[proxy_user]

This shows the utility of the cooperative apartment as practiced in New York City

Our Board of Directors figured out what was going on, and said that all purchases must be for at least 20% down.

Of course, we’re relatively liberal. The fancy buildings require all cash and a net worth of five times the value of the apartment.

But you won’t see a crash in Manhattan coop values, because we didn’t allow every idiot to buy in.

[Gay State Conservative]

Of course, we’re relatively liberal. The fancy buildings require all cash and a net worth of five times the value of the apartment.

I've never fully understood Manhattan co-ops.Are you saying that an individual with,say,a net worth of 1.25 million who's willing to pay cash for a $750K co-op (I know,that's a 300sq ft "fixer-upper") would be automatically turned down by the board?