You found the apartment. You negotiated the price. You signed the contract.
And then comes the part many buyers underestimate:
The Board.
In New York, getting the apartment under contract is not necessarily the finish line. For coops - your financial profile, documentation, structure, and overall presentation can materially affect how smoothly the transaction moves forward.
The mistake is waiting until you have a signed contract to start preparing.
The best board packages are built before the board ever sees them.
Here is the Après Global Boardroom Pass or Fail.
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1: FINANCIAL STRENGTH
PASS
Your financial picture is easy to understand.
The board can quickly see:
Where your assets are
How much liquidity you maintain
Your income and sources of income
Your existing obligations
How the purchase will be funded
What your post-closing liquidity looks like
For a significant purchase, having substantial assets is not necessarily enough.
The question is whether the board can clearly understand them.
FAIL
Large balances appear suddenly.
Assets are scattered across multiple accounts without explanation. A recent transfer isn’t documented. A financial statement raises more questions than it answers.
Board packages are not the place for ambiguity.
WHAT TO DO
Build your financial package with your broker and financial team before submitting an offer when possible.
Your objective:
Make the strength of your financial position obvious.
2: LIQUIDITY
PASS
You demonstrate meaningful liquid assets after closing, not simply the ability to make the purchase.
Boards may look at what you will have left once the purchase, closing costs, financing and other obligations are accounted for.
FAIL
You technically qualify for the purchase but would be left with little liquidity afterward.
This can become particularly important in the co-op market, where board requirements can be building-specific.
WHAT TO DO
Understand the building’s financial expectations before you fall in love with the apartment.
Know the rules before you bid.
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3: DEBT & INCOME
PASS
Your debt obligations are clearly documented and your financial profile makes sense relative to the purchase.
FAIL
The application introduces unexplained debt, contingent liabilities, large loans or other obligations that were not anticipated.
WHAT TO DO
Have your financial team review the complete picture before submission.
Don’t simply ask:
“Can I afford this apartment?”
Ask:
“How will the board interpret my financial profile?”
Those are two different questions.
4: THE SOURCE OF FUNDS
PASS
Every significant source of funds is documented and easy to trace.
FAIL
Money moves between accounts shortly before closing with no clear explanation.
Large gifts, transfers, securities sales, trusts, family contributions and international funds can all require additional documentation depending on the transaction.
WHAT TO DO
Create a clean paper trail.
Your attorney and financial advisors should know exactly where the purchase funds are coming from—and the board package should tell the same story.
5: FOREIGN BUYERS
International buyers can absolutely purchase NYC real estate, but the transaction can involve additional layers of documentation.
PASS
The buyer’s financial structure, source of funds, tax documentation and ownership structure are clearly explained.
FAIL
International accounts, entities or transfers appear without sufficient supporting documentation.
WHAT TO DO
Bring the relevant professionals in early:
Real estate attorney + tax advisor + wealth advisor + real estate advisor.
The goal is not simply to satisfy the board.
It is to eliminate surprises.
6: TRUSTS & LLCs
Ownership structures can become complicated quickly.
PASS
The real estate attorney and tax advisors have determined the appropriate ownership structure and the board understands who is ultimately purchasing and occupying the residence.
FAIL
The structure is being figured out after the contract is signed—or the board is presented with a structure that doesn’t fit the building’s requirements.
WHAT TO DO
Structure first. Contract second.
Your attorney should review the building’s rules before you commit to a particular ownership structure.
7: THE ALTERATION AGREEMENT
This is where many otherwise qualified buyers discover that purchasing the apartment was only the beginning.
PASS
The buyer understands the building’s alteration requirements before beginning the design process.
Architects, engineers, expediters and attorneys are coordinated early.
Buyer will agree to escrow funds if required by Board.
FAIL
The buyer purchases the apartment assuming they can immediately execute their dream renovation.
Then reality arrives:
Building rules.
Landmarks requirements.
DOB filings.
Wet-over-dry restrictions.
Mechanical limitations.
Construction hours.
Insurance requirements.
Board approvals.
WHAT TO DO
Before closing, understand:
What can I actually change? What are additional costs beyond simply construction? What is the time commitment?
These answers can materially affect the value of the apartment to you.
8: THE INTERVIEW
For co-ops, the interview can feel intimidating.
It shouldn’t.
PASS
You are prepared, authentic and familiar with your application.
You understand:
Your financial picture
Your intended use of the apartment
Your employment/business
Your family situation
Your renovation plans
Any unusual aspects of the application
FAIL
You contradict your application, overshare, appear unprepared or introduce information that wasn’t previously disclosed.
WHAT TO DO
Know your file.
And remember:
The board doesn’t need your life story.
They need confidence that the information presented is accurate, complete and consistent.
9: THE BIGGEST MISTAKE
The biggest mistake isn’t having imperfect finances.
It’s discovering the problem too late.
A sophisticated buyer doesn’t wait for the board package to reveal the weaknesses in their application.
They identify them before submitting an offer.
That allows the team to determine:
Can this be solved?
Can it be documented?
Should the ownership structure change?
Should the financing change?
Should we pursue a different building?
Should we negotiate different terms?
That’s where strategic advisory matters.
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THE BOARDROOM SCORECARD
Before submitting an offer, ask:
FINANCIALS
☐ Are my assets clearly documented?
LIQUIDITY
☐ Do I understand the building’s expectations?
DEBT
☐ Are all obligations accounted for?
SOURCE OF FUNDS
☐ Can every significant transfer be explained?
OWNERSHIP
☐ Is the trust/LLC structure appropriate?
TAX
☐ Have my advisors reviewed the implications?
RENOVATION
☐ Do I understand what I can and cannot change?
APPLICATION
☐ Can I produce a clean, consistent package?
INTERVIEW
☐ Am I prepared to discuss my application?
TEAM
☐ Are my attorney, accountant, financial advisor, architect and real estate advisor aligned?
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PASS OR FAIL?
The goal isn’t to create a perfect buyer.
It’s to create a prepared buyer.
The strongest applications don’t happen by accident.
They are strategically assembled before the board ever sees them.
And in NYC real estate, preparation can be the difference between having a signed contract and actually getting to the closing table.
THE APRÈS GLOBAL APPROACH
We advise clients before they make the offer—not after the contract is signed.
Because the most valuable real estate advice often happens before anyone else knows you’re buying.
This article is for general informational purposes only and is not legal, tax, financial or architectural advice. Board requirements vary by building and transaction and should be confirmed with qualified counsel and the appropriate advisors.
