Home Buying in Harlem>Question Details

dee, Other/Just Looking in 10009

HFDC coops- how risky are they? What should I know? Any advice?

Asked by dee, 10009 Wed Feb 27, 2013

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This question was asked from this property: http://www.trulia.com/property/3074268302-167-W-129th-St-New…

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4
Adina Greenberg’s answer
Like in any other building you think of making a purchase, you have to look at the buildings financials. In general, when you see it is a cash purchase only, it is an indication the buildings financials aren't in the best of shapes. However, there are buildings with decent financials, with money in reserve funds, etc. There are some 550 HDFC buildings in Manhattan with many different programs
These are great if you are looking for a place to live for quite some time as the majority will have a flip tax.
1 vote Thank Flag Link Wed Feb 27, 2013
Hi, Adina! Can you explain more about the 550 HDFC buildings?
Flag Wed Feb 27, 2013
HDFC's can have appreciation however it will take longer for the value to go up (also market related of course). In addition, it is often an all cash purchase. This makes no sense because you need to have below-median income, usually less then $72,000 for one person, and then pay an all cash purchase.

Email me if you have questions nardeen@rapartnersny.com or call me at 917-792-1999
0 votes Thank Flag Link Wed Feb 12, 2014
HDFC co ops are like any other building...the difference being that there are strict income restrictions for the purchaser. I am extremely familiar with HDFC properties having sold many in the past two years. Like all purchases, I suggest you work with a broker who can help navigate and review the building financials and application process. Every building is different
I have a listing in a financially secure, well run HDFC building at 626 west 136 street. Photos will be posted later this week. Please check out my listing and call or email.
I would be most happy to help you in your search for a new home. Please contact me for more information on my listing or any other listing anywhere in NYC
Michele Portnof
Senior Associate Broker
Rutenberg realty
mportnof@crrnyc.com
0 votes Thank Flag Link Tue Jun 25, 2013
I live in a HDFC building in Lower East Side and I'm also part of the board. Look at the finance of the building. HDFC need to have a reserve fund. Make sure board is following regulatory agreement. You can find a copy of agreement at HPD website under Tenant Interim Lease Apartment Purchase Program.
0 votes Thank Flag Link Fri Mar 1, 2013
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