Coop-Greenwich village

How far down the line are you thinking of selling the apartment? By then, the market could be on the up and up, the board could change, and the renovations you put into it could make it an instant sale if you price it right.

Never buy into a bldg. with such a strict board if
you are concermed about easily finding a qualified buyer!

Love the Hackers reference by the way.

If your income is not very high (say $100K) and the cash came from somewhere other than your personal savings, I think they're being reasonably prudent. You have not demonstrated the ability to be able to afford such a place on your own, and bringing your costs down to just maintenance makes for comfortable margin.

If you have a high income (say $300K) and the cash is your own savings, then I'd be worried about the board being particularly weird.

Just to clarify, when you say "very young age", you aren't by chance the ETrade baby? Because, in that instance, you might have the right assets, but too much crying is not what the board wants.

when you went into contract, did u think about the pros vs cons of a strict board? tough boards can really hurt re sale value. look up 60 east 9. it's prime location in greenwich village, and a 30% down building that doesnt allow co purchasing or guarantors or any sort of gifting. look at how cheap the 1 beds are there compared to a lot of other buildings in greenwich village, sometimes with boards the require more down but are more liberal about the source of funds.

if the apartment already needed 100k in work, you will be putting a LOT of cash into this apartment.. if you have that much cash/can put together that much cash, why not spend a little more and go into something that you feel confident will re sale fine/you will never have to worry about.

Thanks creel haha-i am thinking of keeping it only a few years as Im 24 and single but in a few years I could outgrow it.

Inonada-that is true you're right and I see this point esp from complete strangers who are looking at my board package. However my guarantor has insanely high assets and makes an income way way way above that. We made it very clear that my guarantor was guaranteeing everything.

Now we already were putting 40% down and my mortgage was extremely low. Now they want another 250k down. Does this seem normal for a board or am I better off going to a more liberal one?

I think the board has you pegged. You don't seem to really want the place, and anticipate selling in a few years, so makes no sense to buy it.

If you can get out of the contract because the board won't approve you at 40% down, then you get your deposit back and the seller can backtrack and look for a better candidate.

If you can't get out of the contract, then you're out your $90K but probably still ahead.

"However my guarantor has insanely high assets and makes an income way way way above that."

That could be part of the problem. Let's pretend this is a rich dad. Yeah, there's a guarantee, but getting the guarantee met could prove to be a pain especially if there is a falling-out. On the other hand, there is a crapload of money that could make their potential problem not be an issue.

Or it could be as NWT states. You're some rich kid that daddy is gonna take care of (no offense). He's set you up in a little 1BR so you can slum it and see how tough the real world is, but how long is that gonna last? Soon he'll be moving you up to a proper apt, and who wants a temporary owner who is gonna act all spoiled? If they really want it, we're gonna make then show it. We can't quite say "no" outright and more or less admit this, so we better term it financially.

FYI, no offense mention by "spoiled" stereotyping, just saying what could be going on.

Zerocool: you are not a good fit. Many coops don't like a buyer with your profile. You are young and unproven. You may, as a result of your youth, introduce problems into a building like parties, guests others find undesireable, noise. You have no experience from their point of view in behaving like an adult among other well-heeled adults when you are completely independent from family. You evidently have a short time horizon for ownership and that too is undesireable--one who is going to stay a long time might be expected to make more of an effort to be a good neighbor and fellow shareholder; one just popping in for a couple of years is less likely to give a damn.

As for finances, look at it from the board's point of view. Your benefactor is so loaded that this downpayment appears to be a drop in the bucket--something s/he might be willing to just walk away from if there is a falling out with you. As for you being able to pay all cash, there is a difference between paying up front and steadily making payments to the building over time in some people's views. The last thing a board wants is to ever have any problem with a shareholder. Cookie-cutter shareholders are best: high-net worth relative to the unit price, full-time and long-term plans to live there, steady income that generates money well in excess of what is required to maintain the apartment, stable job history, low-key interests, generally well-heeled. You challenge many of these "ideal shareholder" standards.

I do not live a 40 Fifth Ave, and my coop in GV is a good deal more modest. But it has outstanding financials, is extraordinarily stable, and strives (sucessfully) to avoid drama. Your profile, as you descirbe it, would be a problem for us. The requirements being imposed upon you by the board are about what we'd require too, I suspect. A condo may be a better fit for you. Otherwise, you are likely to encounter lots of hoops to jump through as a prospective coop buyer in upscale buildings in AAA areas.

"FYI, no offense mention by "spoiled" stereotyping, just saying what could be going on. "

No offense here as well, but anyone willing to accept (vs having earned themselves) such sums is by definition spoiled. i ain't saying dont take it, im just saying you will always be spoiled so long as you do.

not trying to judge you -- it's just that to be that young and to be buying through such circumstances reeks of silver spoons.

Help, some people have a lot of money. You can't criticize the money away.

Zerocool86, I think KW is a "sane" coop person and valued contributor here, and his words are reflective of the attitude of "normal" coops in that demographic. With a 50% LTV and a loaded guarantor, the financial concerns on you are realistically less than some middle-aged magazine editor putting down 25% with a fraction of your net worth, never mind your guarantor. However, you should read between the lines on the words. These "well-heeled" people busted their asses for half their adult life to get to a 1BR, and here you are there at age 24 using it as a stepping stone; I doubt it'd matter much if it were inherited or earned, honestly. Maybe they feel you'll bring drama to the building, maybe their self-worth is threatened by you, who knows. But like all humans, they like to rationalize. They translate these feelings into half-formed concerns about finances rather than just saying "no" outright and veil their collective feelings in commonly acceptable words.

In summary zerocool, the pettiness of the co-op board has been reflected, in perhaps just a small way, on this thread.

huntersburg: where did i criticize. i merely provided a definition of being spoiled in this context. dude, even if i got such a subsidy, id still wait to buy. manhattan will fall before it rises.

Thanks for all your comments-they are helpful. I agree a condo would be better, especially now that I have had this experience...though there arent many condos in the area.

They did ask about parties and specifically mentioned that they end by 11 so I thought my age was a big factor. The bldg seems to be made up of older people. I also agree that they may think of me as a more temporary member but then again, many people buying a 1 bedroom are.

Kylewest, I think you actually gave me some advice in a previous thread that was helpful about buying a lower floor apartment (as this is).