Page 14 - NY Cooperator June 2019

14 THE COOPERATOR —JUNE 2019 COOPERATOR.COM LAW & LEGISLATION B uying an apartment in New York City isn’t just a matter of finding the right Lubin, a broker with Manhattan-based Klara unit and qualifying for a mortgage. In Madlin Real Estate, describes one package he the case of a co-op, it’s also a matter of passing is working with that has 11 different require- muster with the board. And even for a con- dominium world today, prospective buyers financial information form; credit and back- still have to jump through hoops in order to ground checks; two years of state, federal and secure the board’s approval of their purchase. local tax returns with W2 or 1099 forms; an Though boards have the final say, they also employer letter confirming salary and terms must be careful not to cross lines into dis- criminatory practices when defining the re- quirements and standards to which they hold board or landlord; pay stubs; and three most prospective purchasers. Getting Approved For buyers, the first step in gaining approv- al for their purchase is completing what has are typical of most co-op applications.” become known as the ‘board package,’ which is an application submitted to the co-op board for their review. It can include many items— among them are financial and personal data, cial ability to buy the apartment and cover the and reference letters from both friends and monthly carrying costs. While they may con- business associates. The board’s review of this sider certain non-financial criteria — such information is generally followed up by an in- person interview. “Usually, a resale application is submitted careful not to make decisions that could be to the managing agent’s closing department considered discriminatory (That will be dis- for board review,” says Jennilee De Leon, cussed later in this article). an account executive with Sacks Real Estate Management Corp., in New York City. “Fi- nancial and personal information is includ- ed.” Board packages can be quite lengthy. Larry ments, including: a formal application form; a of employment; personal references; business references; references from the current co-op recent bank statements. “Exact requirements may differ slightly from building to building,” he says, “but the bulk of the items listed above Financial Considerations When considering an applicant, boards are primarily looking at the purchaser’s finan- as the personal recommendations of friends and business associates — they must be very “Every building has a finance require- ment,” says De Leon. “Some buildings are all-cash, while others permit financing, which can range anywhere from 50 percent to 80 Vetting Prospective Buyers Fairness and Non-Discriminatory Practices BY A J SIDRANSKY Yes Yes No No Yes ISTOCKPHOTO.COM Since 1958, out clients have been assured of excellence in building management. We are proud of our managment team which values individual responsibility and performance. We take our duciary responsibilities very seriously and value our position of trust. We don’t just preach ethics, we live them. At Buchbinder & Warren, we understand your apartment is not just an investment...it’s a home. Please call us to learn more about our services. One Union Square West • New York, NY 10003 212.243.6722 INTEGRITY www.buchbinderwarren.com Ad for Yates Restora on, February 2015 RESTORATION GROUP, LTD. Phone: 718.993.5700 info@yatesrestoration.com www.yatesrestoration.com Yates Restoration has set the standard in the restoration and maintenance of New York CIty’s most notable properties. Our unsurpassed expertise and team of artisans, technicians and project managers, means your project gets done right and on schedule. Call or visit us at our website. Restoring the City of New York for over 90 years • Facade Restoration • Roofing and Waterproofing • Terrace and Plaza Restoration • Balcony Restoration and Repair • Structural Stabilization • Steel Work • Ornamental Sheet Metal • Local Law 11