FISHER PROPERTIES
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BERNARD FISHER FISHER PROPERTIES 227 Brighton Beach Avenue Suite #1 Brooklyn, NY 11235 Office: 718-578-9524 Fax: 718-934-1313 Bern@fishernyc.com

F   I   S   H   E   R        P   R   O   P   E   R   T   I   E   S

  Licensed Real Estate Brokerage

227 Brighton Beach Avenue Suite #1 Brooklyn New York 11235

Here is some helpful information to people interested in purchasing a co-op apartment in New York.

What is a Co-op apartment? Housing cooperative is a legal mechanism for ownership of housing where residents either own shares (share capital co-op) reflecting their equity in the co-operative's real estate.

If you’re interested in purchasing a co-op apartment, one should have this available.

10-20% of the purchase price of the apartment- most co-op boards and management companies only go into contract with purchasers, who have 20% down, but there are exceptions, many buildings allow 10% of the purchase price placed to get the ball rolling.

In most cases there is board and management company approval on the sale, so this would require submission of certain paperwork to the management or board of the building. Management usually requests, bank statements, tax information for employment verification, and some cases personal references, then there is usually a board interview where the president and members of the board meet the prospective purchaser.  in some cases boards in buildings may be very strict in regards to who they approve, and in most other cases board approval is just a meeting face to face with the new tenant to know who they are going to be neighbors with. for more information contact fisher properties

In the case of the sponsor unit sale, or units that were not purchased at the time the building went co-op usually 10% down is acceptable and there is no formal board interview or approval, so that is a great benefit that cuts the time of closing virtually in half. For more information contact fisher properties

Although it may seem like a hassle or a process, this is not the case with an experienced real estate brokerage like Fisher Properties, Here are the benefits of purchasing a co-op apartment:

Co-op apartments go up in price and value consistently every year and due to their structure and property type they are affected minimally when the real estate market is in turbulent times.

These apartments are usually much larger than new construction condos, offering 200-300sq.ft above the average condo.

Co-op apartments are located in buildings that offer many amenities and are built solid and have overcome the test of time.

Contact us anytime for more information

This information is for general purposes only

This information is purely for general purposes