apartment therapy changing the world, one room at a time

I love the little vessel sink in the corner. For a 2-bedroom, I think this is a huge bargain, and it's gorgeous. Besides the pet-friendliness of the building -- that would do you no good if the place, itself, weren't so huge, but a dog could probably be quite happy in a place this big.

I'm curious about why "parents buying for children" is discouraged -- what's the motivation?

It's lovely, but hard to tell if it's a bargain or not without putting the dimensions on the floorplan or telling me what floor it's on.

Coop boards typically don't like parents buying for children because they are afraid that the children will have wild parties and tons of friends over all the time etc.

Hi all. Thanks for the compliments. The apartment is on the fifth floor of a six story walkup. The square footage is only around 500, but the layout makes the most of it.

I can't say why it is in this particular case, so the question should still be answered by the Seller if they're watching this thread.

But I live in a co-op that also has that rules, and really... different co-op boards have been burned before in different ways, and so each has its own funny little rules.

Buildings that discourage parents buying for children do so partly because buying a co-op is only KIND of like buying a house. If you bought a house and defaulted on the mortgage, the bank takes it and re-sells it, end of story.

But co-op boards collect maintenance fees, and are trying to find people who will be a combination of business partner AND considerate neighbor.

Sometimes when a parent buys for a child, it's because the kid made such good grades, and has been such a good person that the parents want to help him out and give him the best shot at everything and the grateful kid/good student reads every word of the building's rules and dutifully makes sure to NOT throw chicken bones down the garbage chute with without wrapping it up; or play his music full-blast in the middle of night.

But there are some kids whose parents spoil them in every single possible way and who don't know how to live like a real person.

So, they basically want to see that the kid can actually afford the apartment on what he makes, because if so, then he has a stake in the enterprise and he will "cooperate".

Some smaller buildings encourage these kinds of sales, because they feel like they don't offer as many other features and they want to make it easier for someone to buy one of their apartments.

Similarly, when they discourages pieds-a-terre, it's because often when people who live outside of the city buy apartments in the city, they will just give their key to casual friends and say, "Feel free to stay at our apartment in the city! We're not using that weekend!" So, those guests have no real stake in the building, and can be a security risk, because no one in the building knows who they are, and for all anyone knows they could be running a drug trafficking ring out of the apartment. At the very least, they may give the doorman a hard time (if there is a doorman) and name-drop and try to threaten his job: "Well, my friend is Mr. Pokits R. Fullokasch and when I tell him that you insisted on seeing my ID, I doubt you'll still be working here next week!"

So, that's kind of why they have those rules. Make sense?

heheh, I just spent a few minutes working out what the sqft should be based on size of fridge, sink, love seat, doors etc and I came to the following:
Master BR: 10*13 = 130sqft
LR: 14*13 = 182sqft
kitchen: 9*9 = 81sqft
batch and 2bd bedroom combined: 15*9=135
Total sqft=528

I won't comment on the price but I will say that due to NYC building code which states that you must have an operable window in every bedroom, and the only 2 exposures that apts typically have, it is rare to find a real 2BR apt in small apts. For some ppl, having the 2 real bedrooms is more important than actual sq footage. However, the sqfootage is important to get to a fair $ per sft price.

How do you fit 2 bedrooms into 500 square feet?

Wow. So, my studio apartment is actually just the tiniest bit bigger at 539 sq.ft. Probably about the same size actually, because I measured from the edges of the overall "shell" of my apartment, I didn't add up the rooms separately.

Um, Lesley, the flooplan shows you how.
The second bedroom is prolly 9*9 so you could get a queen bed in there much like Robert did here:
http://www.apartmenttherapy.com/ny/042705/smallest-coolest-apartment-contest/apartment-28-roberts-golden-handcuffs--002613

Please correct me if I am wrong, I may be mis-reading the floor plan -- but it looks like the bathroom only has a shower stall. No bathtub. Is this true? thanks

5th floor is tough, and it's tiny, no doubt. But it is cute! Very little closet space would be hard. I wish you luck on this one. I think you did an awfully nice job with what you have here. I can't imagine a family dragging a stroller up there, but it would be great for a single

That outlet and light switch so close to the bathroom sink is scarey, and quite frankly, not up to code. But otherwise a great, cute space!

That's correct, Kat. Shower, no tub.

