The Co‑op Board Package: Murray Hill Buyer Checklist

You finally found the right Murray Hill apartment and got your offer accepted. Now comes the part that decides whether you close: the co-op board package. If you have heard it is detailed and exacting, you are right. The good news is that with a clear checklist and smart preparation, you can submit a strong package and move through the interview with confidence. This guide walks you through exactly what to compile, how to present it, and what to expect in Murray Hill. Let’s dive in.

What a co-op means in Murray Hill

In a co-op, you buy shares in a corporation that owns the building and receive a proprietary lease for your apartment. The board of directors must approve you as a new shareholder, which is a separate and required step before you can close. You do not close until the board issues a formal approval.

Murray Hill has many pre-war and post-war co-ops, from full-service doorman buildings to smaller walk-ups. Proximity to Midtown offices and transit keeps demand steady, which means boards often review packages closely. Building size and culture influence how strict the review is, so expect requirements to vary from one address to the next.

Your Murray Hill co-op package checklist

Request the building’s current application checklist as soon as your contract is signed. Each co-op sets its own requirements, but most include the items below.

Purchase documents

• Fully executed purchase contract. Confirms the terms you and the seller agreed to.
• Deposit proof. A copy of the deposit check or bank statement showing funds.
• Offering plan or proprietary lease excerpts if provided. Helps board counsel verify building terms.

Identification and background

• Government photo ID for all applicants. Passport or driver’s license is typical.
• Personal résumé or short bio. Useful if your income is nontraditional.
• Completed building application forms. Use the exact forms supplied by the managing agent.

Financial documents

• Personal federal tax returns for the last 2 to 3 years. Include all schedules.
• W-2s and/or 1099s for the same years. Verifies employment and income sources.
• Recent pay stubs for the last 4 to 8 weeks. Shows current earnings.
• Bank statements for the last 2 to 3 months. Demonstrates liquidity for down payment, closing costs, and reserves.
• Investment and retirement account statements. Boards weigh total assets and cushion.
• If self-employed: business tax returns, current profit and loss, and CPA letter.
• Mortgage pre-approval or commitment letter if financing. Boards review terms and ratios, and some limit loan amounts.

References and verification

• Employer or professional reference letter. Confirms position and employment status.
• Personal reference letters, usually 2 to 3. Choose non-relatives who can speak to character and stability.
• Bank or financial reference letter. Some boards ask for proof of relationship and account history.

Additional items often required

• Pet questionnaire and photo if pets are allowed. Confirms compliance with house rules.
• Co-op questionnaires from buyer and seller. Supplied by the building or its counsel.
• Attorney and lender letters addressed to the board. Your professionals will prepare these.
• Proof of recent residency history. Prior leases or utility bills may be requested.

Special circumstances

• Gift letter with donor bank statements. Must state funds are a gift with no repayment required.
• Divorce or support agreements if relevant to income or liabilities.
• Trust or inheritance documents when funds come from an estate or trust.
• Entity purchases: organizational docs, financials, and possible personal guarantees. Many boards prefer individual buyers, so confirm early.

Timeline and who does what

Typical sequence

1. Sign the contract and deliver the deposit.
2. Compile the board package with your broker, attorney, and, if needed, accountant.
3. Submit the package to the managing agent or board counsel.
4. Board review begins. They may request clarifications or extra documents.
5. Interview is scheduled. All required applicants must attend.
6. Board votes. You receive approval, approval with conditions, or a rejection.
7. If approved, you proceed to closing after the formal approval letter is issued.

How long it takes

• Compiling documents: 1 to 10 days, depending on your organization and complexity.
• Board review: most often 2 to 6 weeks in Manhattan. Complicated files can take longer if meetings are infrequent or counsel needs more verification.
• Interview scheduling: usually within 1 to 3 weeks of initial review.
• Closing: can occur within days of approval if all other contingencies are cleared.

What slows it down

• Missing or incomplete documents.
• Complex financials, such as self-employment, foreign income, or trusts.
• Boards that meet monthly or quarterly only.
• Busy market periods when multiple packages are in the queue.

Who handles what

• Buyer’s broker: organizes the package, drafts a cover letter, and pre-screens for strength.
• Buyer’s attorney: prepares legal letters, coordinates with board counsel, and manages closing documents.
• Accountant: supplies income verification, P&L, and letters for self-employed buyers.
• Lender: issues pre-approval or commitment and completes any lender-specific requirements for co-ops.

Present a strong, organized package

A well-organized submission helps your file rise to the top and reduces follow-up requests.

