The importance of co-op financials + Newly-listed apartments with open houses

By Cait Etherington | From Get To Know Thursday, December 5, 2024

The Eldorado, #6E (Douglas Elliman Real Estate)

If you're shopping for a co-op, your financial information will be carefully scrutinized by the board. While this may feel nerve-wracking, in this case, financial scrutiny is a two-way street. In fact, if you're thinking of becoming a shareholder, it is essential to carefully consider the financial health of the building in question.

Why a Co-op’s Financials Matter

If you're seeking financing to purchase a co-op, expect your lender to be nearly as concerned with your finances as they are with the co-op's finances. After all, if you are borrowing money to become a shareholder, the lender will want to determine how much the building is worth and if there is any risk of immediate or future insolvency. If the building poses a financial risk, they likely won't agree to finance the purchase, even if you possess a strong credit history. But this isn't the only reason a co-op's financials matter.

Co-ops with little or no debt and demonstrated histories of savvy financial management are generally able to cover routine maintenance, unexpected upgrades, and even desirable but unnecessary capital improvements without imposing high assessments or hefty permanent fee increases on shareholders. While any co-op can raise fees, and most do so annually to keep up with the pace of inflation, as a rule, buildings with solid financials are better able to avoid the type of increases that price out current shareholders.

Common Red Flags

Given that a co-op’s financials not only impact one’s eligibility for financing but can also lead to sharp, unexpected fee hikes in the event of required repairs (e.g., a major façade repair), it is important to know how to spot common red flags.

The ratio of assets to liabilities. As a rule, if the building's assets (its current market value) are less than its liabilities (what it owns to lenders, tax authorities, etc.), you should think twice about proceeding with a purchase. In fact, in most cases, buyers should only proceed if and when the co-op has evidence of at least a 1:1 ratio of assets to liabilities.
Annual operating costs. Another key consideration is operating costs. Are they generally stable, or do they fluctuate wildly from year to year? If there are fluctuations, it is important to understand why — e.g., was it due to a necessary repair, or due to newly elected board members opting to take on unnecessary projects?
Itemized repairs. On a related note, potential buyers should pay attention to what the co-op is itemizing in their list of repairs. The more details a co-op can provide, the more likely it is that there will be no unpleasant surprises down the line.
Rainy-day fund. There is no better way to assess the financial health of a co-op than to assess the building's reserves. Do they have any reserves, and if so, how deep are their reserves? If they have to replace a boiler or HVAC system or fund a major façade repair to comply with city bylaws, can they do so without passing on most or all of the costs to shareholders?

Putting Your Real Estate Attorney to Work for You

In the real estate world, New York State is known as an “attorney state.” In other words, you can’t close on a property without hiring an attorney. While an attorney’s presence certainly adds to one’s closing cost and can extend the time it takes to close on a property, it is important to remember that in New York City, attorneys aren’t just employed to redline purchase contracts and ensure all the right documents are signed before a property changes title. Another key part of any real estate attorney’s work is the unenviable task of reviewing the co-op board’s financials and minutes to ensure there is nothing questionable happening behind closed doors.

In addition to looking for common red flags in a co-op’s financial statement, real estate attorneys typically dig deeper, scanning the co-op board’s minutes for other problems. Did a visitor slip on the sidewalk outside the co-op during an ice storm, and is it possible they will sue the co-op? If so, does the co-op have enough liability insurance to cover the cost? Finally, how might this impact the co-op's insurance premiums in the future? Likewise, any good attorney will scan the building's notes for other signs of instability, unrest, and wrongdoing. Are residents always fighting to take over positions on the board due to ongoing disputes? Do shareholders have vastly opposing views on when and how the building's resources should be invested or spent? While not always directly related to a building's financials, a co-op board's minutes can reveal a great deal about a building's unaccounted liabilities, resident infighting, and short- and long-term likelihood of engaging in potentially extravagant capital expenditures.

Newly-listed cooperative apartments with open houses

The Eldorado, #6E
$5,700,000

Central Park West | Cooperative | 3 Bedrooms, 4 Baths

Open House: Sunday, December 8, 2024

The Eldorado, #6E (Douglas Elliman Real Estate)

From the Listing: Experience the rare opportunity to own this gently lived-in, sun-drenched Classic 7 in the iconic El Dorado, offering sweeping Central Park and Reservoir views that captivate from every angle. Featuring approximately 50 feet of frontage, the living room, primary, and second bedroom frame the park views with elegant steel casement windows. This spacious home includes three large bedrooms, a maid's room, four bathrooms, herringbone floors, and deep-set windows that fill each room with natural light. A semi-private landing introduces you to the home's grand Emory Roth floor plan, which balances scale and proportion effortlessly. See floor plan and full details here.

The Sheridan, #5A
$1,950,000

Greenwich Village | Cooperative | 2 Bedrooms, 2 Baths

Open House: Sunday, December 8, 2024

The Sheridan, #5A (Corcoran Group)

From the Listing: Every detail of this beautifully renovated home has been thoughtfully curated, from the open pass-through kitchen with stainless steel appliances, granite countertops, and custom cabinetry. The primary en suite bathroom is elegantly finished in marble, while the second bathroom features travertine and a luxurious deep soaking tub. Apartment 5A is filled with natural light and boasts a south-facing balcony perfect for relaxing or enjoying the view. See floor plan and full details here.

255 West 98th Street, #3B
$1,650,000

Riverside Dr./West End Ave. | Cooperative | 3 Bedrooms, 3 Baths

Open House: Sunday, December 8, 2024

255 West 98th Street, #3B (Douglas Elliman Real Estate)

From the Listing: Completely updated down to the building's exterior studs, this home features an inviting entry foyer that leads into a generous combined living and dining room. A wall of south-facing windows overlooks 98th Street, filling the space with natural light throughout the day. The dining area comfortably fits a large table and opens into the newly renovated kitchen, ideal for entertaining and casual meals. Sponsor unit - no board approval required. See floor plan and full details here.

2 Horatio Street, #7M
$1,450,000

West Village | Cooperative | 1 Bedroom, 1 Bath

Open House: Sunday, December 8, 2024

2 Horatio Street, #7M (Corcoran Group)

From the Listing: Nestled in a beautifully maintained prewar building, this spacious one-bedroom apartment seamlessly combines classic architectural details with modern comforts. Step into a warm and inviting living space featuring high beamed ceilings, which add character and charm to the room, and a wood-burning fireplace - perfect for cozy evenings and entertaining guests. The generously sized living room offers ample room for both relaxation and dining, making it an ideal space for both lounging and hosting. See floor plan and full details here.

3 Hanover Square, #13F
$1,450,000

Financial District | Cooperative | 2 Bedrooms, 2 Baths | 1,400 ft²

Open House: Sunday, December 8, 2024

3 Hanover Square, #13F (Serhant)

From the Listing: Situated in one of the Financial District's most sought-after buildings, this home features high ceilings, multiple exposures, and oversized windows that frame stunning views of the East River as well as the downtown cityscape. Step inside to a generous entry foyer leading to an open-concept dining area and chef's kitchen, designed for both functionality and style. See floor plan and full details here.

Clinton Mews, #5A
$1,275,000

Clinton Hill | Cooperative | 2 Bedrooms, 2 Baths

Open House: Sunday, December 8, 2024

Clinton Mews, #5A (Compass)

From the Listing: Once a 1930s shoe factory, this iconic building has been transformed into luxury residences. Residence 5A is a fully renovated, light-filled home that combines loft-like charm with modern convenience. Highlights include soaring 11-foot ceilings, oversized 10-foot windows, rich hardwood floors, and abundant storage. See floor plan and full details here.

31 Gramercy Park South, #3B
$1,200,000

Gramercy Park | Cooperative | 2 Bedrooms, 1 Bath

Open House: Thursday, December 5, 2024

31 Gramercy Park South, #3B (Douglas Elliman Real Estate)

From the Listing: This prewar two bedroom home unfolds like a well-kept secret. The high ceilings lend an air of grandeur, a vastness that feels both infinite and intimate, while the newly refinished hardwood floors gleam with a quiet kind of elegance, their surface catching the sun's warm embrace. A wood-burning fireplace stands at the heart of the home. Key to Gramercy Park included. See floor plan and full details here.

630 West End Avenue, #4
$1,195,000

Riverside Dr./West End Ave. | Cooperative | 2 Bedrooms, 1 Bath

Open House: Sunday, December 8, 2024

630 West End Avenue, #4 (Douglas Elliman Real Estate)

From the Listing: The best of brownstone living awaits you! Upon entering, one is met with an expansive, sun-flooded western facing great room, boasting 10-foot ceilings and three oversized western facing bay windows. The living space is paired with a gorgeous wood-burning fireplace, tasteful prewar moldings, original shutters, wonderful wall space to hang your favorite art, and lovingly maintained oak floors. See floor plan and full details here.

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423 Atlantic Avenue, #4N
$1,150,000

Boerum Hill | Cooperative | 1 Bedroom, 1 Bath

Open House: Sunday, December 8, 2024

423 Atlantic Avenue, #4N (Serhant)

From the Listing: Welcome to the ultimate loft experience in Brooklyn! The open-concept loft layout features a spacious living and dining area, a sleek kitchen, a primary bedroom, and an additional interior room that can be used as a sleeping area or a home office. The living room features a full-height closet, making the most of the loft’s impressive ceilings and floor-to-ceiling bookcases. See floor plan and full details here.

176 Sterling Place, #PHL
$1,170,000

Park Slope | Cooperative | 2 Bedrooms, 1 Bath

Open House: Sunday, December 8, 2024

176 Sterling Place, #PHL (Compass)

From the Listing: Enjoy treetop views and tons of sunshine in this super bright and gracious home. Featuring beautiful, brand-new white oak floors throughout, and exposed brick this very special home is charming and well-designed. The main living space has a south-facing open kitchen and great dimensions with windows on two sides. The sparkling new kitchen with a large breakfast bar offers a lot of storage and work space. Storage space included. See floor plan and full details here.

41 Fifth Avenue, #6D
$1,100,000

Greenwich Village | Cooperative | 1 Bedroom, 1 Bath

Open House: Sunday, December 8, 2024

41 Fifth Avenue, #6D (Brown Harris Stevens Residential Sales LLC)

From the Listing: Welcome to this meticulously renovated one-bedroom, one-bath apartment in an iconic Rosario Candela premier full-service prewar building. The spacious living/dining room with three windows facing north offers old-world charm views, plentiful light, with built-in cabinetry, marble surfaces and perfect for entertaining. The marble framed windowed kitchen offers sleek custom cabinetry with Calacatta marble counter surfaces, high-end appliances, and abundance storage. See floor plan and full details here.

The Cambridge House, #2F
$1,100,000

Greenwich Village | Cooperative | 1 Bedroom, 1 Bath | 775 ft²

Open House: Sunday, December 8, 2024

The Cambridge House, #2F (Corcoran Group)

From the Listing: Sun-drenched one-bed features a beautifully renovated windowed kitchen with new stainless steel appliances, a renovated windowed bathroom, striking hardwood floors and five large closets with one being an enormous walk-in. You will enjoy the western exposure with amazing light and views over the quaint West Village, along with soundproof city windows to complete the serene feel of this home. See floor plan and full details here.

513 East 5th Street, #1B
$999,000

East Village | Cooperative | 1 Bedroom, 1 Bath

Open House: Sunday, December 8, 2024

513 East 5th Street, #1B (Corcoran Group)

From the Listing: A quintessential urban oasis. Down a hallway and away from the street, enter into an airy sanctuary, with high ceilings, wood floors, and exposed brick, looking down upon a private garden. The spacious landscaped garden features a mini green house, al fresco dining area, and plenty of greenery that you can reimagine as you see fit. See floor plan and full details here.

280 West End Avenue, #2A
$839,000

Broadway Corridor | Cooperative | 1 Bedroom, 1 Bath | 800 ft²

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280 West End Avenue, #2A (Brown Harris Stevens Residential Sales LLC)

From the Listing: Upper West Side junior four-room home is dripping in Old World charm. A turret in the main living space creates a circular bay with four huge windows surrounded by floor to ceiling mahogany paneling and decorative plaster work, facing south and west. Archways, mirrored panel doors, decorative fireplace, and deep functional window sills all add to the overflowing charm of this home. See floor plan and full details here.

Plaza 400, #21R
$799,000

Beekman/Sutton Place | Cooperative | 1 Bedroom, 2 Baths

Contact CityRealty to schedule a showing

Plaza 400, #21R (Douglas Elliman Real Estate)

From the Listing: This rarely available R-line apartment offers the perfect blend of space, light, and views in the heart of Sutton Place. The generous layout includes a large bedroom, a huge living and dining area perfect for both entertaining and everyday living, and a separate kitchen for culinary adventures. A south-facing balcony offers beautiful skyline views. See floor plan and full details here.

East River Coop, #C104
$799,000

Lower East Side | Cooperative | 2 Bedrooms, 1 Bath

Open House: Sunday, December 8, 2024

East River Coop, #C104 (Brown Harris Stevens Residential Sales LLC)

From the Listing: Two-bedroom with balcony and peaceful private park views! A fully renovated modern kitchen is clad in sleek, soothing grey and white with quartz counters, subway tile backsplash, and a suite of gleaming stainless appliances. The large living room has a wall of west-facing windows including a huge picture window! See floor plan and full details here.

