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2018

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11.23.18
11.17.18
11.17.18
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11.16.18
11.16.18
11.16.18
11.13.18
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10.31.18
10.31.18
10.31.18
10.29.18
10.29.18
10.27.18
10.26.18
DONE DEALS: Harlem block buster
Real Estate Weekly
10.26.18
10.26.18
10.26.18
10.25.18
10.25.18
10.24.18
10.24.18
10.22.18
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10.10.18
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10.6.18
10.5.18
Done Deals: Asked and Answered
Real Estate Weekly
10.5.18
10.4.18
10.4.18
10.4.18
10.4.18
10.3.18
10.3.18
10.3.18
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10.1.18
STYLE RETURNS TO NEWSSTANDS WITH A SUPERHERO NUMBER
Il Corriere Della Sera Italian Men's Magazine
10.1.18
9.30.18
9.30.18
9.29.18
9.28.18
9.28.18
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9.27.18
9.27.18
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9.21.18
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9.21.18
9.21.18
9.20.18
9.20.18
9.20.18
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9.19.18
9.19.18
Done Deals
Real Estate Weekly
9.19.18
Done Deals
Real Estate Weekly
9.18.18
9.17.18
9.17.18
9.15.18
9.15.18
New Listings
Real Estate Weekly
9.15.18
New Listings
Real Estate Weekly
9.14.18
9.14.18
9.13.18
9.13.18
9.13.18
9.13.18
9.13.18
9.13.18
9.13.18
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9.13.18
9.12.18
9.12.18
Ready For His Close-Up
Cottages & Gardens
9.12.18
9.8.18
9.8.18
9.7.18
9.7.18
9.7.18
9.7.18
9.6.18
9.6.18
9.5.18
9.4.18
9.4.18
How to Invest in Luxury Real Estate
U.S. News and World Report
9.3.18
9.3.18
9.2.18
9.2.18
9.2.18
9.1.18
9.1.18
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8.30.18
8.30.18
8.29.18
8.29.18
8.27.18
8.27.18
8.24.18
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8.22.18
8.21.18
8.21.18
8.19.18
8.18.18
8.17.18
8.17.18
8.16.18
8.15.18
On the Market in New York City
The New York Times
8.15.18
8.15.18
8.14.18
8.13.18
8.13.18
8.13.18
8.12.18
8.11.18
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8.7.18
8.5.18
8.4.18
8.4.18
8.2.18
8.2.18
8.2.18
How to Glow from Head to Toe!
ABC Morning Blend
8.1.18
8.1.18
8.1.18
8.1.18
8.1.18
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7.30.18
7.29.18
7.28.18
7.28.18
7.25.18
7.25.18
7.25.18
7.22.18
7.20.18
7.20.18
7.20.18
7.19.18
7.19.18
On the Market
The New York Times
7.19.18
7.18.18
7.18.18
7.18.18
7.17.18
7.13.18
7.13.18
7.12.18
7.12.18
7.11.18
7.11.18
7.10.18
7.9.18
7.6.18
The Rise of the Single Female Homeowner
US News and World Report
7.5.18
7.5.18
7.5.18
7.3.18
7.2.18
7.2.18
7.2.18
7.1.18
No longer New Yorkers
The Real Deal
6.29.18
6.29.18
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6.28.18
6.27.18
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6.27.18
New Listings
Real Estate Weekly
6.27.18
6.26.18
6.26.18
6.26.18
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6.25.18
6.22.18
6.22.18
6.21.18
6.21.18
6.19.18
6.15.18
6.15.18
6.14.18
6.13.18
6.13.18
6.13.18
New Listings
Real Estate Weekly
6.13.18
6.12.18
6.12.18
The Guide to First Time Homebuyers
U.S. News & World Report
6.11.18
6.8.18
6.8.18
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6.4.18
5.29.18
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5.3.18
4.19.18
4.17.18
3.27.18
3.22.18
3.16.18
3.16.18
3.14.18
3.13.18
2.25.18
See More See Less

