River House

Coops try to reduce their monthly maintenance by imposing flip tax which depending on the coop is paid by either buyer or seller. Either way it gets built into the sale price. Back in the day, there was limited supply of new large apartments and coops got away with whatever the board decided. Once the rules are set in coops, they rarely change as per the market conditions. One would think they will reduce 50 percent financing requirement but it would not happen as the board is likely run by older residents who do not care.

From my understanding it's always been known as a "tough board".