The Royal York I, #W7G
$795,000

Lenox Hill | Condop | 1 Bedroom, 1 Bath

Open House: Sunday, December 8, 2024

The Royal York I, #W7G (Sothebys International Realty)

From the Listing: Expansive double exposure living space faces south and east with a refined open layout. The inviting, beautifully renovated kitchen features large counter seating and high-end stainless-steel appliances. Additional features include a pristine bathroom, generously apportioned bedroom with custom closet, and extra storage throughout. Preferred rate garage spot offered with this property. See floor plan and full details here.

The Hawthorne, #14A
$700,000

Midtown East | Condop | 1 Bedroom, 1 Bath

Contact CityRealty to schedule a showing

The Hawthorne, #14A (Corcoran Group)

From the Listing: This meticulously designed apartment offers an inviting, comfortable living space that maximizes every square foot. The thoughtful layout and recent renovations create a move-in ready home that combines style, functionality, and prime urban convenience. The location is particularly attractive for professionals who want convenient access to work, cultural attractions, and essential services. See floor plan and full details here.

The Village Court, #3H
$695,000

East Village | Cooperative | 1 Bedroom, 1 Bath | 650 ft²

Open House: Sunday, December 8, 2024

The Village Court, #3H (Brown Harris Stevens Residential Sales LLC)

From the Listing: Nestled in the heart of the East Village, this happy and welcoming one-bedroom home blends timeless prewar charm with modern comfort. This quiet home offers open tree-top views with northern and eastern exposures, 9-foot ceilings, and an abundance of natural light. See floor plan and full details here.

The Sutton East, #11K
$679,000

Midtown East | Cooperative | 1 Bedroom, 1 Bath

Open House: Sunday, December 8, 2024

The Sutton East, #11K (Douglas Elliman Real Estate)

From the Listing: Enter this oversized one-bedroom into a welcoming open foyer; enjoy cooking in the modern and beautifully renovated windowed kitchen with a large farm sink, granite counters, marble floors, dishwasher, and an abundance of cabinetry; eat and entertain in your well-proportioned living room with a generous dining area. Separating the living space are beautiful French doors that open into a hallway leading to the bathroom and private bedroom wing. See floor plan and full details here.

309 East 87th Street, #7O
$625,000

Yorkville | Cooperative | 1 Bedroom, 1 Bath

Contact CityRealty to schedule a showing

309 East 87th Street, #7O (Compass)

From the Listing: Bright top-floor corner one-bedroom has east and north-facing windows overlooking a charming garden courtyard. This apartment has four large closets, a renovated bathroom and kitchen with a dishwasher, and most importantly, lots of space. See floor plan and full details here.

The John Adams, #12E
$599,000

Greenwich Village | Cooperative | Studio, 1 Bath

Contact CityRealty to schedule a showing

The John Adams, #12E (Douglas Elliman Real Estate)

From the Listing: Nestled in the heart of Greenwich Village, this beautifully designed studio apartment offers a rare blend of classic charm and modern luxury. The apartment is a masterclass in sophisticated design, featuring elegant grass cloth wallpaper and exquisite dental crown moldings that infuse the space with a timeless, refined atmosphere. The open layout maximizes the square footage, with thoughtful touches and attention to detail throughout, ensuring a seamless flow between the living area and kitchen. See floor plan and full details here.

Kensington House, #905
$565,000

Chelsea | Cooperative | Studio, 1 Bath

Contact CityRealty to schedule a showing

Kensington House, #905 (Compass)

From the Listing: If you love Art Deco, then you will love the sunken living area, beautiful dark wood floors, oversized windows and classic Manhattan vibes. The generous entry affords space for a dinette or desk and the bright windowed kitchen with Miele cooktop and stainless steel appliances was opened up into the space for more contemporary living. The interior bedroom with a newly erected non-structural wall fits a full or queen and leads to two closets, and dressing area on the way to the updated tiled modern bathroom with deep tub. See floor plan and full details here.

The Verdi, #13K
$550,000

Broadway Corridor | Cooperative | 1 Bedroom, 1 Bath

Open House: Sunday, December 8, 2024

The Verdi, #13K (Keller Williams NYC)

From the Listing: Junior one-bed in the heart of the Upper West Side blends modern convenience with Parisian charm. From the minute you enter into your inviting living and dining area, you will fall in love with this thoughtfully designed space with custom built-ins, invisible closet doors with custom hardware adorning the extra large closets, and soundproofed floors. See floor plan and full details here.

59 Pineapple Street, #2L
$550,000

Brooklyn Heights | Cooperative | 1 Bedroom, 1 Bath

Contact CityRealty to schedule a showing

59 Pineapple Street, #2L (Corcoran Group)

From the Listing: Nestled on one of Brooklyn Heights' renowned "fruit streets," Residence 2L blends timeless pre-war charm with modern amenities. Enter this meticulously renovated one-bedroom, one-bathroom home through a proper foyer with a convenient coat closet. The open, airy living room, graced with wide-plank oak floors, boasts a sunny southern exposure and elegant baseboard and crown moldings. A windowed kitchen showcases stainless steel appliances, including a Bosch dishwasher. See floor plan and full details here.

