Quote:
Originally Posted by packs
Apartment prices always seem reasonable in Manhattan until you look at the HOA fees. You take out one mortgage to buy the apartment and another to keep up with the monthly charges.
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Interesting thing is that technically it is not a mortgage. It is a chattel financing statement. You are purchasing stock in the corporation that owns the building and 'leasing' the apartment. I have worked on a few of them in Mass. and D.C. Part of the Watergate complex in D.C. is a co-op. Ruth Bader Ginsberg lived there.
It is the co-op board (stockholders -occupants of the other apartments) that decide whether you can live there.
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Last edited by Michael B; 07-10-2025 at 03:46 PM.
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