Recently applied to purchase co-op at Plaza 400. Met every financial condition as communicated by building management, seller accepted offer, approved by bank for mortgage, filled out application meticulously and have very stable employment situation. After incurring expenses of application (appraisal, application fee, lawyer, etc.) Board turned us down without even asking us for an interview or... [more]
Recently applied to purchase co-op at Plaza 400. Met every financial condition as communicated by building management, seller accepted offer, approved by bank for mortgage, filled out application meticulously and have very stable employment situation. After incurring expenses of application (appraisal, application fee, lawyer, etc.) Board turned us down without even asking us for an interview or calling any of our references. Doubtful that board even read through the entire application.
Very questionable as to whether the Board is fulfilling its fiduciary responsibility. Board seems to feel that they can act in an arbitrary and abusive way with impunity. My advice—think carefully about whether you want to live in Plaza 400. The building has some very nice amenities, but so do other buildings in the area where you are much more likely to deal with a responsible Board.
[less]
