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Updated 8 months ago on . Most recent reply

NYC co-op: To sell or not to sell
Hi everyone! I’m seeking advice from any investors who have dealt with the pain of owning a co-op in NYC. I bought my co-op in the Concourse area of the Bronx in 2019. The area was showing so many of those signs we’ve seen time and time again that a neighborhood will one of those you wish you invested in on the ground floor.
I lived there for three years and I’m now coming up on my second year of renting it out. My building has the 2 out of every 5 year rental rule. I realllllly don’t want to sell because I don’t think it has had enough time to appreciate, but I also don’t want to waste thousands of dollars every year in the likely event that my co-op board will not allow me to keep renting out my place. Also, the maintenance has gone up so much I’m down to only $89 cashflow each month. Here are the facts/numbers:
2019 purchase price: $212,000
Outstanding loan: $153,000
Co-op: 1bed, 1bath, 774sq ft. Renovated kitchen and bath. All the pre-war charm.
Has anyone been able to get around the subletting restrictions?
Should I have a family member live there at a loss each month? (Maybe - $500)
Would I be better off selling and investing the funds elsewhere?
Hold?
Any advice is appreciated! Thank you!
Most Popular Reply

@Ashley Payne great post. Coops can be difficult and I understand what you mean when you talk about the appreciation, as I bought a condo in Mott Haven and appreciation has been slower than I hoped (thanks Covid). Could you claim a hardship to get the coop board to allow you to rent for longer than the 2 years? Otherwise, I assume you are seeing about 5-7% appreciation annually, so if you can sell and beat that return elsewhere, then it makes sense IMO.
How much do you anticipate your rental would go for? Knowing the area, I think you should be north of $2,200.