Riverdale Co-op. What is a good Reserve Fund? (Hudson: apartment, attorney)

[UnsureCoop]

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!

[Viralmd]

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.

[Cida]

That seems low. If you don't yet have an attorney, call The Cooperator and ask if they've ever covered that.