This week we welcome HBG team member Kelly Labrecque who has become something of an expert on New York real estate. In this article, Kelly shares insider information and some great tips for researching hard-to-find information about co-op apartments – and apartment owners.
Researching the New York City property assets of our top prospects is no easy feat. Primarily, the difficulty is rooted in one simple fact – more than two-thirds of the residential real estate market in New York City is made up of cooperative apartments, or “co-ops”.
Since co-ops are not subject to the same laws and reporting requirements as condominiums and townhouses, it can be difficult (or even impossible) to confirm a given apartment’s ownership or sale price. For this reason, understanding what makes co-ops different and knowing where to find information is key.
What is a “co-op”?
A cooperative apartment building is owned by a corporation and governed by a board of directors. Famous Manhattan co-op buildings include 740 Park Avenue, 1040 Fifth Avenue, The Beresford, and The San Remo (just to name a few). [Read more…]