Should I Buy at Anita Terrace Rego Park?

Asked by Introspection, Queens, NY Wed Jan 23, 2013

I just want to get comfortable on whether Anita Terrace is indeed in good financial health. I understand that the sponsor's gone through bankruptcy, and that there is a new management in place. However, why would there be assessment if the building is in good shape? What is the annual surplus, and what % of the building is owned by the sponsor still?

Please advise, if you know a thing or two about the buildings.

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Answers

7
Janet Nation,…, Agent, Baldwin, NY
Sun Jan 27, 2013
Dear Introspection,
Unfortunately no one on this forum can answer those questions. If you can get a hold of the financials and have them reviewed with an attorney or an accountant, you can make your own determination as to what you want to do.

Janet Nation, CBR
Sailing Home Realty
Direct: 646-321-9649
Office: 516-377-4760
Licensed Real Estate Salesperson
http://www.jnationproperties.com
1 vote
Richard Sams…, Home Buyer, Queens, NY
Thu Apr 16, 2015
Definitely, up coming neighborhood with best schools.
0 votes
Don, Home Owner, Rego Park, NY
Tue Sep 30, 2014
Anita Terrace currently runs a surplus of roughly $350,000, has $700,000 in reserves after several recent capital improvement projects, and is 82% owner occupied. Units usually sell before they go on MLS, and rarely stay on the market for more than a week.
0 votes
Maureen Mizu…, Agent, Ozone Park, NY
Sun Feb 10, 2013
I am in agreement with the mortgage professionals comments. They are correct in their advice to you. However, there is a published list of "approved " co-ops in NY. Which can also be checked.Ask your agent to access the information for you. They ought to know how.
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Mon Jan 28, 2013
Good morning Introspection,

I agree with Janet Nation; you need to request the financials for the past two years from the Cooperative's Managing Agent. In addition, you'll want your mortgage professional to forward the standard "Co-Op Questionnaire" to the Managing Agent so they can complete it.

Once you have these items in your hand then you can review with your Attorney, your mortgage professional, and, I recommend, a CPA.

The reason for the assessment can be found in the financial statements; it's most likely there to make up for a shortfall for a previous capital improvement, or a pending improvement. As for the percentage of the building owned by the sponsor, that can be found on the Co-Op Questionnaire form that your mortgage professional can provide.

We have seen many instances of late where the financial health of Co-Ops is fragile at best. So your question is well-founded. Thorough analysis by your team of professionals should help you determine how to proceed with this or any other Co-Op.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528


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0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Jan 24, 2013
What is your agent advising, or have you tried asking management the questions. Keep in mind that the building's financials, along with other related documentation, should be provided and reviewed by your attorney prior to signing a contract, and after an accepted offer. To buy or not, is your decision, real estate professionals are prohibited from steering, enticing a buyer to purchase, or not, in specific neighborhoods/buildings....
0 votes
Fajardo Dela…, Agent, Flushing, NY
Wed Jan 23, 2013
I would like to introduce myself as the leading Century Homes realty Group, agent in
the Queens, Long Island and Brooklyn areas. I close and work on short sales from start to finish.
Please feel free to contact me at any time to let me know how I may be of help to you.

Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
0 votes
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