Creating a Co-Op
Hello, For the past few days my friend and I have been sitting around thinking of ways to get into the Brooklyn market. One solution was creating a co-op. What is the best way to create a coop if one were to buy a multifamily home? Has anyone on B’stoner done this? Would the board…
Hello,
For the past few days my friend and I have been sitting around thinking of ways to get into the Brooklyn market. One solution was creating a co-op. What is the best way to create a coop if one were to buy a multifamily home? Has anyone on B’stoner done this? Would the board of directions be him and I? What other information would I need?
Thanks in advance!
What are some of the reasons for preferring the condo over coop?
I would agree…creating condos would be the suggested route
Check out CNYC, a great resource:
CONDO START-UP:
Challenges for Boards & Unit Owners of New Condominiums
Tuesday, May 11, 2010
6 – 9 PM
Location to be announced
As condominiums are formed, the unit owners must deal with organizing and operating these complex real estate properties– a task which is further complicated today in those instances where the sponsor may be exercising control or has not complied with its obligations under the Offering Plan. These are often newly constructed or renovated buildings where the unit owners do not know one another and often have little or no experience in operating a building. Add to this the shock of the economic crisis and the sponsor’s shaky financial situation; unit owners are concerned about protecting their investment and homes. In this seminar , CNYC Board Chair Stuart M. Saft, Esq. will provide guidance to unit owners in new condominiums, presenting unit owner and Board priorities; obligations and responsibilities of the sponsor and the Board, and will provide advice about organizing the owners and the Board. The class is limited to board members and unit owners of new condominiums. Advanced registration is required. A light supper is served. The cost is $75 per person if your condominium is a member of CNYC; $100 for non-members. To pre-reserve, call CNYC at (212) 496-7400 or register by e-mail to workshops@CNYC.coop. Payment sent to CNYC at 250 West 57 Street, Suite 730, NYC 10107 confirms your registration. To pay at the door, preregister and add $15
Skip the COOP and create a condo if you go that route.