Home Buying in Kew Gardens>Question Details

Wtd, Home Buyer in New York, NY

Looking for home in Kew Gardens. Should I be weary of NO BOARD APPROVAL coop ads?

Asked by Wtd, New York, NY Mon Mar 30, 2009

I know that coops can be very difficult to get into because of the board approval. What is the deal with properties that do not require approval by the board? Does this necessarily mean that not as much attention is being paid to who could potentially buy in?

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Aldo Grillo’s answer
When buying a coop in NY and there is no board approval you are buying a sponsored owned unit. After buying the unit from the sponsor you are obligated to have any secondary buyers of the unit follow all board rules including board approval. Buyers are typically not compatible with board meeting but too much hype is created about this. Board normally want to meet and inform you of the rules of the coop and if you are meeting the board you have passed the financial requirements.

If you have any more questions please do not hesitate…

Aldo Grillo
NYS Real Estate Sales Agent
Charles Rutenberg Realty
718-701-5650 Office
718-701-5650 Fax
Email: aldo@NewYorkRealEstateValue.com
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0 votes Thank Flag Link Thu Sep 10, 2009
A sponsor by the way is the apartment share the original owner had before the building was converted to a co-op. Since the unit was never sold prior as a co-op you miss the board approval process. Once you have ownership it becomes a share in the co-op and will be required to follow board rules, regulations, etc.; therefore and thereafter, If and when one decides to sell, the buyer will need board approval.
0 votes Thank Flag Link Mon Mar 30, 2009
They are a sponsor sale and basically operate with condo rules. Unfortuantely as Realtors we are not permitted by law to discuss who is moving in or out for that matter. If you are curious to see other owners, I would suggest you visit the complex a few times and at different times. If you need additional assistance feel free to call me or e-mail.

0 votes Thank Flag Link Mon Mar 30, 2009
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