Co-op Board Inerview
Comments
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FYI, these seem to be the only 3 mitchell-lama buildings in Clinton Hill...
Atlantic Terminal 1
161 South Elliot Place
Brooklyn, NY 11217
200 Apartments
Studios, 1, 2 and 3 Bedrooms Available
Atlantic Terminal 2
415 Carlton Avenue,
Brooklyn, NY 11238
304 Apartments
Studios, 1, 2 and 3 Bedrooms Availalbe
Ryerson Towers
309 Lafayette AVenue
Brooklyn, NY 11238
326 Apartments
1, 2 and 3 Bedrooms Available
http://www.nyc.gov/html/hpd/downloads/pdf/OpenM-LWaitingLists.pdf -
NOPE NEITHER ONE OF THOSE IS THE BUILDING...
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ringrunner wrote: What is a SIL
Not 100% sure, but I guessed "sister in law". -
KCYCLUB1477 wrote: NOPE NEITHER ONE OF THOSE IS THE BUILDING...
I don't know what to tell you then...i'm out of ideas (and back to being super skeptical). Be careful. -
ILL UPDATE EVERYONE ON WHAT HAPPENS AFTER THE INTERVIEW TOMORROW
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KCYCLUB1477 wrote: ILL UPDATE EVERYONE ON WHAT HAPPENS AFTER THE INTERVIEW TOMORROW
please do! -
SIL = sister in law.
And, yes, the one you know ringrunner, LOL -
arches wrote: FYI, these seem to be the only 3 mitchell-lama buildings in Clinton Hill...
Those Atlantic terminal buildings are hell holes. I had the misfortune of being the managing agent for the one on South Eliot a number of years ago.
Atlantic Terminal 1
161 South Elliot Place
Brooklyn, NY 11217
200 Apartments
Studios, 1, 2 and 3 Bedrooms Available
Atlantic Terminal 2
415 Carlton Avenue,
Brooklyn, NY 11238
304 Apartments
Studios, 1, 2 and 3 Bedrooms Availalbe
Ryerson Towers
309 Lafayette AVenue
Brooklyn, NY 11238
326 Apartments
1, 2 and 3 Bedrooms Available
http://www.nyc.gov/html/hpd/downloads/pdf/OpenM-LWaitingLists.pdf
Glad those guesses were wrong!
Good luck to the OP. -
Carnivore wrote: It fails on the "doesn't make sense" level. Why would a co-op sell you an apartment for $15k that they anticipate would soon be able to be sold for $100k? That sounds like the worst co-op management ever. Why wouldn't they rent it out until they could sell it for the higher price?
Arches wrote:
Sounds exactly like a co-op apartment my wife and I 'own' and used to live in (though not in NY). The equity is price-fixed at a very low level. The monthlys cover the maintenance. There are very strict rules about resale, and long waiting lists. The building can continue for many decades in a state that's exceedingly far from any free market equilibrium that would make sense, because it's been set up subsidized and the residents never become wealthy enough all at once to front the cash to take it fully private and lose the subsidies, nor can you get a bank loan against the equity difference between the actual fixed-price and theoretical free market values. One downside of this kind of price fixing by fiat, apart from long waiting lists, is that it potentially invites nepotism, corruption and a black market.
"Apartment resale prices under the Mitchell-Lama program are limited to the shareholder's 'original equity' i.e., what they originally paid in, plus of portion of the amortized mortgage principal for the amount of time they lived there. Apartments cannot be resold on the open market but rather must be resold to the housing cooperative and go to the next person on the waiting list. "
Even though such an apartment has little or no equity to speak of, getting one is like winning the lottery, so long as it meets your housing needs, and so long as you're disciplined enough to save up the difference between what you would normally spend and what you actually spend on housing. That's how I saved the deposit to buy a condo. -
there is also some low-income housing that has similar restrictions to mitchell-lama, but isn't actually mitchell lama.
...some of the housing that is build with Partnership Housing funds has similiar covenants. -
Subject: Update
I went on the interview last night. There were 5 people but only 1 or 2 asked questions. Nothing real deap just what is your job , how much you make, a few lifestyle questions and they wanted to know about me and my background. They are nterviewing more people next week so I dont know when theyll notify me of whether I got it or not. They still have to do a credit check on me. My aunt says that Im in the top 5 for the apartments. But only time will tell. -
did you find out anything about the building? the situation? what's actually going on?
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yeah, same questions as BP. And, there are 5 people in the running for this apartment? yeah, so it obviously is not a coop the way we know it. it sounds like this is going to be some sort of lottery or something, all very odd!
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He just basically said that the building is a coop and there is a maintenance fee which will go up sometime soon.
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but, he didn't explain what sort of coop it is that you don't need a mortgage and an apartment only cost 10k? And, you didn't ask anything else? LMAo, ok.
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you're kidding us, right?
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brooklynpotter wrote: you're kidding us, right?
OHHHHHHHHHHHHHH, it's a coop with an increasing maintenance fee. Now I understand why one can buy an apartment for, give-or-take, 1/40th the price you should be paying. Why even ask questions... just sign me up.
On a side note, I gave someone $1,000 cash yesterday on the street who said I was guaranteed to make $200,000 in 3 days. So, party at Brookvin in 3 days on me. -
Two things:
I hope you got the amount of that increase down in writing.
I hope your aunt excused herself from the interview because that is a serious conflict of interest. -
one more thing: i can't believe we all got drawn into this bullshit thread. seriously.
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But it's fun and so much more exciting than our own lives, that's what the internet is all about!
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my life might not be all that exciting, but at least it's real
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actually i know someone who went through this exact process in a building in the neighborhood two years ago. It had been owned by the city and had become a co-op - they had two apts available. No one was allowed to bid above the asking and they chose 8 people who met the basic criteria to interview. It was a 10k buy-in with about a $500 maintenance but that, of course, did not include the monthly mortgage which you needed to deal with on your own (the total price was 200k, but that was a huge bargain for a 4bed). Applicants needed to be pre-approved for the mortgage and needed to make below a certain amount. It was totally legit.
These things exist and can be incredible bargains (in this case the building was just renovated, new boiler, all new electric etc..) - generally, though, there can be some catches. it's certainly not an opportunity to flip and you are usually required to be involved with the board as well (be involved more than average with the building). Almost always, you are required to give at least a third of your profit back to the building when you sell. Additionally, because the building is not a traditional co-op the reserves can be sparse, so when things come up you end up getting assessed for more and those costs can't be predicted.
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