Coops–what are they?
Lewis Mumford is considered to be the “father” of American coops. He built Sunnyside Gardens in Sunnyside Queens, just across the bridge from Manhattan It was considered to be a utopian community. I won’t go into the history etc. If you’re interested look it up. I lived a block from it until I was four when we moved to a garden apartment coop community further out in Queens. It was a “true coop” People paid $250 to move in and got it back when they moved out–we did when I was twelve
A present day coop is very much for profit. In order to buy a coop you have to be approved by the coop board. First you have to fill out a huge package with much more than financial info–try ten references and basically your life story. It’s not fun and is the ultimate Manhattan “I am a real grown up” test. I practiced for months for my meeting with them. Was the fastest ten minutes of my life. Was the first of about seven people seen. I assume because I was all cash, and had a “perfect” board package. I did it myself. Most people have their accountants do it. My finances were about as complicated as they can get. But as I did it myself I could answer every question without looking. They basically told me I was approved at the meeting and found out for sure the next day.
I purposely bought an apartment I was considered to be “over qualified” for. It was smaller than I would have liked, but I wanted it to work for me, not me for the pleasure of living in it. Now I work for it
People don’t own real property but shares in the building corporation. Shares are determined by a square foot/room/floor/view basis
It does hurt when people say I tell cute stories about renting as if I were a renter I would either have been out of this city a long time ago or have put the money I put into this into a summer home.
I wouldn’t be losing my mind over a rental, Manhattan is one of the few places in the country where the housing market is still strong and I would like to get this on the market before it becomes a weak one. I know people debate that. Many people believe Manhattan will always be strong because of the European market. My building doesn’t sell to non American citizens Other people believe that coops are self-policing and there are enough qualified people. I have no idea.
I know I live in what is supposed to be a “model” “big deal” building. I know that a two bedroom has been on the market for over two hundred days. True it was never renovated–the big renovation with the tearing down walls, reconfiguring things, and much more that has to be board approved. The woman who owned the apartment before me did the renovation and reconfigured the apartment. Mine is the only apartment on the line with two bathrooms and was the first apartment in the building to major in granite and marble.
My renovation doesn’t touch pipes nor anything the board would have to approve and I’m too tired to think of everything but it’s a lot.
