FSP 1.1: NYC Co-op: qualifying a buyer

January 16, 2004

NYC Co-op: qualifying a buyer

The NYT draws examples from various demographic strata, commonly
upmarket. The NYT wants its advertizers to believe such content is relevant
to its readers. Also, FSP is pleased to see MOTOKO RICH on firmer ground
after her ill-fated detour into cultural criticism.

Let's say there's some 38-year-old guy on Wall Street who makes $1.2 million a
year in salary, has three kids and wants to buy a $5 million condo," Ms. Brainerd
said. To qualify for a co-op, she said, the buyer would probably have to show that
he had $10 million to $15 million in liquid assets. "He hasn't had enough time to
sock away $10 million or $15 million in cash," she said. "But if you're buying a
condo, you just need enough money for a down payment and to be able to pay
your monthly mortgage. The higher the prices get, the higher the stakes are with
the co-op boards.

See also New York Wiki and NYT.

Posted by dc at January 16, 2004 09:40 PM | TrackBack

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