525 E 86th

Pros:
+ Building mortgage paid off = lower monthly maintenance
+ Quiet, peaceful neighborhood unlike 86th St between York and Lex
+ Close to Carl Schurz park
+ Kid-friendly neighborhood

Cons:
- High downpayment 40%
- Buyer is required to have liquid assets equal to 50% of the value of the apartment in addition to the downpayment
- Apartments tend to stay on the market for a long time, probably because of the co-op's financial requirements

Are you looking at any apartments in this building? We saw a couple of apartments in the building a while back and eventually gave up.

I've looked at several apartments in thid building and only have good things to say.
Rigid requirements but beautiful building.

Thanks for the input guys! I've been looking at the one bedrooms in the G line but haven't been ready to pull the trigger. I like the layout and space of these units but would prefer a somewhat larger and more modern kitchen. I knew about the downpayment requirement but wasn't aware of the requirement regarding the liquid assets...yikes. No wonder they have been sitting for awhile.

Question: With these kind of stringent requirements, would the Board really rather see a lower downpayment so that the liquid assets would be at the required level, rather than a higher downpayment (e.g. 75%, 80%) but not enough remaining assets? I'm guessing the answer would be yes, but doesn't make a lot of sense to me. Maybe a naive question, but why would they prefer this? If I had made an offer, I would have been planning to put down a hefty downpayment. I would have had enough liquid assets left over to cover many years worth of maintenance/mortgage but definitely not 50% of the purchase price.

Club Rules

We recently purchased and renovated a large apartment in the building. 40% down is correct -50% liquid after closing is not. The building is beautifully maintanined - spotless. Apartments generally do not sit for long. The one on the ground floor has been sitting because the owner really does not want to sell supposedly. The block is beautiful and the location quiet - no commercial traffic.

The G line is a great 1 bedroom - very large and great layout.

Best of luck.

P.s. As soon as you sign a contract put your nameon the list for storage and parking if you need- both are a bit of a wait.

What's up with all these old coops without W/D? No offense, but it's just plain ghetto.

Thanks everyone for the information! Am definitely going to keep my eye on this building esp. since you all have such great things to say about it.

what does "just plain ghetto" mean?

leelaura - what are the liquid asset requirements for the building? The selling agent implied 50% of the value of the apartment after closing and would not even consider our bid until we proved that we such liquid assets. Thanks.