2017

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10.16.17
10.15.17
10.12.17
10.4.17
8.22.17
8.22.17
8.22.17
8.22.17
8.12.17
7.21.17
7.14.17
7.7.17
7.7.17
7.6.17
7.6.17
7.6.17
7.6.17
Congratulations (Again), Wendy!
Wall Street Journal
7.5.17
6.28.17
6.27.17
6.20.17
6.14.17
6.13.17
Warburg And Wallack Partner
CityBizList NYC
6.12.17
6.9.17
6.8.17
6.8.17
6.8.17
6.7.17
5.23.17
5.19.17
5.18.17
5.18.17
5.17.17
5.17.17
5.12.17
5.10.17
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4.23.17
4.21.17
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4.20.17
4.19.17
4.18.17
4.18.17
4.18.17
4.17.17
4.17.17
4.14.17
4.12.17
4.7.17
4.1.17
3.10.17
3.10.17
Prewar Is So Last Year
New York Times
3.2.17
3.2.17
2.21.17
2.7.17
2.6.17
2.2.17
1.31.17
1.24.17
1.20.17
On the Market
The New York Times
1.11.17
1.5.17
1.4.17
1.1.17
1.1.17
See More See Less

2016

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12.29.16
12.13.16
12.13.16
12.6.16
12.1.16
11.30.16
11.28.16
11.27.16
11.22.16
11.18.16
11.18.16
11.9.16
11.4.16
On the Market
The New York Times
11.4.16
10.31.16
10.31.16
10.30.16
10.28.16
10.7.16
On the Market
The New York Times
10.4.16
9.30.16
9.25.16
9.23.16
9.19.16
A Water Skier Seeks Higher Ground
The Wall Street Journal
9.13.16
9.9.16
Where to Live? Ask an App
The New York Times
9.1.16
8.5.16
8.2.16
8.2.16
7.27.16
7.21.16
7.19.16
Kowalczuk and Compton join Warburg Realty
New York Real Estate Journal
7.11.16
7.1.16
6.24.16
Once and Always a New Yorker
The New York Times
6.16.16
Dream Homes
New York Post
6.16.16
6.10.16
Industrial Elegance in SoHo
The New York Times
6.1.16
6.1.16
Living Large in Manhattan
CASTLES Magazine
6.1.16
5.26.16
5.26.16
5.25.16
5.17.16
5.16.16
5.13.16
5.13.16
Priced Out of My Childhood Home
The New York Times
5.6.16
The Golden Mean
Metropolitan Magazine
5.6.16
5.6.16
Featured Property: 150 Reade Street
Metropolitan Magazine
5.6.16
Soiree at 150 Charles
Metropolitan Magazine
5.6.16
Best in the West: 150 Charles, M9
Metropolitan Magazine
5.6.16
5.1.16
5.1.16
5.1.16
4.13.16
4.12.16
4.11.16
4.8.16
4.8.16
4.6.16
4.6.16
4.5.16
4.1.16
4.1.16
4.1.16
4.1.16
4.1.16
4.1.16
4.1.16
3.31.16
3.31.16
3.30.16
3.30.16
New Listing: 30 West Street
Real Estate Weekly
3.28.16
3.25.16
Fusco joins Warburg Realty
New York Real Estate Journal
3.23.16
Who’s News: Mary Anne Fusco
Real Estate Weekly
3.23.16
New Listing: 39 Vestry Street
Real Estate Weekly
3.17.16
Dream Homes
New York Post
3.16.16
3.15.16
3.10.16
3.10.16
Dream Homes
New York Post
3.8.16
3.8.16
3.7.16
3.1.16
3.1.16
NYC Premier Properties
Luxury Listings NYC
3.1.16
Deeds & Dont’s
New York Cottages & Gardens
2.26.16
Executive Moves
Crain's
2.24.16
Sugar Hill condos hit market
Real Estate Weekly
2.18.16
2.17.16
New Listing: 475 Park Avenue
Real Estate Weekly
2.17.16
2.17.16
2.12.16
2.12.16
2.11.16
2.10.16
2.9.16
2.5.16
2.5.16
2.5.16
Big Ticket
The New York Times
2.3.16
2.3.16
2.1.16
2.1.16
1.29.16
1.27.16
1.22.16
The Art of Home Staging
The New York Times
1.20.16
Unfailingly Vibrant in The West Village
Private Air Luxury Homes
1.15.16
1.15.16
1.13.16
1.12.16
1.10.16
Something about a quick deal
Luxury Listings NYC
1.10.16
Premier Properties
Luxury Listings NYC
1.10.16
Premier Properties
Luxury Listings NYC
1.8.16
1.6.16
1.5.16
1.5.16
1.4.16
1.1.16
The interest rate upshot
The Real Deal
1.1.16
See More See Less