• Follow the building’s checklist order. Use a table of contents and tabbed sections or clearly labeled digital folders.
• Provide clean, legible copies. Redact account numbers if needed, but be ready to supply full documents to counsel.
• Confirm the building’s preferred format. Some accept only PDFs, some have size limits, and many require both digital and hard copies.

What to include in your cover letter

• Who you are and how you will use the home. Primary residence vs. pied-a-terre matters.
• Employment summary and source of funds. Clarify down payment and reserves.
• Statement of compliance. Acknowledge house rules on pets, sublets, and renovations.
• Brief personal note. Share why the building and Murray Hill appeal to you.

Prepare for the board interview

Expect straightforward questions about your job, reasons for moving, household composition, and your monthly budget. Be ready to discuss the maintenance, your reserves, and how you plan to use the apartment. If there is anything unusual in your file, address it simply and directly.

• Dress business casual or business. Arrive on time with photo ID.
• Bring copies of key documents. Keep answers concise and consistent with your package.
• Avoid surprises. If you had a recent job change, gifted funds, or a past credit event, acknowledge it and explain how you are positioned today.

Murray Hill building rules to know

• Sublet policies. Many co-ops limit sublets or require board permission for any lease.
• Renovations. Expect approval requirements, contractor insurance, work-hour rules, and possible escrow for major projects.
• Flip taxes and transfer fees. These are set by the proprietary lease and can be paid by seller or buyer depending on building norms.
• House rules. Pet policies, common area guidelines, and guest rules vary by building.

Common pitfalls to avoid

• Incomplete documents. Double-check the building’s list before submission.
• Thin reserves. Many boards like to see 6 to 12 months of maintenance in post-closing liquidity. Expectations vary by building.
• Overreliance on future income. Boards favor current, verifiable income rather than projected bonuses or pending offers.
• Gifted funds without support. Always include gift letter and donor statements.
• Foreign income or non-U.S. tax docs without translation. Provide clear English versions and a CPA letter when appropriate.
• Missing applicants at the interview. Confirm attendance requirements early.

Risk, approvals, and contingencies

Boards may approve, approve with conditions, or deny applications. Conditions can include a larger down payment, funds held in escrow for renovations, or sublet limits. Boards are not required to disclose detailed reasons for denials beyond legal limits.

On financing, make sure your lender is comfortable with the specific co-op and can supply any documents the board requests. Many Manhattan co-ops expect minimum down payments and have rules about maximum financing. Confirm these building policies before you finalize mortgage terms.

Protect yourself with a co-op board approval contingency in the contract. Build in a realistic period to compile and cure any documentation requests, usually several weeks. If conditions are imposed after approval, get the terms in writing before closing.

Quick buyer checklist

• Request the building’s official application packet immediately after contract.
• Gather IDs, employer verification, 2 to 3 years of tax returns, W-2s or 1099s, recent pay stubs, and 2 to 3 months of bank and investment statements.
• Secure lender pre-approval or a commitment letter if financing.
• Line up reference letters and, if needed, a CPA letter for self-employment.
• Draft a one-page cover letter that explains your background, financing, and intended use.
• Document any gifts with a gift letter and donor statements.
• Confirm interview attendance, format, and required originals.
• Work with a broker and attorney experienced with Murray Hill co-ops.

Buying in Murray Hill puts you close to major job centers, transit, and a wide range of co-ops. That also means boards can be selective, especially in busy seasons. A complete, well-presented package and a calm, prepared interview make a real difference.

If you would like seasoned guidance from contract to closing, connect with Eileen Foy for a private consultation.

FAQs

What is a co-op board package in Murray Hill?

• It is the complete application the board uses to evaluate you as a shareholder, including financials, references, identification, and transaction documents.

How long does Murray Hill co-op approval take?

• From submission to decision, many boards take 2 to 6 weeks, plus 1 to 3 weeks to schedule an interview, depending on meeting schedules and file complexity.

How much should I plan for a down payment on a co-op?

• Many Manhattan co-ops expect at least 15 to 25 percent down, and some require more based on building rules and your financing profile.

What if I am self-employed and applying to a co-op?

• Be ready with business tax returns, a current profit and loss statement, and a CPA letter that explains your income and stability.

Can I buy a Murray Hill co-op in an LLC?

• Some boards allow entity purchases with extra documentation and possible personal guarantees, but many prefer individuals, so confirm early.

What happens if the board issues a conditional approval?

• You can often proceed once you meet the conditions, such as increasing the down payment or escrowing funds for a renovation, as specified in writing.