I am planning to buy a 2 bedroom apartment in Washington Heights, I am looking at sponsor-owned Coop units

CRAM11
Home Buyer
New York, NY

for the price and space (500k max). I will be buying in cash ( parent's money ). The only thing is that my parents insist that the apt. be under my name and my 2 siblings for inheritance purposes, and my siblings are foreign nationals. Will we have problems with the board ? Or can I assume that since it is sponsor-owned, we don't have to rely on board approval ? Does the board have any say on who the sponsor sells to ?

Answers (2)
Karla Harby
Agent
New York, NY

If it's a sponsor unit, odds are good that you don't need board approval.

Condos are generally more expensive, as you know, but there is no board approval involved with them.

Wed Aug 12 2009, 19:27
Tony Lara
Agent
New York, NY
FIRST ANSWER

That's a good question and it'll depend on the building. Every board is different but again it's a sponsor unit so you might not be an issue but nonethelss it's case by case. First thing, get a broker, if you don't have one feel free to contact me. Secondly give yourself extra time because you're looking for a specific type of unit (sponsor) which can be limiting to say the least. You'll find what your'e looking but give yourself time. I'm here if you have any further questions, good luck.

Mon Aug 10 2009, 06:53

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