As a foreigner I bought a Condominium apartment in Manhattan after hearing about the nature of what a Coop is. It was out in the open prior to closing that we were buying the (breathtaking Manhattan skyline view apartment) as investment and my extended family would to stay in whenever a niece or nephew etc goes to NY for travel or school. From what I initially understood, a Condo was the way to go... [more]
As a foreigner I bought a Condominium apartment in Manhattan after hearing about the nature of what a Coop is. It was out in the open prior to closing that we were buying the (breathtaking Manhattan skyline view apartment) as investment and my extended family would to stay in whenever a niece or nephew etc goes to NY for travel or school. From what I initially understood, a Condo was the way to go to ensure freedom and liberty. Condominiums were also priced higher then Coops. American real estate regulations and laws are very different from most places in the world I have bought in. I have now become frustrated and baffled by the buildings Condo board threatening to take legal actions and imposing large fines for what they refer to as "transient tenants". There seems to be a power struggle going on in the building amongst owners bashing each other and I don't understand how family members are referred to as "transient tenants" by a board of a Condominium building. Especially my recently visiting wife felt terrorized by a group of neighbors and board members questioning her as to her background and reason for staying more than once. She didn't mind introducing herself but the climate in which such incidences occurred seemed hostile and an infringement of privacy. No pun intended but America as the "Land of the Free" this strikes me as bizar and unlawful. Perhaps there is something I didn't comprehend about buying real estate in America or could it be this particular building using such, to us unfamiliar ways of business.
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