Property Q&A in 10028>Question Details

jennifer s., Home Owner in New York, NY

Our co-op is adjacent to a large outdoor space that we want to buy and use as a patio. Any advice on how to convince the board to sell it to us?

Asked by jennifer s., New York, NY Thu Jun 13, 2013

Help the community by answering this question:

Answers

3
Have you presented the board with a written offer....
0 votes Thank Flag Link Thu Jun 13, 2013
Dear Jennifer,

I would figure out what you were willing to pay for the space, and make an offer. I recently showed an apartment in a building in Chelsea where they were in fact willing to sell one of the common spaces and had already sold some other common spaces. They went for far less money than once would assume they would be worth.

If there is any history of the Coop agreeing to sell common space previously, it might be a good idea to ask around to find out if anyone knows how much it sold for - or how much they were asking. This might give you a good ballpark figure of what to offer.

Additionally, keep in mind that oftentimes the timing and the terms are equally as important as the offer itself. If you hear that there is a BIG Capital Improvement plan in the works - this might be a good time to approach the Board. They might much rather pull together the extra funds from the sale rather than raise the maintenance or do a special assessment. As for the terms, be prepared to be flexible with the close date; pay cash; or keep in mind that you could offer some kind of easement to the building - should they need to regularly need to pass through the space for regular building maintenance or the such.

Most importantly, make sure you get advise from your attorney before finalizing anything.

Good Luck! I hope you invite me to your first tiki party!

Best Regards,
Janine
0 votes Thank Flag Link Thu Jun 13, 2013
thanks so much for that advice. apparently, our apartment was listed 3 years ago including the outdoor space. but then it was relisted with another firm without the outdoor space. i could contact the listing agent from 3 years ago and see if she remembers anything about the value they gave they outdoor space.
Flag Thu Jun 13, 2013
Hi Jennifer:

I would start my contacting your board president and go from there.

Best,
Javier
0 votes Thank Flag Link Thu Jun 13, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer