Penn South 2019 (Ovid, Hope: assess, deal, requirements)

[Dreamernyc]

Originally Posted by kathyzl10

That’s good. Can you do light renovation on your own?

define "light renovation".
it is a coop in NYC so there's always paperwork involved and PS is no exception.

[90sSitcom]

Don't forget to SAGE before you move in !

[lottohopeful]

What are the typical ceiling heights in these units?

[Dreamernyc]

Originally Posted by lottohopeful

What are the typical ceiling heights in these units?

8 foot I believe which is nice since my current place is 10 feet.

[NYC Native 4 Life]

Does anyone know if you must first sell your primary residence before you can move into PS? Thanks

[kathyzl10]

I read somewhere saying you don’t but you need to list penn south as primary residence

[Dreamernyc]

this is what this spelled out in the occupancy agreement:

“....occupied as a strictly private dwelling and as the primary residence by the Member and the Member’s family”

you won't have to sell it but bear in mind if you decide to rent out your current home it might count as rental income (depending on your tax situation and how it set up) and if you exceed the income limit for your unit you'll be subject to a surcharge from the coop.

[kathyzl10]

For family composition, can my fiancé live with me and count as part of my family including his income?

[NYC Native 4 Life]

@Dreamernyc, Thanks for sharing the occupancy agreement.

@kathyzl10, I do know the answer to your question, which is yes, the income of anyone who lives with you (family or otherwise) counts towards the total income limitation.

[NYC Native 4 Life]

Sorry and yes, your fiancée can live with you even if he is not a shareholder of the Apt, but his income will be included.