Hello Thom.

Let me take a different approach with you. I'm not sure as to why people try to sway buyers away from where they want to live, you say NYC they say Jersey go figure.
Not sure if you have had a chance to get in-touch with a local broker to discuss your move to New York, it would be a really good idea that you do this soon and educate your self on your options.
Since you are retiring, I would agree with Richard and also say that buying is much better than renting, you are probably not even talking about renting it's just that "40 times the monthly charges" threw some of us off, 40 times you deal with when you are talking about renting an apartment. When you talk about buying a coop or a condo each building has it's own rules. For the most part Condos are very laid back and have little saying as to what goes on in the building, why people are buying in it, are they planning on living or renting, etc... they don't care or if they do don't have a saying, the only thing a condo can really do is deny a pet and have the first right of refusal, ( which means that if they deny you, they have to purchase that apartment them selves). Coops are very much concerned as to who is interested in purchasing into their building, most coops do not even entertain a pied a terre situation (when people are buying to live part time as a second or third home), they may require for the apartment to be a permanent residence for the buyers.
Condos on average require a minimum of 10% down, now a days with it being difficult for some people to get approved for a loan, 10% may not be enough and people go up to 15-20% on a down payment.
Coops on average require a 25% down payment, and again that may also not be enough.
One issue which you may face with a coop instead of you having 40 times the common charges, they may require a buyer to have money in the bank as CASH of a year or even two year maintenance plus mortgage AFTER CLOSING. Some may require a year, some may want only maintenance and some may not ask for any of that, it all depends on the type of a building you are buying into and your financial situation along with their requirements for it's tenants. Some coops allow only 50% financing while others only do cash sales, each is very different.
Because you are retiring, you aren't really looking for an investment, rather a security of knowing that you have your own place here in the Big Apple and a coop may be a very good choice for you. They are less expensive than condos, and on average you get more space, plus many coop buildings are pre-war and still remain all the original details of beamed ceilings and moldings, etc...

Thom I'd love to discuss this further with you whenever you are ready, you can call me or email at any time.

Best Regards
~Alen, M

Hi Tom:

The simple answer is, I'm an ex New Yorker! Lived in Chelsea ten years, went to Hofstra, Brooklyn College. Also an actor, and actors never retire. So, my wife and I, after raising three children, want back into the theatrical center of the universe.

Washington Heights looks interesting, as does Harlem and Spanish Harlem. Probably priced out of the rest of Manhattan.

You need a lest expensive area near NYC like Westchester. Visit my Web Site, PaulMVPteam.com and look at different neighborhoods to choice and prices of properties with in those area's. Then call me for questions you might have.. Good Luck, Paul

Thom,

So you live in Portland and are looking to retire...to NYC?

Now that's different. What's the draw to NYC...or NY in general? NYC is the greatest city in the country...but to retire there? I'm just curious.

Co-ops may be more difficult to purchase, but they're generally larger apartments, have stable communities and are older, historic buildings. I suggest you take a weekend trip to Manhattan, read books about famous residential buildings and get to know different neighborhoods. The cost of living is very expensive, also.

Also, keep in mind when you purchase, you're not only paying a mortgage (if you need one), but you're either paying monthly common charges and real estate tax (for condos) or monthly maintenance charges (for co-ops). Lastly, expect to put 10 - 20% down. Speak to a Realtor and ask for a Manhattan Buyer's Guide for estimated costs and time frames associated with purchasing a condo or co-op. If they don't have one, email me and I'll send you one in the mail or as an attachment in an email.

Good luck.

To rent an apartment in Manhattan, you typically need to make 40 times the monthly rent. If you are looking to retire to Manhattan, your best bet is to buy, and in that case you would need to be pre-approved by a lender to make it happen. Co-ops often have their own very specific financial requirements and are a pain to deal with - I would strongly recommend buying a condo (the only reason to buy a co-op is that you really want to be in a specific building - they are very difficult to buy and very difficult to sell because of board approvals). Give me a call if you would like to discuss and if you have any further questions, I would be happy to help you frind your dream retirement home. My phone is 917-657-6532 and my email is rdaub@warburgrealty.com. P.S. I used to live in Seattle so I'm familiar with the Northwest as well!