Condo Rules Become More Like Co op Rules

Condos Steal a Page (or 20) From Co-ops

By JULIE SATOW
Published: July 14, 2011

AT first glance, 255 Hudson Street looks like a typical SoHo condominium, with a soaring glass facade, million-dollar listings and a chic designer lobby. But despite having housed entertainment figures like Bethenny Frankel and Kirsten Dunst, this building has more in common with a conservative Park Avenue co-op than a celebrity-friendly downtown high rise.

Yana Paskova for The New York Times

EAST SIDE Carl Seligson, the board president of Carnegie Hill Tower on 94th Street, says it is a board’s fiduciary duty to find strong buyers.

Yana Paskova for The New York Times

SOHO At 255 Hudson Street, a 13-page application asks for detailed financial records.

The condominium, just north of Canal Street, has a 13-page application that requires buyers to provide multiple years of tax returns, bank statements, and personal and business references. “Tell me how this is much different than buying in a co-op?” said Edward E. Longley, a senior vice president at City Connections Realty, who represented an Italian man who bought a one-bedroom in the building earlier this year.

Continue at:Condos Steal a Page (or 20) From Co-ops  at The New York Times

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