Ariel East

You might check with Lisa Lippman of BHS. If anyone knows how to work the system at Ariel, she does.

Have you tried wells Fargo?

John1212: did you make an offer on an apartment and were unable to find a bank willing to lend there? We just looked at an apartment there and I specifically asked the agent how the buildings financials were and he assured me they had hundreds of thousands in a reserve fund. Is that not true? He also told us an offer fell through but not b/c of the buildings financials.

Maybe the condo isn't setting aside 10% of its budget to add to its reserves. See what Sunny Hong says at http://streeteasy.com/nyc/talk/discussion/27800-10-reserve-requirement-for-condos

The banks i talked to said that the reserves have fallen below 10% and as a result they cannot provide financing for this building. It doesn't mean that the building's financials are bad but I think it does affect the resale value since financing is difficult to get. An easy way to bring back reserves above 10% is to increase common charges which will also affect the resale value.

If the reserves have fallen below 10% then there will likely be an assessment. Two apartmentsthere very recently went into contract so at least someone is financing to this building. I saw two apartments in this building and, they weren't for me. There are so many windows that you don't have room for a lot of furniture. I also found the apartment to be cold, and many of the closets had electricals in them so there wasn't much space. That stretch of Broadway isn't the best either but if you get a high floor the view is to die for.

Has the building done a reserve fund study. It does not have to be a 10% contribution. A little planning goes a long way.

Wells Fargo lends in the building