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I was reluctant to post because I don't want to jinx anything -- BUT I've enjoyed this message board so much over the past few years and I felt obligated to share my own news. A few weeks ago (and a few days before Christmas) I received a letter asking me to come look at a four apartments at Penn South. The letter said their were a couple dozen people ahead of me, but it was definitely a holiday surprise! Like many of you, my number dropped about 250+ slots seemingly overnight a couple of months ago to the mid 100's (apologies for not remembering specifics).
Anyway, the news was great, but the timing put me into a complete panic. I resigned my lease for my current place the day before I received the letter from Penn South, and I spent most of the holidays trying to get organized financially. I asked how long it would be before I would hear back about the apartments -- they were all so nice!! -- and I was told 4 weeks, given the holiday. So in the meantime I'm just sitting tight!!
For those who have gotten in in the past, do we think I have a shot this cycle? Also how quick does the process move once you are notified that the apartment is your? I have a bunch of other questions, but mostly just curious if anyone else heard anything!
Congratulations knicksfan01!!! I'm so excited for you! Please give us details about the apartments after you see them, you know we'll hang on your every word. I have no idea if you'll get in this round, but I very much hope you do! Are you on the studio, 1-bed, or 2-bed list?
Happy new year, all. Here's to all of us getting "the letter" soon!
...The letter said their were a couple dozen people ahead of me, but it was definitely a holiday surprise! Like many of you, my number dropped about 250+ slots seemingly overnight a couple of months ago to the mid 100's (apologies for not remembering specifics).
Anyway, the news was great, but the timing put me into a complete panic. I resigned my lease for my current place the day before I received the letter from Penn South, and I spent most of the holidays trying to get organized financially. I asked how long it would be before I would hear back about the apartments -- they were all so nice!! -- and I was told 4 weeks, given the holiday. So in the meantime I'm just sitting tight!!
For those who have gotten in in the past, do we think I have a shot this cycle? Also how quick does the process move once you are notified that the apartment is your? I have a bunch of other questions, but mostly just curious if anyone else heard anything!
Hi knicksfan01, congrats on getting the letter. I was in a similar situation, but based on my experience (yours may vary, of course) I think you'll be OK. I was on the studio list and was called in twice last year, in January to see three apartments, and in May (or June?) to see two more. The first time I had 11th choice of the people who were called in, and one of the small 2-room studios fell to me, which I declined because (a) it was just two small for two of us to live there and (b) because we figured the next time around, we'd probably get a 2.5-room one (I think around 90% of the studios are 2.5 rooms).
The next time, I had 7th choice and we saw two 2.5-room apartments. I said I would take either one, but didn't expect to get one, as they were both nice units. Six weeks later I hadn't heard anything, and because we had to move out of our then-current apartment (we were in student housing and my gf finished grad school), we signed a lease for a new place. Of course, the day after we moved in, Penn South called and said I could have an apartment. My new landlord wasn't helpful at all and wouldn't let me out of the lease, but since there was no way we were going to pass up Penn South, we decided to suck it up and worse case scenario, have both places for a few months. I'm still looking for a new tenant for my old apartment, but even though it puts us in a financial pinch for the time being, long term we'll be fine given how much cheaper Penn South will be.
Long story short, I would guess that this time around the people above you will take the apartments, but even if they don't, you might be able to pass for now (if only one is available to you). And if you do end up taking one, I think they give you up to three months to move in, so you'll have some time to find a new tenant for your current place if your landlord doesn't let you out of your lease, before you have to start paying for two places. We chose to move in right away, and in retrospect, perhaps should have waited given that finding tenants Nov-Jan can be difficult.
Also how quick does the process move once you are notified that the apartment is your? I have a bunch of other questions, but mostly just curious if anyone else heard anything!
Once you are notified that the apartment is yours, Carmen calls you in to make sure you qualify financially. If you qualify, they schedule a home visit/interview with an outside company (basically just to make sure you actually live here in NYC and aren't running a meth lab in your apartment), and you have to schedule a meeting with the Penn South Credit Union and/or Cap1 to apply for your mortgage (if you aren't paying for it yourself or with $ from family/friends). You can try to get a mortgage from other banks, but most will not finance a limited-equity coop, regardless of your credit score (I tried Chase, Citi, Quicken/Rocket, another local credit union, all with no luck). You then set a closing date (probably w/in a month of when you are approved for the mortgage). If the apartment is vacant, I think you have 3 months from the closing date to move in. I think your mortgage payments start right away, but the carrying charges don't begin until after you move in.
Incog, thanks for sharing your story! Can you please describe the difference between the two studio sizes?
I don't know what the difference in square footage is, but practically speaking the main difference is that the kitchen in the 2.5 room studios is significantly larger, eat-in versus a narrow galley-style. The main living area is about the same, but if you want a dining table, there is obviously a lot more usable space for the rest of your stuff in the 2.5-room units. The 2.5-room studios also have a small open area by the bathroom where the closets are that is big enough for a small desk, wardrobe, shelves or dresser (or maybe a small crib?), whereas IIRC the 2-room studio we saw just had the bathroom at the end of a short hallway.
You can see all of the apartment layouts on the PS website.
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. I have no idea if you'll get in this round, but I very much hope you do! Are you on the studio, 1-bed, or 2-bed list?
