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A friend in New York City has been renting a co-op apartment for over 10
years. The apartment is owned by the co-op association. The building went
co-op shortly before he moved in so (he has been told) he has no insider
price rights. Last year he was told that his apartment was being put up for
sale but he could purchase it for $325,000. (This price is a good, but not
exceptional for the building and the area.) He was told that if he didn't
purchase, he had to move within 30 days. He couldn't get a loan, didn't
purchase and is still there. There is some controversy over whether he has a
lease or is month-to-month. He says he has a lease (that expires in a few
months), but he has received a notice to vacate last month as if he was
month-to-month. (I haven't seen the lease.) I'm in somewhat better financial
circumstances than him. Can we purchase it together? I'm a California
resident. Does that matter? We'd each pay part of the mortgage payment. He
gets to stay there; I get an investment. (Yes, we'd draw up a contract
between us including what happens if either of us doesn't fulfill our
commitment.) I'm trying to make a win-win situation out of this. He wants to
stay but can't afford to buy. I'd like to have a tiny piece of Manhattan
real estate even if I'm only a co-owner. What's the best way to make this
work?
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Alan,
I don't think there are any obvious reasons why you guys can't purchase
and co-own this apartment if it is still for sale. Be sure to have a lawyer
from NY at least read, if not write the ownership agreement. Before you
start running around drawing up contracts be sure that it is still for sale.
Good luck,
Dave M.
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