Buying a Coop in NYC

Although I have much advice to offer, but very little time to do so, I will provide you with the best advice I received: pour over the financials of the coop. And then pour over them again. Remember, you are not buying your apartment. You are merely purchasing shares (technically units) in the cooperative. If others in your coop can't/don't pay their mortgage or fall behind in thier payments, you are on the hook for their share, on a pro rata basis. Although highly unlikely, there are many stories (in late 80's) of coops who could not pay the mortgage, whereby the following scenario would take place: bank will foreclose and sell to highest bidder, who then turns the coop into an apartment building, elminating the former unit holders ownership interest and corresponding investment. So please, for your own financial health, pour over those financials!

The whole coop thing is a pain in the arse when trying to purchase, but generally a good way to go. Good luck.

Prof. Rob M.

Lookin' to raise chickens in the city?

pore not pour

That is exactly what I thought. You are looking for a Co-Op not a Coop.

Buying a coop, especially in the Apple, can be mighty unsettlin'. Trials and tribulations, Lawd knows that's the truth. Thing is, there's so many questions: how old's the coop? Made from good lumber? How many chickens, or pigeons as may be the case, can it hold? Is there good floor soil for the hens to scratch at? How 'bout nesting areas for the ladybirds? Them eggs ain't a gonna lay themselves, son. You know that.

If we're talking pigeons, are you gonna make a hatch for the birds to let themselves in and out? Wouldn't do it If I were you, and here's why: Back in '83 I built a coop with a real fine flap door, figuring it'd be nice to let my gals out to stretch their wings when they felt like it. Two days later I had every damn city pigeon in New York nested up in there, with my show pigeons a shakin' in the corner, scared half to death!

My advice is build your own coop. Now I know open land is probably harder to come by up there these days, but just clear a little open space on your plot and have a go. The local lumberyard can help you pick the best timber for the weather. Oh, and son, one last piece of advice, if you're doin chickens: get a nice big cock to keep an eye on things, to give a doodle-oo if a fox comes sniffin' around.

Best of luck.

If you want the best deal for a coop, contact John Honerkamp, that guy has got some real connections.

Wow...I'm in the same situation, buying at E. 88th and 2nd. One can always count on this message board to be mature and appropriate. Obviously the OP meant co-op.

ha,ha,ha,ha. You just started my morning off right.Thank you...

Most letrsunners couldn't even afford a chicken coop in new york city, let alone a co-op.

what does a co op consist of? how is it different from buying an apartment/condo?

before you buy one, make sure someone else does'nt already own him, or you could get in real trouble

My wife and I bought a co-op two years ago and it was a challenging experience for us. It was a first time for both of us.

You can analyze the finances up and down, my suggestion would be also to check out the neighbors in the building. A co-op is a small community and the more the people are good at working together, the better the experience. We really liked the people in our building. The sense of community has really added to our experience. The board interview is very important. You are interviewing them as well as they you.

We live way up town Manhattan, not in one of the cool neighborhoods, but it's a great place to run. I have plenty of hills, parks, and traffic free paths to choose from.

Wait for the market to soften up a bit more. There will be deals aplenty the coming year I am sure.

I could be wrong but I think you're confusing two different things - the building's underlying mortgage and each owner's mortgage on their apt. If someone falls behind on their individual mortgage, you are not on the hook for their payments - the bank will foreclose on the mortgage and sell the apt. However if the shareholder falls behind on their maintenance payments (a portion of which will be used to pay the mortgage on the building, if any) then yes you might have to cough up extra cash to pay their share - hopefully there'll be enough of a reserve to cover something like this though.

I agree with your advice, look over the building's financials closer than they will look over your's.

Buying a Coop in NYC wrote:

Wow...I'm in the same situation, buying at E. 88th and 2nd. One can always count on this message board to be mature and appropriate. Obviously the OP meant co-op.

Word of advice-do not eat at Elaine's, or any of the streetwalkers that work 86St late at night. DO buy your meats at Schallar and Weber, your confections at Elk, your wine at Neil Rosenthals hidden on 84St between 1&2 Ave, your pizza from Mimi's on Lex and 84 st, eat your hot dogs at Papaya King washed down by the orange drink or Coconut Champage Drink but at all costs avoid the spicy sausage. Take your serious dates to Erminia for romantic Italian on 83rd, and drink a pint at tiny Trinity on 84 Street... Oh do not call a date and say-"Let's meet at Dorians for a drink and then well take a late night stroll in Central Park". If you must go to Elaines the reservation code is "I'd like to sit near my friend Donald Wards' regular table" works every time.

You're dating youself calling them confections :) True though, good stuff at Elk - I didn't know it was still there.

Elk closed.

Haven't seen a streetwalker on 86th in about 10 years.

This NYC market is crazy. It seems that even 1 beds that are going to 550K right now could be sold in three or four years for 750K.

Another NYC buyer wrote:

This NYC market is crazy. It seems that even 1 beds that are going to 550K right now could be sold in three or four years for 750K.

huh? what makes you think we'll see around 10% annual appreciation for the next 3-4 years in nyc?

nyc co-ops are restrained to a certain extent from irrational exuberence because of the hefty down payment requirements and the additional reserve requirements. (unlike new homes in the exurbs where you need less down than you would if you were trying to rent a place.)

nyc defied the trend in almost all of the rest of the country over the last 12 or so months. it might keep it up for another 12 months, perhaps 18. the prediction that it will keep booming, at an incredibly high 10% annual rate of appreciation for another 3-4 years, is fairly wishful thinking (or fairly pessimistic thinking, depending on your point of view).