Forum Archive

Is it possible to purchase a unit that the sponsor in a coop building is going to renovate before the sponsor actually renovates and sells it through a broker? I know that many sponsors at coops with low(er) owner occupancy rates have exclusive deals with particular brokers, but I wonder if these agreements would preclude the sponsor from selling an unrenovated unit directly to a buyer. My thinking is that you’d be able to buy the unit at a substantial discount, do the renovations yourself (and avoid the cheapo sponsor renovation), and avoid paying the broker’s fee that is likely built into the price. I’d love to hear from anyone who has any insight.

Thanks