2015

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12.23.15
12.22.15
12.22.15
12.21.15
12.21.15
12.18.15
On the Market
The New York Times
12.18.15
12.10.15
12.10.15
12.10.15
12.1.15
Haber inks a book deal
The Real Deal
12.1.15
12.1.15
12.1.15
11.30.15
11.27.15
11.25.15
11.25.15
11.24.15
11.18.15
Symposium
Metropolita
11.18.15
New Listings
Real Estate Weekly
11.17.15
11.13.15
11.12.15
11.11.15
11.9.15
11.9.15
11.4.15
11.3.15
11.3.15
11.3.15
11.3.15
11.2.15
11.2.15
11.1.15
11.1.15
11.1.15
10.28.15
10.25.15
On the Market in New York City
The New York Times
10.23.15
10.22.15
10.22.15
10.21.15
10.21.15
10.20.15
10.16.15
10.14.15
10.12.15
10.6.15
10.6.15
10.2.15
10.1.15
In their words…
The Real Deal
10.1.15
9.30.15
9.23.15
9.22.15
9.14.15
9.11.15
9.11.15
9.9.15
9.3.15
9.3.15
9.2.15
9.1.15
8.28.15
8.21.15
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8.20.15
8.18.15
8.18.15
8.14.15
8.13.15
8.13.15
8.11.15
8.7.15
8.7.15
8.7.15
8.5.15
8.4.15
8.1.15
8.1.15
Win now, decide later
The Real Deal
7.28.15
7.27.15
7.24.15
7.23.15
7.21.15
7.20.15
7.13.15
7.12.15
7.8.15
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7.6.15
7.6.15
7.5.15
7.3.15
7.1.15
7.1.15
7.1.15
7.1.15
7.1.15
6.29.15
6.28.15
6.26.15
6.25.15
Fishman joins Warburg Realty
New York Real Estate Journal
6.25.15
6.24.15
6.23.15
6.22.15
6.22.15
6.19.15
6.18.15
6.18.15
6.17.15
6.17.15
6.17.15
6.17.15
6.16.15
6.16.15
6.16.15
6.12.15
6.12.15
6.12.15
6.9.15
6.5.15
6.5.15
6.5.15
6.3.15
6.3.15
6.3.15
6.3.15
6.2.15
6.1.15
6.1.15
5.30.15
5.29.15
5.28.15
5.28.15
5.27.15
5.27.15
5.26.15
Home Prices Continue to Climb
Wall Street Journal
5.21.15
$21.5 million Manhattan townhouse is a steal?
CNBC Secret Lives of the Super Rich
5.20.15
5.18.15
5.18.15
5.18.15
5.16.15
5.15.15
5.15.15
5.15.15
5.14.15
5.8.15
5.4.15
5.1.15
5.1.15
5.1.15
5.1.15
5.1.15
5.1.15
Manhattan Market Watch: Moving Tips
Mann Report Residential
5.1.15
5.1.15
4.30.15
4.30.15
4.28.15
4.24.15
4.22.15
4.21.15
4.16.15
4.15.15
4.14.15
4.13.15
4.12.15
4.12.15
4.3.15
4.3.15
4.3.15
4.2.15
4.1.15
4.1.15
4.1.15
4.1.15
3.20.15
3.19.15
3.17.15
Lauren Bacall’s Apartment
Top Ten Real Estate Deals
3.13.15
3.12.15
3.3.15
We Hear…
New York Post
3.3.15
3.3.15
3.2.15
3.1.15
EXTRA! EXTRA! READ ALL ABOUT IT IN 2015
Mann Report Residential
3.1.15
3.1.15
2.26.15
2.25.15
2.20.15
On The Market In New York City
The New York Times
2.19.15
2.17.15
2.11.15
2.5.15
2.5.15
2.3.15
2.2.15
2.2.15
Fixer-uppers gain appeal
The Real Deal
2.1.15
2.1.15
1.30.15
1.29.15
1.25.15
1.16.15
1.16.15
1.12.15
1.7.15
1.7.15
1.6.15
1.6.15
1.6.15
1.5.15
See More See Less

