Sponsor-Dominated Building

Categories: Real Estate

I’m looking at a one bedroom in a big (58 unit) PLG coop that is still just over 50% sponsor owned.

There was good advice on coops in this thread:

http://www.brownstoner.com/forum/archives/2008/11/evaluating_cond.php

And one thing people cautioned against was buying into a building that is more than a certain percent owner-occupied. This is definitely not very owner occupied, but the price reflects that.

We’re good on the mortgage front (though it would be hard to sell the place if no buyer can get a mortgage) but I’m wondering if there are other concerns I should be taking into account in a sponsor dominated building like this?

By serpentor | 01/21/2009 4:10 PM