Stewart House

We were outbid recently in this building but hope to buy in the near future as the location is just superb and it's sort of affordable. The only concern we have during our research is the board seems very strict. We actually like the idea of a tightly run ship, but wonder if it goes to the other extreme. For example this turns out to be the only co-op in our hunt so far that outright forbids subletting. Given the transiet nature of NYC population, it seems a little too much. Does it disallow roommating too? What is it like to be living in this building? How is the building's financial? We heard about a hefty assessment. Could someone share some insights? Would greatly appreciate it.

Said to be a board that looks for big post-closing reserves.

ali r.
{downtown broker}

RS:

1. if the board wont treat you like a VP you should discard the invitation
2. you are correct: transiency and emergency relocation are a fact of modern NYC life

3. I would avoid any Coop whose building has an inflexible no-sublet policy

I would never own in a co-op that would let me live there as a renter.

There's an old "Maintenance & Assessment History" at http://ellimanpm.com/uncimages/1802/sales/MAINTENANCE%20&%20SPECIAL%20ASSESSMENT%20HISTORY%20-%2070%20EAST%2010TH%20STREET.pdf

The listing agent would probably get you a current one.

Any update about the amount of post closing reserves this board likes? And is it true that financing is only allowed at 60%?