Asked and AnsweredI’m a famous person (no, I really am) and I really don’t want my financial information given to eight strangers on a co-op Board. Is there a way to avoid that?
Probably not. Co-op boards are nosy. The more elite the building, the nosier Boards can get. It’s the country club thing. There are very few buildings that will negotiate financial disclosure with a proposed buyer, no matter how famous or how big a celebrity. That being said, at a certain level, folks understand the need for privacy and the people processing the information are discreet. Without any question, if privacy is essential, buying a condo can accomplish that goal. You can use an entity to purchase the apartment and financial disclosure can be much more limited (depending on the building and the managing agent). A word to the wise: if you are not prepared to disclose all relevant financial information, purchasing a co-op can be a real challenge.