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.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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