The Penny Lane, #220
$539,000

Gramercy Park | Cooperative | 1 Bedroom, 1 Bath

Open House: Sunday, December 8, 2024

The Penny Lane, #220 (Douglas Elliman Real Estate)

From the Listing: Located at the crossroads of Gramercy and Kips Bay , this fully renovated duplex home resides in The Penny Lane, a historic (originally the J.M Horton Ice Cream Factory) and sought-after full service cooperative. Features of this fantastic home include 13' ceilings in the large living/dining room w/floor to ceiling windows, hardwood flooring, Juliet balcony and recessed lighting, an open renovated kitchen with stainless appliances, dark wood cabinetry, granite countertops w/ seating, and a grey glass subway patterned backsplash, and a fully renovated marble bathroom with custom vanity and chrome hardware. See floor plan and full details here.

227 East 57th Street, #6C
$480,000

Midtown East | Cooperative | 1 Bedroom, 1 Bath

Open House: Sunday, December 8, 2024

227 East 57th Street, #6C (Compass)

From the Listing: Incredible price for charming one-bedroom in classic, doorman, pre-war building. South-facing with plenty of light through quiet windows. Renovated kitchen and bath. Entry hall with walk-in closet. Large living room with open kitchen. Generous bedroom with room for king bed and with en-suite bath. See floor plan and full details here.

Tudor Tower, #1206
$305,000

Turtle Bay/United Nations | Cooperative | Studio, 1 Bath

Open House: Sunday, December 8, 2024

Tudor Tower, #1206 (Compass)

From the Listing: This charming studio apartment offers the perfect blend of comfort and convenience in the heart of the city. With an open-concept layout, this space is designed to maximize every square foot, providing a bright and airy atmosphere. The living area is versatile, allowing for both relaxation and entertainment, with large windows that flood the space with natural light. See floor plan and full details here.

417 East 87th Street, #4A
$289,000

Yorkville | Cooperative | Studio, 1 Bath

Open House: Sunday, December 8, 2024

417 East 87th Street, #4A (Sothebys International Realty)

From the Listing: Top-floor home just went through floor-to-ceiling renovations and features a new open chef's kitchen with stainless steel appliances including a dishwasher, built-in microwave, charming exposed brick, a decorative fireplace, high ceilings, renovated bathroom and through-wall air conditioner. The building is located on an idyllic, tree-lined Upper East Side street. Sponsor unit. Only reviewing cash offers. See floor plan and full details here.

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Contributing Writer Cait Etherington Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.

Read Full Bio | Contact Cait Etherington

This is your member's center

In this article:

Why a Co-op’s Financials Matter

Common Red Flags

Putting Your Real Estate Attorney to Work for You

Newly-listed cooperative apartments with open houses

The Eldorado, #6E
$5,700,000

The Sheridan, #5A
$1,950,000

255 West 98th Street, #3B
$1,650,000

2 Horatio Street, #7M
$1,450,000

3 Hanover Square, #13F
$1,450,000

Clinton Mews, #5A
$1,275,000

31 Gramercy Park South, #3B
$1,200,000

630 West End Avenue, #4
$1,195,000

Select which properties are of interest to you:

423 Atlantic Avenue, #4N
$1,150,000

176 Sterling Place, #PHL
$1,170,000

41 Fifth Avenue, #6D
$1,100,000

The Cambridge House, #2F
$1,100,000

513 East 5th Street, #1B
$999,000

280 West End Avenue, #2A
$839,000

Plaza 400, #21R
$799,000

East River Coop, #C104
$799,000

The Royal York I, #W7G
$795,000

The Hawthorne, #14A
$700,000

The Village Court, #3H
$695,000

The Sutton East, #11K
$679,000

309 East 87th Street, #7O
$625,000

The John Adams, #12E
$599,000

Kensington House, #905
$565,000

The Verdi, #13K
$550,000

59 Pineapple Street, #2L
$550,000

The Penny Lane, #220
$539,000

227 East 57th Street, #6C
$480,000

Tudor Tower, #1206
$305,000

417 East 87th Street, #4A
$289,000

This is your member's center

In this article:

Why a Co-op’s Financials Matter

Common Red Flags

Putting Your Real Estate Attorney to Work for You

Newly-listed cooperative apartments with open houses

Select which properties are of interest to you:

Select which properties are of interest to you:

Listings in this article

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