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Viktoria, Renter in Queens, NY

Can I purchase 2 apts (coop or condo) in the same building?

Asked by Viktoria, Queens, NY Thu Jul 26, 2012

If so, is there a restriction on the downpayment amount for both apts? I heard that the second apt will be counted as an investment property, thus requiring a 50% downpayment.

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7
Most co-ops will not allow you to buy as an investment. If you buy in a condo, the investment unit(s) would require a minimum of 30% down.
2 votes Thank Flag Link Thu Jul 26, 2012
First thing you will want to answer several questions yourself:

1. Are these 2 units are for investment or for single family residence, this will determine the ownership stake to best suit your needs;

2. Co-ops do not allow renting, and condos do, but cost about 30% more expensive than co-ops

3. What is the use for? You and your mom in separate units; to combine units, or rent both out?

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Jennifer Chiongbian
SVP/ Associate Broker
Rutenberg Realty NYC
9172502284
1 vote Thank Flag Link Thu Jul 26, 2012
Yes you can in a a condo, as for a coop building each building with be unique in their own restrictions or requirements.
Collette V, Smith
0 votes Thank Flag Link Fri Aug 3, 2012
Hello Viktoria. Yes, you can purchase two apartments in a Condo or Coop building. A Condo bldg will not care what you do past the point of purchase. You'll get a deed for each unit which conveys ownership and right of possession. Do with them what you will. Combine them into one, Rent them out, whatever. The main issue they would have with anyone purchasing two units is, can you afford the purchase. That is to say, do you have the assets, credit and liquidity of funds to do so. You will be required to give full financial disclosure but no interview is needed.

A Coop building may be a bit more tricky. Coops are not good investment vehicles. They usually require a larger downpayment and an interview. Before you get to that interview they will require a complete history of your financial situation (board package). This will include multiple Bank statements, proof of employment, Letters of reference, credit check, etc. They will also require anyone involved in the purchase to be at the interview as well.

There is more. If you're intent is to rent out one or both of the Coop apartments, that may not be possible as almost all Coop boards require a minimal owner occupancy. This may be one or two years. Coops may also restrict how long a sublet is allowed. They may allow only a one or two year rental and may even impose a penalty if the renters remain after their term of rental is over. More...the Coop board could also charge you a percentage of your yearly rent for the rental.

In closing, your best bet for an investment property would be to go Condo, NOT Coop. Keep in mind A Condo will be much more expensive than a Coop but also keep in mind, you'll own the Condo unit. With a Coop you own the stock and proprietary lease. I hope I've been helpful and given you food for thought. If I can assist you in finding something in Queens, please don't hesitate to contact me. Good luck.
0 votes Thank Flag Link Thu Jul 26, 2012
Most broads require you live in the unit at least 1 year before you can rent it out.

Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
0 votes Thank Flag Link Thu Jul 26, 2012
Hi Viktoria,

Yes! You can most definitely purchase two condos in the same building. However, for a coop, you will need the board's approval. If you're interested in purchasing condos in Manhattan, feel free to reach out to me! You can contact me at 212-518-3030 if you have any other further questions.

Thomas
0 votes Thank Flag Link Thu Jul 26, 2012
If you are interested i have a combination of two apartments (currently two separate units)
You could buy them and later combine - you save 1% mansion tax this way.
Yotam@bondnewyork.com
0 votes Thank Flag Link Thu Jul 26, 2012
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