what about this?

Jesus Christ...40% down payment?!?! You'd need to pluck down $798,000 for the down payment! In a building with only a 20% down requirement, that would be enough for an apartment costing almost $4 million!

The downpayment of 40% (more in some other high-end buildings) is par for the course for certain areas. I'm not familiar with this particular block and building, but the cross avenues might indicate that this is also a high liquidity requirement building, requiring *upwards* of 2X the cost of the apartment in trackable, liquid assets within the tri-state area *after* purchase. These buildings are good in the sense that one doesn't have to worry about the RE world crumbling in one's immediate building because of foreclosures and neighbors that are on a hand-to-mouth existence, but you'll always have potential buyers that want to leverage as much as possible, and with this price range and, potentially, liquidity requirement, this place would be out of reach to the majority.

coopownr98 - thanks for the info. I've only owned condos, not coops. Too many rules to play by.

I lived in a small boutique co-op in Park ave that had a 40% down requirement . .. it definitely kept turnover very low, but it also had a strong negative impact on resale prices as it cut out about 80% of potential buyers. It is absoutely a powerful defence against instability, and much more for people looking for a "home" as opposed to an investment.

!MOM - what are your thoughts on NYC condos? Have you had any major issues since you've owned? Do you find a lot of rentals in your building?

coopowner98 is absolutely correct. The 40% down requirement is not at all out of the ordinary in white glove buildings on/off Central Park, Park Ave., Madison, lower 5th Ave. Some actually require more (see, for example, 40 Fifth Avenue--50% down). Love 'em or hate 'em, coops are very different than condos. Some people spending lots of money on an apartment only want to live with other people who have lots and lots of money who will lend uber-financial-stability to the building.

I saw this apartment and it requires a complete gut rennovation. The second and third bedrooms are so tiny. One actually has a window into the master bedroom. In addition, all of the work that was done in the apartment was done very cheaply. In reality, it would make a great 1 bedroom with a study/library where the other two bedrooms currently are. Given all the work and the fact that it is not really a 2 or even 3 bedroom, is why it is still on the market.

Sharise: I don't know if my neighbors are owners or renters. That's never been an issue. Financially, I think you get better resale value from a condo because it's open to a wider pool of potential buyers. I know that coops make up most of the market in NYC, but the ones I looked at just seem to have too many rules - limitations on renting, limitations on who you can have living there, requirements for financing, even a rule that 80% of my floor space had to be covered with either a rug or carpet, etc. It almost seemed like I wouldn't have owned the apartment - which technically I wouldn't have. I just like the more straightforward form of ownership with a condo.