Fantastic marketing job...images are so important. The 2nd bedroom, being billed as a bedroom as opposed to a super walk in closet or office, is preferred, but I'd expand on it having "other" superb uses besides a bedroom when talking with prospective owners. Although perhaps you probably have, I'd really double check those rules re the pied-e-terre and older kids, as that obliterates a huge market of people.

I was actually quite surprised, when we bought our apt last spring, on the UWS, that along with 9 (count 'em 9) reference letters, every historical financial detail ever, yadayada, that the board had little problem with us planting our 19 year old son there and us visiting on most weekends (poor kid).

We were up front from the beginning, putting his name on the application as a resident as well as our names, but also divulging that we would not be frequent residents, and they greatly appreciated that honesty and perhaps that turned the page for us. I'd ask the board president, if the buyer is otherwise well qualified all around, if that could work out. Doesn't hurt to double check. Especially with NYU in the general vicinity.

Curtis by any chance are you an economist?

A lot of coop boards are ok with parents buying for children and you found one of those susiq. I doubt that your coop had any rules in place preventing this in the first place. However, there are coops (and you must know how tough coop boards can be) that will never allow it and make it explicit in the by-laws. In that case, no amount of documentation, being upfront etc. will cut it.

Some coops that were traditionally open to parents buying for children (especially in the NYU area) are now changing their policies:
http://www.newyorkmetro.com/nymetro/realestate/columns/realestate/14713/

What advantage is there for a buyer of an FSBO?? This apartment is neither a bargain nor unique., so I don't understand the advantage from a prospective buyer's point of view. If all this money is being saved from cutting out the broker, shouldn't the buyer benefit as well? Also crucial information is missing - square footage, apartment floor, maintenance fees - which does not engender confidence.

Hmmm. 500 square feet--maybe not such a bargain. How much is maintenance?

And the ambiguous photo of the bathroom's micro sink? Stating combined square footage of the bathroom *and* second bedroom? Can one sit on the toilet and wash their hands at the same time?

Also, windows. Besides the kitchen, are there any?

Sandra, I am not the owner, neither do I know anything about this place other than what has been shown here.

I guessed at the measurements and combined the bathroom and bedroom because both together made a neat rectangle from which I only had to do one calculation. Had I split them up I wold have had to do the hall calc also which is not a big deal but I was trying to be quick.

The bathroom looks like it is 6'*6' and I already posted that that the 2nd bedroom looks like it is 9'*9'. That makes the hall 6'*3' if I have guessed/estimated correctly.

Hey everyone, we're selling our place FSBO, also on e.4th st. [evpad.com]. To answer your questions about parents buying, many CoOp boards state that the buyer must actually reside in the apt because they want it to to be owner-occupied not investor motivated. Few parents are just going to give their child the money and have the CoOp 100% in the child's name.

When brokers are involved, the seller pays a commission, usually between 3 and 6%. If no brokers are involved, the seller may be willing to discount the price 3% or possibly more since they don't have to pay broker's fee.

What's really important is you have a competent lawyer to review CoOp documents.

It's kind of like buying a used car from a dealer instead of a private party. An equal car would be more expensive from the dealer since has to pay for staff, overhead, etc.

The important thing when buying a home is to know what you're buying and for you to do your homework. In theory, a FSBO transaction cuts out the middle man and should benefit everyone.

Sandra,
The floorplan shows that there is a window in every room in the apartment, including the small bathroom. I'll bet the living room could be quite interesting with the window on the angle like that. Good luck with your sale, Luke.

If you have ever lived been a college (in my case art school) student living in an apartment -or- 10 years lived underneath college students (from NYU like I do now) you would totally understand why some boards don't like the idea.

In a small building you may end up underneath the kids who "can't afford" to buy proper carpeting and are just getting started when you are ready to go to sleep!!

My mistake on the windows--thanks for pointing that out ; )

Just wondering if this apartment sold. We are the original Co-Op owners. We purchased in 1991 for $50,000.00. The brick was covered with plaster which we removed. The pot racks shown - we bought at Ikea in NJ!!! The beautiful tile in the kitchen was installed by us and our dog used the back bedroom. We built the 2 closets next to the window in the "master"!. It is sunny, but I don't know about spacious. I managed just fine in the five flight walk-up four months pregnant with our first child. We also owned the apartment next door. Good memories. Looks great! Best of luck. Wish we still owned it - what a profit!