Upscale neighborhoods in Manhattan?
May 6th, 2012, 10:36 AM
#21
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More info for you, Sophie, in case you were considering any of these buildings:
http://therealdeal.com/issues_articl...-cooperatives/
http://therealdeal.com/issues_articl...-cooperatives/
May 6th, 2012, 10:44 AM
#23
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For insight into the subject, and a tour of one of the city's toniest buildings, I highly recommend this title, written by my former college classmate:
http://www.amazon.com/740-Park-Riche...6329684&sr=1-1
And this is also a good read, with lots of juicy gossip:
http://www.amazon.com/The-Skys-Limit.../dp/0316608513
http://www.amazon.com/740-Park-Riche...6329684&sr=1-1
And this is also a good read, with lots of juicy gossip:
http://www.amazon.com/The-Skys-Limit.../dp/0316608513
May 6th, 2012, 10:52 AM
#24
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Bowsprit: Sorry but the strictures have not changed much at many NYC coops. You'd barely know there was a recession on in some rarified precincts. I had to jump through a few hoops myself not so long ago, but I guess if a coop accepted me...well, you know that old saw, don't you?
Don't want to immerse myself into an argument with you so I will leave it at that.
Don't want to immerse myself into an argument with you so I will leave it at that.
May 6th, 2012, 11:51 AM
#26
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Despite my above proclamation that I was stepping off the podium, I will attempt one more time to put across my point. I'm not sure you are understanding what I am trying to explain.
No doubt the fault lies in my feeble powers of explanation.
Your kids were able to increase their offer. Perhaps they are even among the richest of the one percent. Perhaps they were engaged in a bidding war, which is once again becoming common here. None of that has any bearing on the subject that I am discussing here.
There are times when a prospective (usually coop but possibly condo) buyer has scads of money, and has had his or her offer accepted by the seller. The deposit has been placed in escrow. The prospective buyer then has to "jump through hoops," meaning, but not limited to the following: submit a package to the board: get dolled up in clothing appropriate to the image that the particular building is trying to project, go for a board interview, armed with financial records that go back for years, along with up to a dozen letters of recommendation, and proof that he or she has donated to various charities approved by the board. And sundry other documents. The non-human prospective residents have to be interviewed as well. At some buildings, by the way, it is a cash sale or no sale..no mortgages allowed.
That, along with sundry other various minutae is what I mean by "jumping through hoops." All this takes place after the price has been accepted by the seller. So increasing an offer has no bearing whatsoever. If only it as always as straightforward as that.
The board does not disclose the reason for a rejection. so the rejectee will never know. Lawsuits are not common, but they do occur. (See "Gloria Vanderbilt," above)
There are times when the buyer and seller have an agreement, but the board then nixes the sale because the agreed-upon price is not high enough and the board fears that the sale will bring down the building's numbers, or the price paid per square foot.
Anyway, I linked various articles about the subject above, including at least one from last year. They can give you further relavent enlightenment, and in a fashion better worded that my rushed attempt in this post. Or better yet, your kids might be able to explain, if they have purchased in a coop building with a stringent board. (Obviously the situations I am describing do not apply to each and every coop in Manhattan, and there may even be some that require very little hoop jumping!)
And now can we discuss dinner??
No doubt the fault lies in my feeble powers of explanation.
Your kids were able to increase their offer. Perhaps they are even among the richest of the one percent. Perhaps they were engaged in a bidding war, which is once again becoming common here. None of that has any bearing on the subject that I am discussing here.
There are times when a prospective (usually coop but possibly condo) buyer has scads of money, and has had his or her offer accepted by the seller. The deposit has been placed in escrow. The prospective buyer then has to "jump through hoops," meaning, but not limited to the following: submit a package to the board: get dolled up in clothing appropriate to the image that the particular building is trying to project, go for a board interview, armed with financial records that go back for years, along with up to a dozen letters of recommendation, and proof that he or she has donated to various charities approved by the board. And sundry other documents. The non-human prospective residents have to be interviewed as well. At some buildings, by the way, it is a cash sale or no sale..no mortgages allowed.
That, along with sundry other various minutae is what I mean by "jumping through hoops." All this takes place after the price has been accepted by the seller. So increasing an offer has no bearing whatsoever. If only it as always as straightforward as that.
