Plaza 400 Board / Financial Requirements

Hi, with the volume of sales in Plaza 400, I was hoping someone might have additional insights into the board requirements of Plaza 400, based on anyone's recent experiences. Other forums have ranged from vague to specifically saying the board will require post closing net value of 2.5x purchase price. I recently looked into an apartment in this building and have heard the following from various... [more]

Hi, with the volume of sales in Plaza 400, I was hoping someone might have additional insights into the board requirements of Plaza 400, based on anyone's recent experiences. Other forums have ranged from vague to specifically saying the board will require post closing net value of 2.5x purchase price. I recently looked into an apartment in this building and have heard the following from various real estate agents selling in the building: - They look at the financial package holistically (no mention of the 2.5x net worth mentioned in other forums) - Buyers are typically putting down 50% or all cash (building minimum is 30%) - If the purchase price does not meet the board's discretion (i.e. minimum) they with either reject the purchase (which has been commented on in other forums) or encourage the sales price to be increased and offer a buyer's discount upon the sale (e.g. X years of common charges covered by the seller, etc.) - DTI ratio of less than or around 20% My questions are the following: Has anyone recently successfully purchased in this building with less than 2.5x purchase price in net worth? *for all the following questions, assume the buyer does not meet the 2.5x net worth standard, i.e. the buyer can meet all other standards DTI, liquidity, and upfront payment requirements* Has anyone purchased with a down payment of 30% (less than the 50% I've heard is common)? Other forums seem to confirm (or elude to) the rejection due to low price, but has anyone experienced this board pushing for a higher sales price and incorporating a discount? How did this arise? I'd love it if the seller's agent knew the minimum price the board would accept before applying (some suggest the sellers agent might be able to discuss with the building manager prior to submitting an application). Any confirmation or further information about the "holistic" financial package view? When I think Upper East Side Board, I think post closing requirements of 18 months debt payments (mort, cc, other debt) held in liquid assets, but has anyone experienced this board requiring more than 18 months (I haven't heard any strong confirmations either way)? I'm curious to figure out if among the various things I've heard, if a buyer needs to meet all of the check boxes or if it's actually holistic (i.e. you don't need the 2.5x if you have 18 months liquidity and a DTI ratios of less than 25%, or if you don't have liquidity you need the 2.5x...or if it's truly all of the metrics). Thanks in advance! [less]