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Old 01-22-2013, 01:59 PM
 
2 posts, read 5,057 times
Reputation: 10

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Can anyone give me insight to HDFC coops. This building is a new construction. The building was built specifically to sell as a coop. Some apartments with restricted incomes, some not. The one I am looking at has no income restriction. What are the pros and cons of owning in a building like this. I have been looking at RE for over a year and this good space and value. I have an accepted offer and am want to understand before I commit.

Thank you.
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Old 01-22-2013, 06:13 PM
 
Location: Manhattan
24,401 posts, read 34,236,890 times
Reputation: 11925
Here's a decent read:
HDFC Coops | nyc BLOG estate | Manhattan Real Estate

This market scares me...I have read horror stories of underhanded behavior. In the link I included the realtor talks about selling 2 HDFC's at $550K and 600K and the next paragraph he talks about the need to keeo the apartments "affordable"...to whom?

Yours is the first instance I have heard of a NEW HDFC coop. Most of them have been reclaimed from slum housing with landords defaulting on City taxes and after foreclosure the buildings are sold very cheaply to the tenants. Also I have never heard of a MIXED HDFC building. Must be new standards I guess.

Be sure to talk to a good lawyer with HDFC experience before you close unless you are getting it for a song.
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Old 01-26-2014, 01:22 PM
 
29 posts, read 75,351 times
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The only new construction hdfc coop is the PARK CLINTON. All apartments are income restricted.

What building are you referring to.?

I have good insight on all subsidized housing in nyc
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