Luxury at its Best!! rubbing shoulder with the Super Talls on Billionaire's Row!! at affodable price!
I wonder many times how the rest of the country sees real estate as well as sales brokers in Manhattan.
And do you know how and if you qualify for the buildings?
To wet your appetitite, I am describing one of the listings I have:
Space, Views, Service including manned elevators who push the elevator buttons for you and greet you as you get on the elevator!! With over 2000 SqFt of interior space and 250 square feet of terraces overlooking Central Park this 3 bedroom/ 2-1/2 bath sun-filled cooperative apartment on the corner of prestigious Central Park South and Seventh Avenue can be your dream home. The apartment has two king-sized bedrooms, one en-suite, and each with direct access to the terrace, and a third bedroom that can easily be reconfigured into a study or library. Also featured are a renovated kitchen with stainless steel appliances, a laundry room with washer and dryer, 2 walk-in closets, Central Air-Conditioning, new windows and hardwood floors. Located amid what has been coined “Billionaires Row”, 200 CPS is a Full Service Co-op Building with Doorman, Concierge, New Lobby, renovated hallways, maid service, dry cleaning and laundry service, roof observatory, and garage. It is just across the street from Central Park’s Seventh Avenue entrance, and easily accessible to Time-Warner Center, Columbus Circle, Carnegie Hall, 5th Avenue Shopping and several subway lines. Asking price: $3,799,000. Low Maintenance: $3600.00. or $1.75 per SqFt Apartment size interior: approx. 2025 SF Outdoor size exterior: approx. 250 SF Financing Allowed: 75% No of Bedrooms: 3. No of Bathrooms: 2.5 Pets: allowed. Resident Manager: Live-in Circular driveway Outdoor: two connected terraces with access from the living room and bedroom. Pied-a-terre: welcome. Garage available for a fee Board Approval Purchases in LLC or Family Trusts OK.
Financial Requirements of a building:
Aside from the listing description, the listing broker, has to know most of what sold and is currently selling in the building and in the neighborhood. The public is extremely knowledgeable and they usually come armed with many questions: The price, the inventory, comparable units, etc... I am sure it's not different than any other state, except for the down payment and the debt to income ratio.
With the exceptions of a few states, most of the inventory available for sale in Manhattan is made of Coops. Coops have different rerequirements than regular condos (another form of ownership which is pretty similar to owning a house). They usually require 20-25% of the offered price as down-payment. and that is not all, the buyers usually has to to have two years worth of mortgage and maintenance as liquid assets in the bank. And that is not all.
In addition to the post liquidity requirements, the debt to income ratio is tottaly different than that of a condo. while condos require the same debt to income ratio as the bank financing the loan, coops on the other hand will require a much lower rate in the range of 21-35%. Once you meet both the post liquidity requirements as well as the debt to income ratio, you know at this point, you will be able to own that property. Tedious process bit it is worth every step. Since you know that everyone who bought in the coop building has gone thru the ame process.
Although you passed 75% of the process, the rest of the steps will ask you to collect more about your character and your family's so they would rest assure you are a good neighbor!!
Owning real estate in Manhattan/NYC is like owning bllue chip stocks especially when you know you are at the right location!!
As we all know, it's not all math and organization of papers! Every deal is different... The broker has to hold hands with all the parties involved and orchestrate the process. And notning like having a closed deals where all parties involved are happy especially the buyers and the sellers!
I am sure in most all states, we have similar experience, but then again, we all have different variation of the process!
I can also send you a whole description of the neighborhood and give you a flavor of Billionaires Row!!
In case you wish to live on Central Park South or know anyone who wishes to do so, do not hesitate to contact me and chat.
Fern S. Hamberger MBA NYRS CNE CBR REBNY
Licensed Associate Real Estate Broker
Outstanding Customer Service | Platinum Circle Award
The Fern Hamberger Team @ Citi Habitats Corporate Headquarters