322 West 88th Street Apartment 2A
Just Renovated! Immaculate and charming light-filled one bedroom co-op townhouse apartment located on one of the nicest tree-lined blocks near Riverside park. This freshly painted apartment boasts a newly renovated kitchen and updated bathroom, beautiful original woodwork, soaring high 11 foot ceilings and 6’9″ tall windows which make for a very bright living room and bedroom. The apartment has gorgeous hardwood floors and a large walk-in closet with over-sized storage in the bedroom in addition to a deep coat-closet near the entry. This 16 unit coop features free bike & basement storage for each apartment and laundry downstairs. Low maintenance as this self-managed co-op has fully paid off its underlying mortgage for the building. Pets allowed on case by case basis.
This lovely home is situated in an outstanding neighborhood on a tranquil, tree-lined Upper West Side block. The home is in close proximity from a gorgeous section of Riverside Park with a dog park, tennis courts, biking, running and free concerts along the Hudson River. Shop at organic farmers markets in the UWS, enjoy the plethora of dining and shopping choices along Columbus, Amsterdam and Broadway or delight in the cultural arts at Symphony Space. Quiet livability, convenience and excellent access to transportation (Citi Bike on the corner and only one block to #1 subway or M5, 104 and M86 bus routes) make this a fantastic neighborhood to call home.
Frequently Asked Questions about 322-324 West 88th Street
1. What is the name of this cooperative and when was it created? While the buildings were built ca 1900 as private homes, they converted to a cooperative in 1988 and is called the 88 Townhouse Corporation.
2. How many units are there and how many are owner-occupied? There are 15 units in total (8 in the 322 building; 7 in the 324 building). There is one tenant who rents from the original sponsor. The sponsor was the owner of the buildings at the time of the conversion in 1988.
3. What does the Board of Directors require of purchasers? If financing minimum 20% down payment: 10% at contract signing and 10% at closing. The Board has no specific requirements with respect to liquid assets on hand after closing and debt-to-income ratio. It is advisable that in order to meet Board financial expectations to have at least one year of mortgage and maintenance payments in the bank (or liquid) after closing. As a guideline gross income should be at least 3X housing expenses. This cooperative has been self-managed for many years and strongly values participation of shareholders including willing to serve on the Board (there are annual election), or to serve on a committee or take on projects. The Board prefers owners to be in residence.
4. What is the sublet policy? After at least one year of residence, sublets are permitted subject to Board approval for 2 years out of each 5 year period. Sublets are for one year at a time. The proposed tenant must submit an application which involves a credit report and vetting of
financials. Applicants are also interviewed by the Board. There is a $275 sublet fee per month.
5. What is the pet policy? Pets, including dogs and cats are permitted subject to Board approval and the Board meeting the pet in person. Pets must be cared for in a responsible manner so as not to create a nuisance or disruption. Dogs must be on a lease when traveling within the building.
6. Is smoking Permitted? The coop requires a smoke-free environment including smoking out of open windows.
7. What amenities are provided? There is a common laundry room in the basement of 324 West 88th Street. It is operated by a smart card system. Every apartment comes with a large metal storage cage located in the basement of the building. There are also bicycle racks – there is no charge for these storage spaces.
8. Are there building staff? The coop retains two superintendents: one takes care of cleaning the common areas as well as trash/ recyclables and snow removal. The other super addresses all other issues such as plumbing, maintenance of heating systems, fire prevention, etc.
9. What percentage of the maintenance is tax deductible? Approximately 40-50% Please note that the coop actually paid off its underlying mortgage on the buildings in April 2014. Therefore, the coop has actually decreased the maintenance over the last few years.
10. What options are there for structuring purchases? The Board has permitted co-purchases with resident shareholder and a non-residing parent.
11. Is there a flip tax? No