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Location: Read the Marketing Handbook, and Income a Guide.
2,013 posts, read 1,631,017 times
Reputation: 480
Quote:
Originally Posted by Bunn nyc
I know. I bought apt in Queens, but I really need a apt in the city...
As they say, it’s a good problem to have. I suspect you will have a lot of questions to ask of Penn, and of where you bought, and possibly a lender. I have no answers.
Could it be arranged to lease out the Qns place and acquire the Penn unit at the same time? If rules say you had to sell the Qns place could your borrow against it until you get a good price?
Regarding lenders: If you view apartments and accept one, at your interview you will receive lots of paperwork from Penn South. In that batch will be information about the three current lenders that work with PS: The PS credit union, the American Broadcast Employees Federal Credit Union, and https://www.uhab.org/
There are only a handful of lenders because commercial banks don't write mortgages for limited-equity co-ops. The reason is if you default, your apartment can't be taken over by the bank for resale.
This article goes into way more detail than I need to know, personally. But I guess the point is that even in an egalitarian community like Penn South, some people just have to feel that they have something that others don't have and get satisfaction in excluding their neighbors!
Also, the secrecy on the part of the Penn South board is troubling and needs to be addressed.
(Article might be behind a pay wall.)
‘I’m Not Sure Whether I Wanted It to Go This Far’ A fight over garden-bed rotations and democratic living at one of the city’s most storied co-ops.
...The drama about the garden wasn’t new, exactly. The space is a small haven in the neighborhood, nestled between the southwest corner of 25th Street and Ninth Avenue and the backside of a Greek Orthodox church. Patches — the preferred terminology among senior residents because “plots” is a bit too reminiscent of “graves” — border a pergola and a collection of wrought-iron chairs and tables. In peak summer, the garden is lush with vegetables and flowers; the sound of church bells marks the time. But space was limited even before the pandemic: Only 125 members can access the garden — which requires a key to enter — a sliver of the co-op’s 5,000 residents.
What the "on hold "policy? Received email to view 3 studio apartments, but we just bought apartment last year ……
Quote:
Originally Posted by 90sSitcom
Oh man...
Can I ask what your log in number range is?
Quote:
Originally Posted by Bunn nyc
50s…
Strange, I've been in the active 40s for a studio and haven't gotten any emails/calls/letters to view apartments (it's like I've been skipped). I hope this means I will be contacted soon, though (fingers crossed).
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