Location, location, location…

Bintel Brief readers in The Forward gave us another great question to answer this week, and this time the subject’s Manhattan real estate, a subject near and dear to Robin’s cold, cold heart.

Here’s the Q and for the A, click below…

Dear Bintel Brief:

My husband and I live in New York City and are getting ready to buy our first apartment. We realize that a home purchase is a sizable financial commitment, and we are preparing to take the plunge.

Adding to what is already a tremendously stressful decision-making process, we are considering buying a building with friends that we would then split into separate apartments. A decent amount of actual livable square footage is hard to come by in a large city when working within a budget, and we feel this would be a smart way to each get more square feet for our hard-earned dollars. I’ve been told we could essentially condo the building or turn it into a cooperative so that each family is only liable for their own apartment. What contractual precautions should we take to ensure everyone is protected? Is this as good an idea as it sounds? Or, are we entering into a minefield that could potentially blow up our friendships?

Click here for the answer to: MIXING REAL ESTATE WITH FRIENDSHIP

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