How much pain are you willing to endure?

If you’re an investor, shareholder, prospective shareholder, or potential subtenant weighing a Go/No-Go decision on a co-op, there’s one question that might tip the scales:

How much pain are you willing to endure?

Let’s talk applications—specifically, the infamous NYC co-op board application.

Setting aside everything else that factors into a Go/No-Go, the real test might just be whether you can stomach the process of completing—or even supporting—one of these.

Words used to describe co-op board applications include: Arbitrary, Byzantine, Cumbersome, Dehumanizing, Elitist, Gatekeeping, Humiliating, Intrusive, Judgemental & Exclusive, Kafkaesque, Labyrinthine, Onerous, Paralyzing, Red-tape laden, Snobbish... and sometimes just plain Unjustified.

Yet these applications exist to protect shareholder investments and quality of life (at least in theory)—even if the execution leaves a bit to be desired. (See: athlete and influencer Livvy Dunne’s experience, previously profiled.)

Here’s a full list of what was required in a recent sublease application I worked on with a client.

Yes, you read that right—a sublease, a rental!

Over the next few posts, I’ll break down these sections—promise to make it less painful than actually filling them out.

Board Application Checklist (for a Sublease):

1. Cover Letter

2. Sublease Agreement

3. Sublease Application

4. Certification and Acknowledgement

5. Move-In/Move-Out Policy

6. Credit Report Authorization

7. Financial Statement

8. Bank Statements

9. Tax Returns + W-2s

10. Employment Reference Letter

11. Landlord/Managing Agent Reference Letter

12. Personal Reference Letters

13. Business Reference Letters

14. Lead Paint Disclosure

15. Window Guard Form

16. Smoke Detector Acknowledgement

17. House Rules Acknowledgement

18. Proof of Apartment Insurance (from Shareholder)

19. Sublease Agreement (yes, again!)

20. By-Laws Memorandum

21. Dog Policy & Registration Form

22. Bed Bug Disclosure Form

23. Guarantor Checklist (if applicable)

24. Assignment of Rent

25. Tax Abatement Form

26. Reasonable Accommodations Rider

27. Sublet Policy

More to come soon in the next edition of “View from the Top.” Stay tuned—and bookmark this post if you’re even thinking about renting in a co-op.