Some boards require 3-6 months of reserve. If you have a particular building in mind you may want to check the management company , usually their contact info is listed in the vestibule area above the doorbells. Also check with your lender because the reserves that the lender requires may be different the than the building. So you'll need to meet the req of both the building and the lender.
As for on hand cash assets, I believe a prudent reserve would be equal to one year of your combined mortgage and carry charges.
As stated in previous answers the amount of reserve the co-op wants will vary from co-op to co-op. Typically on the average in my experience it would be about six months worth of reserves. That would be funds to pay your monthly maintenance and also your mortgage if you are getting one.
Also keep in mind that you incur other closing costs when you purchase so make sure you take that into consideration. If you are able to find a co-op that you purchase directly from a sponsor, you would not need any reserves other than what your bank would require to get the loan. Sponsor sales are not subject to board approval and are much easier a process. If I can be of further assistance please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Charles W. Mirailh
2008 Avenue Y
There is no exact answer and this also depends on your non cash assets. If you have stocks, bonds, retirement accounts, etc this all counts towards your "reserves". If you meet or exceed the income requirements and have over $10,000 in reserves I think you should be just fine.
Corey Wasserman, Associate Broker
Bergen Basin Realty