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Sponsor units. What's wrong with this picture?

I have been looking at a certain coop building. My broker insisted in showing me units that are sponsored. Fine and beautiful, except that they are wrecks. Asking price 225K (JR4) I got it down to 165K with a 35K basic reno cost attached to it. I had to walk away. But for simple fact that there at about 12 sponsor units available (all wrecks) in a property built in 1963, I have to be suspicious. Even if we consider they went coop (doubtly) 20 years ago, what could possibly explain so many sponsor units available? I love the building but I have the gut feeling that this scenario should be researched further. Where can I find this sort of information? Is there any way to learn more?
  • May 01 2013 - Bronx
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Answers (1)

It's really difficult to find out what the underlying issue is with the co-op until you see the financials. You will most likely not have access to the financials until you have an accepted offer and then the management company will make them available to you. You should then have an attorney, who is familiar with closing co-op units, look over the financials and advise you as to how things look. 

One advantage of buying a sponsor unit though is not having to go through the interview process and potentially being rejected by the board...
  • May 30 2013
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