Crown Heights Coops Affordable?
Greetings, I came upon the following Crown Heights Coop in the Brooklyn Eagle: http://www.brooklyneagle.com/categories/category.php?category_id=5&id=37111 It seems affordable. What are some things one should look in before buying a Coop?
Greetings,
I came upon the following Crown Heights Coop in the Brooklyn Eagle:
http://www.brooklyneagle.com/categories/category.php?category_id=5&id=37111
It seems affordable.
What are some things one should look in before buying a Coop?
I missed a workshop. Another one is coming up.
Again, I think this could be a great opportunity, but I would not equate this with buying in an already-existing co-op. You should check out their web site at : http://www.nhsnyc.org/en/find-a-home/affordable-homes-marketed-by-nhs/150-320-sterling-street-brooklyn-crown-heights and attend one of the information sessions to have your questions addressed properly. Good luck!
Greetings,
It seems the theme here is to rent rather than invest in a Coop, considering today’s market. Also, should the overall mortgage of the building be taken into consideration.
This building is a rental turning Co-op. The not for profit which owns the building, UHAB, is educating former renters on policy and responsibility as Coop members.
I think the most important thing about a coop is who is in it. Bad neighbors are tough, and when you’re bound together in business even tougher. See that the building is well maintained. The finances, like how often they’ve done assessments and how much of a cash reserve they keep are very important.
Depends on the size of the building you need more or less of a cash reserve but we walked away from coops which only had a couple thousand saved. Some people don’t seem to mind assessments, but this was another thing we looked at closely.
Anyway, after 15 years of coop living my take is that attitude of neighbors should be roughly compatible to your own.
Technically, this is in Prospect Lefferts Gardens, not Crown Heights. I think you should attend one of the seminars being offered on this project; probably many of your questions will be answered there. Keep in mind that there are income limitations on purchasers here and preference is given to current residents of Community Board 9. Good luck!
“What are some things one should look in before buying a Coop?”
Look into renting, its about the same as owning a coop and probably cheaper and less of a headache.
Be aware that in a co-op you are buying shares in a company, which will entitle you to a lease on an apartment (proprietary lease). The co-op board gets to make the decision about who gets to buy shares and live in the building. The board will scrutinize your application thoroughly before deciding whether to interview you. Most boards will only interview candidates if they’ve passed the financial tests. Treat a board interview like a job interview, wear business attire and be respectful of the board and answer their questions honestly, but don’t answer questions they don’t ask. Most co-ops are only willing to allow owner occupiers, so if you’re looking for an investment property, try a condo. Different co-ops have different attitudes to musicians and pets. If you want a pet friendly building, tell your broker, because they shouldn’t show you apartments in buidlings that don’t allow pets. Co-ops don’t always welcome major renovations, redecoration is one thing, but if you’re going to start a major construction project, you’ll need board approval – not all boards are that friendly when it comes to renos. Crown Heights boards shouldn’t be as difficult as some of the more notorious Manhattan boards, but any board can have a member with a napoleon complex.
Above all, get your lawyer or accountant to review the co-ops finances – you don’t want to buy into a major problem.