The board does not disclose the reason for a rejection. so the rejectee will never know. Lawsuits are not common, but they do occur. (See "Gloria Vanderbilt," above)
There are times when the buyer and seller have an agreement, but the board then nixes the sale because the agreed-upon price is not high enough and the board fears that the sale will bring down the building's numbers, or the price paid per square foot.
Anyway, I linked various articles about the subject above, including at least one from last year. They can give you further relavent enlightenment, and in a fashion better worded that my rushed attempt in this post. Or better yet, your kids might be able to explain, if they have purchased in a coop building with a stringent board. (Obviously the situations I am describing do not apply to each and every coop in Manhattan, and there may even be some that require very little hoop jumping!)
And now can we discuss dinner??
May 6th, 2012, 12:06 PM
#27
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And on that note, and in an attempt at fostering good will, I now present a recipe that has recently been inducted into my repertoire; feel free to improvise; what matters is the quality of both the tuna and the pasta; I used roasted grape tomatoes a few nights ago. Oil cured black olives would work well, as would a dash of melted anchovy.
http://newyork.cbslocal.com/2011/10/...entresca-tuna/
http://newyork.cbslocal.com/2011/10/...entresca-tuna/
May 6th, 2012, 12:44 PM
#28
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This thread reminds me of a true story from years ago when I worked for a very wealthy family. The Patriarch died and I was trying to help sell his 5th avenue co-op for what was then an obscene amount of money. I use to joke with the the executors of the estate that there were only about 100 people in the world who could afford the purchase price and only 6 of those would be able to get the board's approval.
In NYC there are expensive apartments and extremely expensive apartments none of which would be considered upscale or in upscale neighborhoods. Upscale begins at asking prices that are wild beyond the dreams of avarice.
In NYC there are expensive apartments and extremely expensive apartments none of which would be considered upscale or in upscale neighborhoods. Upscale begins at asking prices that are wild beyond the dreams of avarice.
May 6th, 2012, 12:53 PM
#29
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Perhaps it is you who don't 'get' that your perspective is a little limited. You're preaching to the choir here. I know about (and understand 
) all facets of a cash sale in NYC. I did mention that a cash purchase might be a requirement in my first post.
I wouldn't consider an interview with the board as 'hoop jumping' at all. Boards are simply trying to maintain their own property values. Imagine the impact if properties in their building were in foreclosure! yikes. Careful FINANCIAL screening (it's all about the money, honey) is crucial to any sale in NYC.
My kids were interviewed; they thought it was amusing and gave them an opportunity to see who they'd be living with. One withdrew her offer and her escrow was returned after such a meeting; she decided the board was badly managed and bought elsewhere. The interview was very helpful, actually.
This op is probably not among the ranks of the rich and famous and neither are my kids. You have taken the singular, politic, complicated experience of Gloria Vanderbilt and generalized this to that of a regular Joe with a few extra bucks and a decent credit line. I heard the board gave Gloria a hard time because they thought she was low balling her offer. Again, it all comes down to money, honey.
We don't/didn't jump through hoops; sorry you felt you were made to. Next time, include 'no hoop jumping' as a condition of purchase.
We're eating steak, rare, for dinner. Enjoy your pasta!
) all facets of a cash sale in NYC. I did mention that a cash purchase might be a requirement in my first post. I wouldn't consider an interview with the board as 'hoop jumping' at all. Boards are simply trying to maintain their own property values. Imagine the impact if properties in their building were in foreclosure! yikes. Careful FINANCIAL screening (it's all about the money, honey) is crucial to any sale in NYC.
My kids were interviewed; they thought it was amusing and gave them an opportunity to see who they'd be living with. One withdrew her offer and her escrow was returned after such a meeting; she decided the board was badly managed and bought elsewhere. The interview was very helpful, actually.
This op is probably not among the ranks of the rich and famous and neither are my kids. You have taken the singular, politic, complicated experience of Gloria Vanderbilt and generalized this to that of a regular Joe with a few extra bucks and a decent credit line. I heard the board gave Gloria a hard time because they thought she was low balling her offer. Again, it all comes down to money, honey.
We don't/didn't jump through hoops; sorry you felt you were made to. Next time, include 'no hoop jumping' as a condition of purchase.
We're eating steak, rare, for dinner. Enjoy your pasta!