2014

Show Press Hide Press
12.29.14
12.29.14
12.26.14
On the Market: Sutton Place
The New York Times
12.23.14
12.17.14
12.1.14
Prime Rates
Gotham
11.26.14
11.24.14
11.14.14
11.12.14
11.11.14
11.6.14
Houses of the Week
New York Post
11.5.14
11.1.14
11.1.14
10.31.14
10.31.14
10.31.14
10.24.14
10.24.14
10.20.14
10.17.14
10.15.14
10.14.14
10.9.14
10.1.14
10.1.14
10.1.14
9.20.14
9.19.14
9.10.14
9.10.14
9.4.14
9.1.14
Doubling Down On Cuomo
The Real Deal
8.26.14
8.23.14
8.22.14
8.8.14
8.8.14
8.6.14
8.1.14
7.28.14
7.23.14
7.14.14
7.9.14
7.3.14
7.2.14
7.1.14
7.1.14
7.1.14
7.1.14
7.1.14
6.30.14
6.24.14
6.13.14
6.4.14
6.1.14
5.30.14
5.21.14
5.21.14
5.16.14
5.16.14
5.6.14
Profile: CLAIRE GROOME
New York Family
5.1.14
4.20.14
4.16.14
4.9.14
4.7.14
Dads of Real Estate
New York Family Magazine
4.7.14
4.6.14
4.1.14
3.30.14
3.28.14
3.26.14
3.25.14
3.25.14
3.25.14
3.12.14
Sales Updates – Harlem
The Real Deal
3.10.14
3.10.14
3.1.14
3.1.14
2.26.14
New Listings: Beekman
Brokers Weekly
2.20.14
2.14.14
2.5.14
2.1.14
2.1.14
1.29.14
1.29.14
1.29.14
1.29.14
1.29.14
1.27.14
1.14.14
1.14.14
1.3.14
1.3.14
1.1.14
See More See Less

2013

Show Press Hide Press
12.30.13
12.19.13
12.4.13
Gotta get gund
New York Post
11.26.13
11.26.13
11.15.13
11.15.13
11.12.13
11.8.13
11.6.13
10.31.13
10.30.13
10.27.13
10.25.13
10.21.13
10.16.13
10.11.13
10.7.13
10.7.13
Park Manhattan is Sold Out!
Mann Report Residential
10.1.13
10.1.13
10.1.13
Sales in the City – Summer 2013
Residency NY Magazine
10.1.13
Sales in the City – Fall 2013
Residency NY Magazine
9.27.13
9.21.13
9.19.13
9.12.13
9.11.13
9.11.13
9.10.13
9.9.13
9.1.13
8.27.13
8.27.13
8.26.13
8.19.13
8.19.13
8.18.13
8.1.13
EVERYONE IN THE POOL!
Mann Report Residential
8.1.13
8.1.13
7.18.13
7.8.13
7.2.13
7.1.13
6.23.13
6.21.13
6.9.13
6.4.13
6.2.13
5.31.13
5.23.13
5.19.13
On the Market: Kips Bay Co-op
The New York Times
5.14.13
5.9.13
5.8.13
5.1.13
5.1.13
4.30.13
4.18.13
4.10.13
4.8.13
4.8.13
4.4.13
4.1.13
4.1.13
4.1.13
3.23.13
3.18.13
3.17.13
3.7.13
Dream Homes
New York Post
3.5.13
3.1.13
3.1.13
2.26.13
2.22.13
Houses of the Week
New York Post
2.22.13
2.13.13
Properties of the Month
Avenue Magazine
2.12.13
2.11.13
2.8.13
Dear Owner: Please Sell
The New York Times
2.5.13
2.4.13
2.4.13
2.1.13
2.1.13
2.1.13
Warburg Honors Top Agents of 2012
Mann Report Residential
2.1.13
1.31.13
1.15.13
1.1.13
1.1.13
1.1.13
1.1.13
1.1.13
1.1.13
See More See Less

