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I’m a grad student that recently leased a coop in a great Brooklyn pre-war building in Sunset Park. In this down market, I moved from a rent-controlled apartment where I was paying about 300 dollars more to overall a much better place.
I was told that the unit is collectively held by other shareholders in the building and they decided to lease it for now because of the soft market. A few other smaller units are currently being renovated and are being sold ok prices. I really like the unit that I am currently renting. It’s in need of some major kitchen and bathroom renovations, but overall a great place to live.
I’m currently saving towards owning and I would really like to own this one. My question is how and when do I formally express interest in buying the unit when it becomes available? Also, it was always a rental so I do not have a clue what the asking price would be?
Am I at an advantage / disadvantage when it comes to negotiating price?
Can I make cosmetic improvements, e.g., refinishing the floors, without boosting the asking price?

Any comments are greatly appreciated!