May 6th, 2012, 01:09 PM
#30
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Bowsprit, it may not have been an issue in your kids' choice of apartments, but increasing their offer to the seller is simply not relevant to the point eks was putting forth. the board could reject you because of the business you're in, or because they think you'll make too much noise. The fact is, except for housing discrimination (they can't reject you due to your race or religion), they can reject you for any reason at all, whether or not the seller loves the price you've agreed to pay.
May 6th, 2012, 01:26 PM
#31
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And just because you have jumped through those hoops along with Fido, you are not home free; better make sure that the little one keeps his voice down:
http://www.nytimes.com/2010/02/03/ny...pagewanted=all
And if $11 a pack is not enough to get you to quit, there's this:
http://realestateqa.blogs.nytimes.co...o-op-neighbor/
http://www.nytimes.com/2010/02/03/ny...pagewanted=all
And if $11 a pack is not enough to get you to quit, there's this:
http://realestateqa.blogs.nytimes.co...o-op-neighbor/
May 6th, 2012, 02:22 PM
#33
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the board could reject you because of the business you're in, or because they think you'll make too much noise. The fact is, except for housing discrimination (they can't reject you due to your race or religion), they can reject you for any reason at all, whether or not the seller loves the price you've agreed to pay.
__________________________________________________ _
That's interesting. My kids have assumed these arbitrary reasons for rejection were simply excuses used so laws would not be obviously broken.
__________________________________________________ _
That's interesting. My kids have assumed these arbitrary reasons for rejection were simply excuses used so laws would not be obviously broken.
May 6th, 2012, 02:30 PM
#34
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Were you not in a position to offer more cash before or after your hoop jumping interview?
I get it. I do. I just don't think it's a bad thing to make sure that everyone can manage within a building's dynamic. There are buildings in NYC where one's kid can scream, one's dog can howl and one can smoke to one's heart's content. If you have enough money, live there.
I get it. I do. I just don't think it's a bad thing to make sure that everyone can manage within a building's dynamic. There are buildings in NYC where one's kid can scream, one's dog can howl and one can smoke to one's heart's content. If you have enough money, live there.
May 6th, 2012, 02:42 PM
#35
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offer more cash?
the price between the seller and the buyer has nothing to do
with the coop board interview and whether or not
they will be allowing you to buy? Who are you offering
cash to Bowsprit? The seller is selling. So are you suggesting
bribing the coop board?
the price between the seller and the buyer has nothing to do
with the coop board interview and whether or not
they will be allowing you to buy? Who are you offering
cash to Bowsprit? The seller is selling. So are you suggesting
bribing the coop board?
May 6th, 2012, 02:48 PM
#36
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I know a ex-drummer of a once famous group who lives on 76 Street right off the Park on the Eastside who lives in a tiny apartment and barely scrapes by.
Many movie people, artists, and writers are buying expensive brownstones in Brooklyn.
If you need to live in an upscale neighborhood, try the UES from the Central Park to Park Avnue and hope that the riff-raff do not have rent controlled apartments near there.
Many movie people, artists, and writers are buying expensive brownstones in Brooklyn.
If you need to live in an upscale neighborhood, try the UES from the Central Park to Park Avnue and hope that the riff-raff do not have rent controlled apartments near there.
May 6th, 2012, 03:28 PM
#37
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the price between the seller and the buyer has nothing to do
with the coop board interview and whether or not
they will be allowing you to buy
________________________________________________
This is a guileless assumption.
with the coop board interview and whether or not
they will be allowing you to buy
________________________________________________
This is a guileless assumption.
May 6th, 2012, 03:36 PM
#38
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So OP says "Lower Manhattan is more my preference" but I see a lot of references to the UES. It sounds like TriBeCa won't be your cup of tea, since it doesn't have an overtly upscale look to it when you stroll the streets. But the West Village might suit. And if you're willing to make a short hop across the East River, tony brownstone Brooklyn awaits in historic Brooklyn Heights. A little farther out, more tony brownstones and the joys of Prospect Park in Park Slope...
May 6th, 2012, 03:52 PM
#40
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The most upscale neighborhood in Manhattan is part of the uper east side - specifically Fifth through Park Avenue from the low 60s thruogh the upper70/low 80s. Most buildings are co-ops not rentals - and prices can be staggering - as well as th eentire process of approval needed to be allowed to buy into the building.
What size place are you looking for and how many millions do you have to spend? (And no - that is not hyperbole if you want a truly upscale buidling.)
What size place are you looking for and how many millions do you have to spend? (And no - that is not hyperbole if you want a truly upscale buidling.)