2012

Show Press Hide Press
12.31.12
12.23.12
12.21.12
12.11.12
12.6.12
Who’s News
Brokers Weekly
12.4.12
11.27.12
11.26.12
11.1.12
10.10.12
Who’s News
Real Estate Weekly
10.1.12
10.1.12
Just Sold!
New York Post
10.1.12
9.24.12
9.12.12
9.12.12
9.4.12
8.24.12
8.21.12
8.20.12
8.9.12
8.8.12
8.4.12
8.2.12
8.1.12
8.1.12
Alicia Corpening Joins Warburg Realty
Mann Report Residential
7.19.12
Dream Homes
New York Post
7.9.12
7.1.12
6.22.12
6.21.12
Houses of the Week
New York Post
6.14.12
6.13.12
6.8.12
6.8.12
6.1.12
5.18.12
5.17.12
Dream Homes
New York Post
5.15.12
5.15.12
5.9.12
5.4.12
5.2.12
5.1.12
Pricey Co-ops Find Buyers
The Wall Street Journal
5.1.12
5.1.12
5.1.12
4.1.12
3.25.12
3.24.12
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House of the Week
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3.8.12
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Dream Homes
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2.26.12
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2011

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12.31.11
12.29.11
2011: The Year of the Turndown
The New York Times
12.22.11
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12.5.11
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12.1.11
Dream Homes
New York Post
11.23.11
Should You Buy a House?
Go Girl Finance
11.22.11
11.21.11
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10.31.11
10.28.11
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10.21.11
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Celebrity Real Estate
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10.1.11
9.23.11
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Sightings
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9.21.11
9.12.11
Bahamas’ Albany Continues to Grow
World Property Channel
9.1.11
Manhattan Market Watch: A FINE ROMANCE
Mann Report Residential
8.30.11
Living on the Park
Promenade
8.3.11
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7.24.11
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Trio Seeking Second-Time Chelsea Charm
The Wall Street Journal
6.27.11
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Houses of the Week
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5.12.11
Emerging Neighborhoods
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5.10.11
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4.28.11
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Moving On Up
New York Family
2.28.11
Q&A with Deborah Lupard
Tribeca Citizen
2.27.11
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On the Market
The New York Times
2.13.11
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Uptown Upturn
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2.7.11
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2010

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Flip-Flopping on Flip Taxes
The New York Times
9.1.10
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Houses of the Week
New York Post
7.2.10
6.25.10
Some Condos Avoid Shoals
The Wall Street Journal
6.23.10
New Appraisal Rules Irk Some Brokers
The Wall Street Journal
6.20.10
Caught in the Web
The New York Times
6.1.10
Manhattan Market Watch: ON NEGOTIATING
Mann Report Residential
5.27.10
5.23.10
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5.9.10
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4.29.10
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Time to relist?
The Real Deal
4.1.10
4.1.10
3.29.10
3.19.10
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3.9.10
Real Brokers of NYC
Brokers Weekly
3.5.10

Manhattan Market Watch: THE YEAR OF “MAYBE YES”— CO-OP BOARD CONDITIONAL APPROVALS

August 1st 2012

Mann Report Residential

By Shirley Hackel

Last December as the year was coming to a close, the New York Times characterized 2011 as “The Year of the Turndown.”  In addition, the reporter acknowledged that it was becoming more common for co-op boards to grant provisional consent to buyers, requiring that significant sums of money be held in escrow to ensure that monthly charges would be paid on time.  This year, co-op board rejections and conditional approvals have not diminished; in fact, they are on the rise.

