The Cooperative Corporation maintains its own apartment sales office
and on-site sales agent for the unsold apartments at Georgetown
Georgetown acquired the rights to sell 311 of the "Unsold Apartments"
from the holder of unsold shares, Overseas Commodities Limited,
in 1995.As these apartments become vacant they are offered to the
public for sale pursuant to the Offering Plan.In addition, the Cooperative
Corporation, from time to time, exercises its right of first refusal
and repurchases the shares of tenant-shareholders.
The apartments are
renovated for the
purchasers with new
and other improvements.
The sales office
is located at 69-25
Kew Garden Hills,
New York.This office
is on the southeast
corner of 150th Street
and Jewel Avenue.For
an appointment to
see available apartments,
contact the sales
agent, Elgin Lane
at (718) 575-1332.
View the Apartment Walk-Through Videos!
General Procedures to Purchase
Purchasers of all apartments at Georgetown are required to be approved
by the Board of Directors of the Cooperative Corporation.The application
process starts with a fully completed and executed contract
of sale. The purchaser is then required to produce proof of any
financing required in order to buy the apartment.These documents
together with reference letters, personal financial information
and other supporting documents are submitted to the Board with a
completed purchase application and credit reports.
Once the application is reviewed by the Board the apartment MUST
be inspected prior to any interview taking place. If no house rules
are violated, an interview is then scheduled in the evening with
the applicants and all proposed occupants. The Board schedules interviews
once a month.
If any portion of the documentation is missing after being submitted
to the Board for review, the entire application will be returned
to the prospective purchaser for completion of the missing documentation.
Prospective purchasers are expected to have reviewed and be familiar
with the provisions of the house rules of Georgetown. Prospective
purchasers will be questioned on the house rules at any scheduled
Copies of the purchase application form, the house rules, the list
of supporting documentation and instructions for completing and
submitting the purchase application are available from the on-site
management offices [(718) 544-2626] or the transfer agent's office
The transfer agent charges a fee for processing the applications
as well as for preparing the necessary closing documents.Purchasers
must also pay for the cost of credit reports and lien searches.A
schedule of anticipated fees is available from the transfer agent,
Donna Anzel, at the transfer agent office.
Purchasers who require a complete set of the four (4) volumes representing
the Offering Plan and its myriad amendments may purchase them from
the transfer agent, if the seller is unable to provide a set.
The rules and regulations of the Cooperative Corporation, the minutes
of Board and Shareholder meetings and other corporate records are
available to inspect at the on-site management office.
Georgetown is an owner-occupied community.Subletting is generally
not permitted at Georgetown.For hardship exemptions, the Shareholder
must (i) demonstrate significant economic hardship, (ii) have owned
and occupied the apartment as the Shareholder's principal residence
for at least two (2) years, (iii) pay a sublet fee to be fixed by
the Board of Directors, and (iv) pay an application fee.If permission
is given to sublet, the Shareholder may do so for only two (2) years
and no longer.Subletting in violation of the rules is a default
under the proprietary lease.
The complete sublet policy is available for inspection at the on-site