Hi Ray ,
First of all i would like to tell you this is a coop and a coop is NEVER a good investment (I'm not saying people don't but not a good idea) if your looking to rent it here is the rule i use ( some coops will differ ) the sublet policy, the common rule for co-ops in NYC is that you must be a permanent resident for the first two years, and after that you may rent it out for three consecutive years. After that, you must return for two years, and you will then be allowed to sublet again for three (etc, etc). and you also have to remember your tenant will go to the same process as you do for fees and approval and sometime comes out to more then the tenant is will to pay ..
Here is so other rules i like to let you know if you have never purchase a coop.
The minimum down payment for co-ops is at least 20%, although some co-ops can ask for more.
Also, you will need 1.5 to 2 years worth of maintenance fees already in your bank account, and enough liquid cash in your account after all fees are paid. Plus your debt to income ratio must be 30% or less (this also differs slightly between different co-ops).
I know this sounds like a lot of math, but if you are able to purchase a co-op, you will get more for your money than if you were purchasing a condo.
hope that helps .
Cliford (A.K.A James)Lehrieder
Senior Sales & Rental Agent
Certified Property Manager
Living Source Residential
30 Broad Street Suite 403
New York, NY 10038
Lic. Real Estate Agents