Although it’s nearly impossible to quantify the number of board rejections, brokers can spot the snubs when properties come “BOM”—Back on Market.  Only sometimes, however, and then only anecdotally within our own companies, do we overhear when boards request that buyers meet certain conditions before their purchase applications can be approved. 

Few turndowns make the headlines.  Unless the denied is a celebrity, of course, and then it’s newsworthy.  Like when Nixon was rebuffed by a Fifth Avenue cooperative after he resigned as President.  Or when the San Remo said no to Madonna.  Or in 2005 when the Dakota declined to interview Antonio Banderas and Melanie Griffith.  Or very recently when Sheik Hamad bin Jassim bin Al Thani from oil rich Qatar was rejected at 907 Fifth Avenue, it was easy to understand why someone with two wives and fifteen children, a ministerial entourage and diplomatic immunity might not be welcome.  Some board turndowns can be baffling, however, and all cause anguish, embarrassment and financial hardship for buyers, sellers and their agents alike.  The broker’s role in assembling the required documents for the board and in managing the expectations for both principals is critical.  

The boiler plate language of the contract states that the “sale is subject to the unconditional consent of the Corporation,” which means that if the board stipulates any conditions then the  buyers can either agree to the provisions, renegotiate with the seller because of the conditions, or walk away and take back their 10% deposit.  The Board might ask the buyer to finance less than the amount specified in the contract, or to not finance at all, or to provide a third party guarantee for the maintenance, or to deposit several years of maintenance with the co-op in escrow for an undetermined amount of time.  Recently, one Park Avenue board asked a candidate to post into escrow a staggering 10 years’ worth of maintenance fees for five years for the privilege of purchasing in that building—an amount exceeding $350,000.  

The “business judgment rule” for co-ops gives board members great latitude as long as they act within the bounds of authority provided by the co-op’s by-laws and proprietary lease and as long as their decisions are not discriminatory.  In New York City, Fair Housing Laws protect twelve specific categories including age, citizenship, familial status, handicap, marital status, national origin, occupation, religion and sexual orientation.  If discrimination is proven, individual board members can be held personally liable.  When they reject a candidate, they are not required to give reasons, nor are they required to interview the applicant.  In fact, when a board intends to reject a purchaser, the interview never happens.  Although the New York City Council has tried numerous times to enact legislation requiring boards to disclose reasons for a turndown, it is unlikely to be passed any time soon.  

Board turndowns and conditional approvals are a particular phenomenon in Manhattan where cooperatives still make up approximately 70% percent of real property ownership.  This year, with nearly every deal I handled, whether I represented the buyer or the seller, I began a conversation early on in the process about provisional consent and the possibility that the board might request maintenance in escrow.  When my Park Avenue seller accepted a bid from a divorcee who’s only income source was a trust fund plus alimony that would expire in eleven years, we asked for a side letter to the contract in which she agreed to put up to two years of maintenance in escrow to be held up to two years should the board require that as a condition to her approval.  Similarly, we have side letters for my West End Avenue and Central Park West deals that are in contract with financial professionals where their bonus money is substantial but out of favor with co-op boards because of market volatility.  On a deal where I represent the buyers of an east side one bedroom whose board does not permit guarantors, where father and son are co-purchasing an apartment where the son will reside, the co-op’s Managing Agent emailed last week to ask whether they would consider putting a year of maintenance in escrow.  I encouraged the buyers to look beyond the short term of wounded pride to the long term, and then succeeded in getting the seller to split this amount with the buyers.  

Throughout Manhattan, in every size category and every price range, co-op boards are stepping up their scrutiny of candidates— checking and rechecking that financial statements add up and are sufficient and verifying personal references with searches on Facebook and Google for anything that might undermine social acceptability.  With the board package, the purchaser has one chance to make a first impression; second chances are rare.  It’s up to the real estate professional to guide buyers and sellers through this new normal.

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