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The Real Deal recently ranked my team #17 in NYC for cooperative (co-op) listing sales for 2022. I am particularly proud of this ranking because of the extra work and expertise co-op sales require. There are brokers in NYC that avoid co-ops at all costs but the majority of our housing inventory is made up of co-ops and they should not be quickly dismissed if you are looking to purchase a home here. A co-op is not real property like a condo or single-family home. With a co-op, you are purchasing shares in a co-op corporation which comes with a proprietary lease providing you with legal rights to your apartment (and legal obligations). The co-op board of directors has the right to reject a prospective buyer for any reason provided that reason is not illegal. The tricky part of that equation is that boards generally do not disclose (and are usually advised not to disclose) the reason for doing so (there is, however, currently proposed legislation that could change that). The co-op approval process is based on an extensive application that requires everything from recent bank statements and tax returns to personal and professional reference letters and on occasion a detailed background check on the prospective purchaser. There is also a personal interview. If a board is going to reject an applicant, they tend to do so prior to the interview basing their decision solely on the application itself (or the proposed sale price if it is deemed to be too low) which is why broker expertise with board applications is so important. Preparing a board application is just as much an art as it is a science. It requires tremendous attention to detail and requires the broker to create a clear roadmap through the prospect’s financial landscape (which can be complicated on its face) and a compelling narrative (where the reference letters come in) on the applicants themselves. If not done artfully, creatively, and fastidiously the buyers could be rejected before even being given the chance to present themselves in an interview. I have represented buyers and sellers in thousands of co-op transactions as a broker and an attorney (prior to becoming a full-time broker). I have prepared, reviewed, and revised thousands of co-op applications. I have also served on my own co-op board for many years and on prior co-op and condo boards in my previous buildings. Many of the transactions I have completed were not easy and some were downright complicated but the vast and extensive experience I have gained has provided me with a track record for getting co-op deals done and closed and for that I am grateful. Make no mistake, a large portion of our business consists of condo and townhouse sales as well. Therefore, if you are looking for a fastidious team to represent you with your real estate needs we are here to provide you with that level of service! |
Have a fastidiously fun weekend!
Best,
Michael |
Are you interested in investing in a fully managed AirBnb?
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How to Eat Your Way Through 33 Countries Without Leaving Manhattan
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One of the best things about dining out in NYC (beyond great pizza and bagels) is the sheer variety of international food. In Manhattan alone, you can eat your way through India, Jamaica, Russia, and Venezuela, all without leaving the confines of the borough. To help you accomplish just that, we've rounded up 33 different global cuisines you can find in Manhattan.
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International museums and cultural institutions in NYC
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Need a holiday? Experience global culture without leaving the city at these international museums and centers. There are plenty of institutions where you can immerse yourself in another country's art, history, film or food. Some of our favorites include: Japan Society, Scandinavia House, French Institute Alliance Française, and The Ukrainian Museum. |
Best Direct International Flights From NYC Airports
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New York City may not be the center of the world, despite what many of its residents may think. But when it comes to international travel, it’s certainly an ideal place to be. New Yorkers have access to two large-scale international airports — John F. Kennedy and Newark Liberty — offering direct flights to destinations across six continents. (Antarctica, of course, remains a boating journey). And while LaGuardia is widely considered a domestic hub, it does offer direct flights from NYC to a few attractive destinations in the Caribbean and Canada.
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622 Greenwich Street, Apt. 2C |
2 Bed 2 Bath West Village Co-Op Offered at: $3,595,000 Apartment 2C is 2,150 square feet of traditional loft space in the heart of the West Village, which is a truly rare commodity these days. This masterpiece in both design and scale was created by the combined creativity of Dean/Wolf architects and interior designer Tse Yun Chu.
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The Stafford is a charming boutique elevator cooperative in the heart of the West Village between Leroy and Morton Streets. The building has stellar financials as evidenced by the low maintenance, and the location is truly unbeatable. Hudson River Park is a block away and the immediate area is surrounded by all the best that the West Village offers including top restaurants, shops, and galleries. There is a garden-like atrium, a beautiful, furnished roof deck, a live-in resident manager, a video intercom system, bicycle storage, and separate, dedicated large storage cage that transfers with the apartment. |
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© Compass 2023 ¦ All Rights Reserved by Compass ¦ Made in NYC Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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