36 Hamilton Ave Tenants

We had a very positive experience at 36 Hamilton with our co-​op purchase last summer. Our awareness (and research) of what was expected with purchasing a co-​op was very helpful in not allowing us to get discouraged by all the paperwork and time that is involved. When you buy into a cooperative, you are buying shares into a private corporation. Your unit is a representation of the # of shares you own in the overall corporation, unlike Condos and homes where you are purchasing the actual property. Since a co-​op is not a purchase of «real property,» it is more affordable than other properties. The price of a co-​op has nothing to do with the approval process, the paperwork or the co-​op board.
If you’re the average American, spending your hard earned money, how can you NOT research what is involved in the purchase process of such a large investment?!
We purchased our co-​op at 36 Hamilton Avenue in the summer of 2010 and went through the same process as everyone else who purchases a co-​op in NYC.
We had to provide annual earnings statements (w-9’s), current bank statements, at least 4 personal and 4 professional references, references from employer (s), current and previous landlord (s) and complete an application that must have been 10 – 20 pages +, before being invited to a board interview. This is all very common for co-​op applications.
Almost always, a Co-​op Board is made up of shareholders who work on a volunteer basis. So, I would imagine they have full time jobs that can sometimes delay them from their volunteer responsibilities. Our board meeting started a bit late, but I tried to understand these people have full time jobs too. It’s no excuse, but it was better to start the meeting in a positive way, besides, I went in to get THEIR approval so I was OK with having to wait a little while.
The board interview was an opportunity for both us and the board! They were just as interested in meeting us as we were with hearing the financial situation of the corporation and current and planned projects. We found the co-​op Board President to have a strong personality, but that is PERFECT for someone in that leadership position. I wanted exactly what this Board President represented — an active shareholder in the building who was looking out for the best interest of the co-​op and all of its shareholders. That is the type of board representation that made me feel secure in my decision to invest in this co-​op. If the Board President didn’t care about the shareholders or was a passive member who allowed the building to get out of hand, I would have been worried as to what would happen with my money if I invested in a place like that!
Co-​ops with responsible Boards and management companies run more efficiently and are financially sound. 36 Hamilton is one of those examples where the results are clearly visible simply by looking at the lower maintenance costs and low turnover, compared to the competition in the area. The management company, Mark Greenberg Realty, is an Award winning company who manages some of the best residences in Manhattan! An added bonus, 36 Hamilton is the closest co-​op to the ferry and right behind a police precinct, making it convenient and safer than all the other co-​ops in the same area and price point. Don’t take my word for it, compare them yourself, stop into the local precinct and do your research! You will see the truth in this.
We have been at 36 Hamilton for 12 months now and love our new home and building. There have been significant capital improvements since we’ve moved in and we have NOT had to increase our maintenance thanks to the Board doing a great job with their budgets! They are continually making updates and moving our building in a positive direction by becoming more «green» and saving the building money in bills, which results in savings for all the shareholders.
In the end, I think no real estate deal is «simple», so you should go in knowing all the possibilities, with an open mind and an objective outlook. 36 Hamilton has turned out to be a great place to live and definitely the BEST co-​op option on Staten Island for living and commuting!

If you have any thoughts of purchasing at this residence, please reconsider. This was the most expensive and time-​wasting experience of my life.
The board was an hour late for our meeting, and then the board president was so unkind and overzealous during the meeting that I actually cried the whole way home. After that, almost daily was brought new and increasingly bizarre and insane demands for letters from my employer (a total of eight were sent), details about my trust fund (which I don’t even know), bank statements of my parents, etc. I was warned by RESIDENTS that they would never purchase here again, I was told by another female resident that the board made her cry as well. Other residents descriptions were of the total invasiveness of the board into your life. I was warned away from this property by a dozen different people, but I wanted that cute view, and thought it couldn’t possibly be that bad — and what a great price!
When they finally rejected my CASH OFFER, I was relieved, because pulling myself out would have forfeited my deposit. I believe this is part of the reason they are so unpleasant. But you should also know, it has been over a month since this decision, I only JUST got my 10% deposit back, and they are still holding onto my $ 500 move-​in deposit. I thought that should have been returned first seeing that I didn’t move in! Their real estate company, Mark Greenberg Real Estate, gave me the excuse last week that their computers were down. Ahem, not my problem. I’m sure the bank’s computers were fine. They were insistent that I send them my deposits ASAP, but they sure are taking their time getting my money back to me.
I feel so bad for the seller, who I hear is going to sue the board. I don’t know how successful he’ll be, because Co Op boards can reject you for any reason — or no reason at all. When he will get another offer (and it certainly won’t be a cash offer) is the real sadness of all this. It’s not like the real estate market is getting better.
Not all co ops are bad — I have a friend on the board of one, but please remember there is a very good reason these properties are less expensive than condos. And what you keep in cash you lose in control, many times over.
Stay far, far away from 36 Hamilton. When hearing about our meeting, my cash offer, the insane demands into my family’s finances, and final rejection, the same reaction I get is always, «They’re crazy!»
I agree.