Coop Boards on CPW

Try calling the management companies.

Any decent broker who knows CPW can fill you in. Management companies can certainly give you the list of requirements, but seasoned brokers can give you the inside stuff by building/board.

"Any decent broker who knows CPW can fill you in."

Most brokers, even if they don't know, would never admit to not knowing, and are more likely to BS their way through the question with *mis*information.

You're better off getting the info straight from the horse's mouth.

@NYCMatt- I disagree with you. I'm on the board of my coop, and know that our management company only gives basic board package requirements. Y

I'm talking tips or suggestions that could help make a package more attractive to a board.

"@NYCMatt- I disagree with you. I'm on the board of my coop, and know that our management company only gives basic board package requirements. Y"

Which is precisely what OP is looking for.

I'm sure as a board member you'll agree that anything ELSE would be speaking out of turn ... and could possibly open any board up to potential litigation.

@NYCMatt - You get an A+ at cut and paste.

broadbent: What makes your Board approve/reject an applicant?

Primarily finances.

Could you elaborate a bit? Like, how much liquid after purchase?
Thanks!

Must have price of apartment liquid after purchase at minimum.

This is part of the reason why condos sell for more than co-ops. Who wants to deal with this crap (I say this as one who has done so)? It's a snobby process that doesn't seem to do a very good job of rooting out ponzi schemers and bad apples anyway.

I think I read somewhere (sorry, can't find the quote) that 115 CPW makes prospective purchasers go through hoops to qualify themselves. Whether they could actually prevent a sale is a different story, but they could make the process unpleasant.
Any brokers out there with experience with sales/purchase at 115?

ph41: I don't think 115 is the toughest of the three.

A co-op vetting financials does do a pretty good job at deterring ponzi-schemers and other criminals. Of the boom-years crop, they all (with one exception) bought in condos where their finances wouldn't be inspected. E.g., off the top of my head, Marc Dreier at Beacon Court and Kenneth Starr at Lux 74.

The big exception was Madoff himself at 133 E 64th. He bought there, though, long before beginning his life of crime.

Not that fraudsters are so thick on the ground as to be a real danger. It's comforting, though, not to be forced to be partners with any over-leveraged bozo who can rustle up a loan with Countrywide.

NWT: Don't forget Hassan Nemazee (duplex at 770 Park Avenue).

In addition, I would just note that a lot has changed in New York in the past few decades. Do you think everyone who has lived for 20 years in, say, 115 CPW has the same finances as someone who's about to pay 8 figures for an apartment in 2011? Maybe, but maybe not, which in my view would make it all the more frustrating to have to justify oneself. Indeed, if buildings truly believed in the purported purposes of the process, co-op boards should have to re-evaluate the finances of each resident every so often and kick out those who are no longer up to snuff.

It is what it is. By and large, people know what they are getting into. Perhaps those blessings of being grandfathered in are worth the price of admission. Then, you too can get on the board and pore over the financial statements of prostrated newcomers.

None of the blds I want are condo, so I'm destined for a coop bd exam.

Thank you for the info, broadbent!

UWS -Just for info 115 CPW is condo, albeit the highest,highest , highest end

You mean 15. 115 is co-op.

penthouse lady got it wrong? again?

C0C0, why the obsession with penthouselady? Did something happen when you were little?

Field cheater, why the obsession with cc? Bringing up two-year-old threads for no reason.

Sometimes I love the iPad autocorrect.

>Sometimes I love the iPad autocorrect.

It really supports laziness, I agree.

Oh my God, we must NEVER forget that NYCMatt is President of his ultra-luxurious coop in the incomparable Morningside Heights! Let's all fall down and kiss the ground he walks on! And yes, he has even mastered the estimable art of cut and paste!!! WOW!!!!!!!