[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?

[proxy_user]

“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?

In some buildings, yes. But those sorts of buildings don’t usually have those types of apartments. A Park Ave building with financial requirements that strict would not have anything under $2-3 million, and they’d all be in top condition.

Younger people with only a few million in assets would probably opt for a new condo.