The Cooperative Corporation’s Own Sales Program
The Cooperative Corporation maintains its own apartment sales office and on-site sales agent for the unsold apartments at Georgetown Mews.
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 kitchens, bathrooms, and other improvements.
The sales office is located at 69-25 150th Street, 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 Apartment Sales, at (718) 575-1332.
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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 interviews.
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 [(718) 544-4673].
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 management office.