Asked and AnsweredMy parents want to buy me an apartment while I’m in graduate school in Manhattan. Will a co-op allow me to purchase the apartment, if my parents are co-owners?
Maybe. Parents often wish to assist their student children with housing in Manhattan. In many cases, that assistance turns out to be buying an apartment for their son or daughter, which can also turn out to be a good investment (our recent Titanical market notwithstanding). There are many co-ops that will allow such an arrangement, provided that the parents submit a complete Board package and comply with all other requirements of the purchase process, including the Board interview. Sometimes the co-op will allow the child to purchase the apartment in his or her own name, if the parents guaranty the obligations under the proprietary lease or if a maintenance deposit is given. If the parties find out that a particular co-op frowns on such arrangements, move on to the next co-op. All that being said, the easiest way to accomplish the goal of buying an apartment for a non-income producing child is to buy a condominium apartment. In those cases, title can be held in the manner desired by the parents and a condo Board will have no basis to object to the arrangement, provided the condominium purchase application has been properly submitted.