Faced with faltering sales, New York City's snobbiest co-ops are loosening their restrictions on buyers in an attempt to compete with the much hotter *shudder* Downtown condos. As Dolly Lenz explained to the Wall Street Journal: "In the past ... a would-be buyer claiming to have, for example, $400 million in assets would have to provide verification of that amount to get into some buildings. Now they might only have to document $50 million in assets." Why, they're letting just anybody in!
There are other strategies that co-ops have started employing as well. 860 and 870 United Nations Plaza have asked brokers to reach out to *gasp* international buyers, while some Fifth Avenue co-ops are *scream* *froth at the mouth* *faint on a fainting couch* considering accepting anonymous purchases. The best example of the changing co-op standards is probably at River House, a once-dignified building that refused to allow its name to be printed in real estate listings, which has now been reduced to having a printable name and a public-relations consultant, like some sort of common rat's nest. What is this city coming to?
· More Co-ops Make Competitive Moves [WSJ]
· River House coverage [Curbed]
· 860 United Nations Plaza coverage [Curbed]