U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-24-2014, 08:44 AM
 
3 posts, read 3,926 times
Reputation: 10

Advertisements

A little over a year ago, I applied for a lottery for a Mitchell Lama Coop and I received an application with a low number. I sent in my money order thinking it would be another 5 years before being called. Lo and behold the list is moving faster that I thought and I expect to be called by next year.

The coop's purchase price would be about 50K with a maintenance fee of 800.00 per month for the 2 Bedroom unit. I would now be living with my sister, (who travels for work often).

I currently pay under 800.00 a month for a studio in Manhattan. All around a great place and I feel very fortunate to have it. The max rent for the studio would be 1,000 a month.


Should I leave the studio for the coop?
Reply With Quote Quick reply to this message

 
Old 11-24-2014, 09:03 AM
 
Location: NYC
2,724 posts, read 2,864,188 times
Reputation: 4685
Do you plan to ever make an income that would disqualify you from any of these places or require you to pay an additional fee?
Reply With Quote Quick reply to this message
 
Old 11-24-2014, 09:37 AM
 
1,099 posts, read 1,063,445 times
Reputation: 366
Do you wish to live with your sister?

Are these family size requirements that you live with your sis enforced?
Reply With Quote Quick reply to this message
 
Old 11-24-2014, 11:23 AM
 
3 posts, read 3,926 times
Reputation: 10
Maybe in 5 years I will be at the cap and would be required to pay the surcharge for the Coop. The cap for the rental would be much higher, I think 250K before the unit would be destabilized.


I don't mind living with my sister.
Reply With Quote Quick reply to this message
 
Old 11-24-2014, 11:55 AM
 
5,678 posts, read 5,154,796 times
Reputation: 3818
I would stay living a lone and try putting my name in for a coop for just me. Living with someone after you lived a lone much less family is a hard adjustment
Reply With Quote Quick reply to this message
 
Old 11-24-2014, 12:41 PM
 
Location: Bronx, New York
3,058 posts, read 6,135,657 times
Reputation: 1229
Quote:
Originally Posted by SeashellsBK View Post
A little over a year ago, I applied for a lottery for a Mitchell Lama Coop and I received an application with a low number. I sent in my money order thinking it would be another 5 years before being called. Lo and behold the list is moving faster that I thought and I expect to be called by next year.

The coop's purchase price would be about 50K with a maintenance fee of 800.00 per month for the 2 Bedroom unit. I would now be living with my sister, (who travels for work often).

I currently pay under 800.00 a month for a studio in Manhattan. All around a great place and I feel very fortunate to have it. The max rent for the studio would be 1,000 a month.


Should I leave the studio for the coop?
For the mortgage, I calculated 50K, at 4.1 percent, for 30-years (current rate I saw online). Came out to $242. (Of course, that's an estimate), with that said......$800 + 242 = 1042.

ML coop pro.....
1. 2 BR's only $42 more than the studio
2. Sister will be splitting costs

ML coop con.....
1. Still have not been called yet, though moving down list
2. How do you feel living with Sis?

Studio pro.....
1. $800/month in Manhattan....!
2. Great location

Studio con....
1. Does building's 80/20 mandate expire? If so, when? If so, can the '20' go market rate? Rent could jack up!
2. How much stuff have you accumulated in the studio?

Those are the factors that, IMO, I would be considering! Whatever choice, good luck!
Reply With Quote Quick reply to this message
 
Old 11-24-2014, 05:35 PM
 
18,242 posts, read 11,653,926 times
Reputation: 11855
Birds live in a coop. Humans live in a Co-Op.
Reply With Quote Quick reply to this message
 
Old 11-24-2014, 06:14 PM
 
3 posts, read 3,926 times
Reputation: 10
Quote:
Originally Posted by scatman View Post
For the mortgage, I calculated 50K, at 4.1 percent, for 30-years (current rate I saw online). Came out to $242. (Of course, that's an estimate), with that said......$800 + 242 = 1042.

ML coop pro.....
1. 2 BR's only $42 more than the studio
2. Sister will be splitting costs

ML coop con.....
1. Still have not been called yet, though moving down list
2. How do you feel living with Sis?

Studio pro.....
1. $800/month in Manhattan....!
2. Great location

Studio con....
1. Does building's 80/20 mandate expire? If so, when? If so, can the '20' go market rate? Rent could jack up!
2. How much stuff have you accumulated in the studio?

Those are the factors that, IMO, I would be considering! Whatever choice, good luck!


Paying 600 per month for studio now, upper west side. The program expires in 2020 I think. Don't mind sister living with me. She travels a lot and it would be good to have an actual bedroom with a door. Don't have too much items to move.


Coop would be in lower manhattan. Larger apartment roughly 1K square feet with balcony.


Ideally I want to move to a bigger place at some point, just don't know if this is place worth jumping for.
Reply With Quote Quick reply to this message
 
Old 11-25-2014, 05:56 AM
 
Location: Manhattan
20,134 posts, read 26,416,255 times
Reputation: 9026
Surcharge on Mitchell Lama Co-Op maxxes out at +50% of maintenance charge.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top