Can you buy a co-op and NOT go before the board?

Q:  "A friend told me that there are some co-ops around that you don't have to go in front of the board, is that true and how do I find one like that?"

A:   Yes!  There are some co-operative that are around that do not require you to open up your entire life, give your blood and answer questions that have nothing to do with your qualifications, the only problem is that these co-ops are far and few in between.  These are called "sponsor apartments". 

Other benefits of buying a sponsor apartment is the financing.  The buyer can opt to put down less, so they can finance more than the board would normally allow.

One thing that any buyer of a sponsor apartment should know is once the shares of ownership have been transfered - which  would be at closing that buyer is obligated to follow all house rules and is no longer sponsored.  This means that the new owner(s) are no longer dealing with a sponsor anymore - but rather the board, so when the new tenant is looking to re sell the apartment any of their prospects are required to appear before the board for approval.

Some of the more popular co-ops that still have some sponsored apartments are:

Kennedy Quad in Bayside -

Alley Pond in Bayside.

LeHarve in Beechhurst. 

Comments

[govokinolij]

Hello

Looks good! Very useful, good stuff. Good resources here. Thanks much!

Bye

[Christine]

Govokinolli - thanks, I am glad you found it helpful!