Word: co-ops
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...lunch with his friends any more-not if the place is a Broadway chophouse, the friends are eminent Manhattan bookies, and the guy happens to be onetime Rackets King Frank Costello, 73. Poor Uncle Frank. (That's what the doorman at his Central Park co-op calls him.) The feds cut in at the gefilte fish, hauled the bookies down to the courthouse for failure to buy their $50 gambling stamps, brought Costello along on a vagrancy charge, being, as the law says, "without visible means of support." Fortunately, his attorney explained that he was "retired," and even...
...apartment houses. There was no question about the buyer's solvency; the husband was Actor Peter Lawford, and his wife, Pat, as everyone knows, is a Kennedy. After about a month of negotiation over the reported $125,000 asking price, the deal was set, and last week the co-op's board of directors met, as is the rule in cooperatives, to pass on the Lawfords...
...upkeep of the property. In a condominium, on the other hand, the tenant has title to his apartment, just as if it were a house. He arranges his own mortgage, thus may have to put down only, say, $10,000 of his own money on a $50,000 apartment. Co-op buyers customarily have to pay all cash, since the building is already mortgaged, though some coops permit buyers to make a down payment and pay the rest in installments...
...kind of mortgage he wants-paying off fast or slow; 2) if, in the unlikely event of a depression or a sudden decline in the neighborhood, all or most of the other occupants leave, the condominium owner is responsible for only his own mortgage and tax payments; the co-op owner, as a stockholder in the whole building, can be confronted with the alternative of paying the defaulting members' share or getting out himself; 3) the condominium owner can sell or rent to whom he chooses-including actors and Democrats...
Sheer necessity once demanded that you own three houses, one in Malibu, one in Palm Springs and one in Beverly Hills. But now you can reverse field and have no house at all. This saves money and is considered bright. Billy Wilder has a simple $100,000 co-op apartment with a low monthly maintenance...