Reply to What net worth / HHI do you need to live comfortably in NY? Two adults, no kids.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You need to pay cash for the apt. but co-ops also want to see a % of liquid assets, which varies. High though.[/quote]

No sane rich person should buy a co-op. [/quote]

To elaborate: A co-op is less than a condo, but that’s because you end up owning part of a corporation that owns a building. When you buy a co-op, you may benefit from being part of a gang that will look out for the solvency and value of the building, but you’re also buying a family full of crazy people to micro manage your life.

If you buy a condo, you might be end up with some drama. Co-op drama is like condo drama on steroids.

If you’re rich enough to buy a fancy Manhattan co-op, you can afford to buy a stand-alone one-family house in a nice area in Astoria, Hoboken, Jersey City or Brooklyn, or maybe even in some part of Manhattan. You could be as noisy as you want and do whatever you want with your floors.

If you absolutely have to live near Carnegie Hall and want to own something, you could get a condo and buy part-time drama.

If you buy a co-op, you’re buying full-time drama. If you have some money, why use it to give people the legal right to boss you around?[/quote]

This drama bit thing is funny[/quote]

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