions helps generally held beliefs and opinions to emerge. On this OP, I agree with you and think it is worth the OP seeing that at least 2 regular and fairly informed posters feel the same way. If only one says something, it is difficult to discern if the opinion is representative or an outlier. In addition, I'm somewhat surprised at the post to begin with. I could just have easily written "Are you f-cking kidding me?" Or, "If you have to ask, you aren't nearly ready to start bidding on apartments of this type."

So, does anyone know how much post-closing liquid assets would be required by the Bd in a building on par with the Majestic?

Kyle,
I was not being snarky, just asking a legitimate question. Specific areas/ buildings sometimes require brokers who specialize in those buildings/areas especially at those rarified levels.

that is happy horseshit. you either have the money and the creds to get in or you don't.

no mom....we're not in brooklyn anymore.

As in the board may have more confidence in a prospective buyer brought in by a broker who has done previous deals in the building.

so person A has $10 million in liquid assets after purchase; person B has $6 million in liquid assets after purchase but is represented by a nice broker.....then what?

Where I think I might disagree with W81 is in the idea that we're dealing with just a couple of financial ratios. This weekend I was talking to a Downtown boardmember who had an application from a prospective purchaser who was clearly amply financially qualified, and the ampleness raised some questions in and of itself.

It's not just "do you have money X"? It's "what kind of financial character do you have, and what kind general character do you have, and what kind of shareholder are you going to be?"

A good buyer's broker can shape that story.

To that point, 41's last comment that boards align with brokers is on the nose. Often a board will work with certain brokers (especially brokers who live in the building) and inculcate those brokers with the board's values, and expect those brokers to do an effective pre-screening.

ali r.
DG Neary Realty

bullshit.

so person A has $10 million in liquid assets after purchase; person B has $6 million in liquid assets after purchase but is represented by a nice broker.....then what?

lets assume that the socially acceptable factor is equal.

Ali - what does that mean? "prospective purchaser who was clearly amply financially qualified, and the ampleness raised some questions in and of itself. "
Drug dealing money usually doesn't show up on a 1040

and there's CC - the crazy old coot - the new resident SE troll.

Chloe: if you are serious about buying an apt at the Majestic, and nothing else would do, this is what I would do if I were in your position.

Go through the last 10 years of sales in the Majestic. Look at the listing brokers. Interview the top 5, 6, 7, 8, whatever brokers for the building. Ask them what the requirements are, ask them to take you blow-by-blow through each closing (who the buyer's broker was, how they developed the pkge, etc). Keeping confidential of course, the info that should remain confidential. If you don't already have a broker, it might not be a bad idea to retain the broker with which you feel the most rapport, and the one that had the most building knowledge & connections (ask for references, all the better if they're already in the Majestic or other top-shelf CPW bldgs).

Many years ago, I set my heart on buying adjacent sponsor units in a small set of bldgs. I called a few brokers that had listings in those bldgs. Didn't retain any as my broker, but told them to call me if they could get me what I wanted. Happened within 6 months.

Took a few minutes to go through the first page of SE sold listings. A few names jump out - Taub/Arons at Stribling, Deanna Kory at Corcoran.

nyc10023 - so, if they had what you wanted, why didn't you do the combo?

I did the combo.

So, you were the "evil sellers "?

lol

Isn't this the sort of building that wants to see recommendation letters *from the right people*, and well-presented evidence of philanthropy (and "volunteerism")? Why would one ever approach such a thing without a well-connected (with the particular building) broker, barring close friendship with a long-term Board member?

I'll bite. Hypothetically, if I were interested in the Majestic, but didn't find a broker with whom I had a rapport, then I might go it alone if I were sure that I were well-qualified financially. Without actually knowing what the board requirements are, I wouldn't feel that confidence unless I had 1x in liquid the price of the apt. Deanna Kory is a pretty straight shooter - if I made an offer (w/o a buyer's broker) on one of her Majestic listings, I'm sure I'd be treated well.

AH - you hit the nail on the head. At that level, connections count .

ph41, if you agree with alan, are you in auto agreement with columbiacounty?

Would you really think that 1x purchase price in liquid assets is enough? I would think that is bot enough in that level of building. And hopefully your broker would clue you in.

ph41, what does your comment have to do with Wbuttocks and his "girlfriend in Brooklyn"?

I said that I didn't know. But I wouldn't even bother going there unless I had 1x purchase in liquid (after close). Anyway, a good broker would know better than to humiliate you for not knowing and should, in theory, take the opportunity to educate you.

Why would the selling broker not want to tell you? So that the sale would fall through?

Please. 1x purchase. Seriously? Try 3x. In cash or equivalent for many of them.

kylewest - 3x in "cash or cash equivalent"? I find that very hard to believe, unless you are using the term loosely. Cash equivalents can't even include common stock. People don't sit around with $10s of millions in cash and short term paper.

UWSfamily - at that level of apartment, they may very well have 3Xcash equivalent (I would think that includes stock, though I'm not really sure, as it's way out of my league). It's a very different ball game.

What about investments in gas stations?

Right on cue- Columbiacounty the crazy old coot!! Or, the pathetic old pr**k

But then again CC has no idea about the difference between a gas station and an auto dealership. Because he is just a pathetic human being.

Hey CC you're so frantic you're actually making me laugh out loud!!!

And you really have become the new SE resident troll!! LOL

What's your definition of a troll? Someone who calls the high and mighty penthouse lady on her shit?

ph41 - no, "cash equivalents" are different. They are things like U.S. Treasuries. I would be shocked if any co-op boards limited their financial analysis to "cash and cash equivalents" and did not include assets such as common stock.

There is an old saying....'If you have to ask, you can't afford it.'

Chloe, it is hard to believe a person so qualified to purchase in the Majestic would have no network of friends, business associates, lawyers, etc, that they would need to ask on an internet message board (despite the fact that this one can be quite good at times with tons of great info and insights).

Either you won the lottery figuratively (hopefully not literally 'cause that probably wouldn't fly in that building) or are barking up the wrong tree.

Best of luck.

walterh7: There is an old saying....'If you have to ask, you can't afford it.'

And......that is the quote that kept our anscestors from doing the "shop til you drop" tango.