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Unread 10-11-2008, 11:26 AM
 
9 posts, read 36,091 times
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Default Riverdale Co-op. What is a good Reserve Fund?

I am planning to buy a Co-op in Riverdale, west of the Henry Hudson Parkway around 235th street, two bedroom two bath. It is a good sized apartment and a good price considering the market. The Reserve Fund is about $140,000 or $2,000 per person.

For Riverdale or in general is that a low amount or an ok amount? If anything out of the ordinary occurs the maintenance will probably go up I assume. Not sure if this reserve amount is the norm for Riverdale or on the low side.

Help greatly appreciated as trying to figure out if the buildings management is a good one.

Thanks!
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Unread 10-11-2008, 11:56 AM
 
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I know in Manhattan at LEAST several hundred thousand is considered appropriate. Work with an attorney who's familiar with the area - when the paralegal reviews the paperwork, he or she will be able to tell you whether it's OK.
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Unread 10-11-2008, 06:53 PM
 
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That seems low. If you don't yet have an attorney, call The Cooperator and ask if they've ever covered that.

Last edited by Viralmd; 10-12-2008 at 04:58 AM.. Reason: No competing sites
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