The board package procedure involves more than just having the money to live in a co-op apartment in New York City. Regardless of your financial standing both before and after purchasing a NYC co-op, you must still establish your eligibility! Presenting the required paperwork to distinguish oneself as the ideal neighbor is a part of the standard co-op board application process.
While each NYC co-op board may have different requirements, in general, you may be requested to submit your application for the co-op board with one of many forms of co-op reference letters.
You can get advice on how to approach requesting letters from your buyer's agent, and here are some details on the kinds of Documents you can expect to be required.
With the exception of the writer being a work colleague, professional reference letters are more akin to personal reference letters. These letters reveal information about an applicant's work ethic and diligence for a co-op board, as well as your character in the business world. A fantastic professional reference is someone you've worked closely with on a project, such as your manager. Ask them to add that information if you have known them for a long time to demonstrate your capacity to establish enduring bonds.
It is crucial that you choose people who know you very well, preferably close friends who you have known for a long time and who can attest to your character traits and be considered as character references, when choosing people to write personal reference letters for your co-op board application.
In addition to providing background information about how you met and how long you have known each other, you want the person writing the letter to be able to give a few endearing tales or stories that highlight your personality, character, and reliability. If the personal reference can vouch for the candidate's qualities as a nice neighbor and is also a co-op owner, it can be useful.
If this is the first time a reference has written one of these letters, provide them a model or guide to help them along.
It is fairly simple to obtain a Letter of Employment / Employer Reference Letter, and you can simply ask your company's human resources representative for one. Basic information such as your current job title, term of employment with the company, confirmation of your annual base pay and related compensation, and a sentence or two stating that you are an employee in good standing with the company are usually included in these letters. These are required by NYC co-ops as proof of your income and employment stability.
The purpose of landlord reference letters is to attest to your good character as a renter and your timely and consistent payment of your bills. Your previous address, the number of months you occupied that property, and the monthly rent payment amount should all be included in this letter. It's also a good idea to ask your landlord to give you a tenant profile, mentioning things like how well-maintained the apartment was, how you were a decent neighbor, etc.
Coops with stricter financial standards may ask for a bank reference letter, albeit it's not always necessary. The private banker or bank professional who handles your account has sent you this letter. The banker confirms, with your consent, that your accounts are in good standing and usually mentions how long you have been a customer of the bank.
A CPA letter, also known as a comfort letter or an income verification letter, is an official document provided by a certified public accountant (CPA) attesting to the correctness of a client's income and expense records and confirming that they follow IRS requirements.
Importantly, you should remind all of your references to include their contact information in their letter and/or letterhead. This is tremendously valuable to the co-op board if they need to follow up with the reference for more information.
Here are a few examples of letters and templates to help you and your references.
Board of Directors
35 East 76th Street
New York, NY, 10021
Dear Members of the Board,
It is with great pleasure that I write this letter on behalf of Max Mustermann who would like to purchase a cooperative apartment in your building.
I have known Max for over 15 years and I feel fortunate to consider him a good friend. Max is reliable, trustworthy and mature and is known for his warmth of character and generosity of spirit. He is fiscally responsible and would never take on commitments that he could not keep. He is always eager to help out her friends whenever they need advice or assistance and I have relied upon his friendship often over these many years.
Max has put down deep roots Upper East Side, where he has lived since 2013 - first as a student at Columbia University where we initially met and continuing on for over a decade since graduation. He is a dedicated and involved resident, and participates in local volunteer programs at Central Park.
In all of my years as a New Yorker and as a co-op owner myself, I have seen residents who are good neighbors and those who are not. It is my humble opinion that Max would be a superb addition to your building and considerate neighbor.
Please feel free to contact me if you have additional questions at 718.666.1377 or email me at nhh@compass.com .
Board of Directors
35 East 76th Street
New York, NY, 10021
Dear Members of the Board,
I am writing this letter of reference at the request of Max Mustermann in connection with his proposed purchase of an apartment in The Carlyle.
Max and I became coworkers while she was employed at American Bank in 2013. Though he was only there for 3 years, we formed a strong friendship and have remained close since. I've only known his to be extremely professional, courteous, responsible, trustworthy, sincere, and generous. My career just started to take off while max was at American Bank and he always went out of his way to help me deal with the pressures and confusion that came along. There are very few former employees that I have kept in close contact after they left. Max's knowledge of the industry and his compassion make him a wonderful friend and confidant.
As a Board Member of a West Village based cooperative apartment in Manhattan, I am very much aware of the qualities looked for in a prospective buyer. I have no doubts that Max would not only be a respectable neighbor but that he would add great character and warmth to the building and community.
Please feel free to contact me at any time if you have any further questions.
