120 Bergen St APT 1

FIRST TIME AVAILABLE IN 30+ YEARS! INCOME LIMITS HDFC Cooperative with income restrictions set at 165% of Area Median Income (AMI)—this is based on buyers' income on their two (2) most recent tax returns and current paystubs. See details below. APARTMENT Currently constructed as 2-bed/1-bath (plus 60sf of basement storage)—please see floor plan. The apartment is located on the “ground” floor of a walk-up building features a great Southern exposure in the kitchen/dining room, large bedrooms, exposed brick, and high ceilings (9’ 10”). The shared garden in the rear of the building is accessed via the basement and sits ~8 feet below the kitchen/dining room windows so privacy is not an issue. APARTMENT CONDITION Overall the apartment is in livable condition as-is but being listed without photos and as “Estate Condition” due to the amount of personal belongings in the unit which will be removed prior to closing. The drywall, exposed brick, flooring (oak hardwood, linoleaum tile, bamboo), appliances, and bathroom have not been renovated since the early 2000s. We assume Buyer’s will want to make changes either cosmetic or reconfiguring the apartment entirely—the board is supportive of this as long as contractors are licensed and insured. BUILDING This HDFC cooperative consists of 8 units. The building includes a common garden and an allotment of basement space for storage (approx. 60sf). The building has good financials and engaged shareholders that actively maintain the property allowing for consistently low maintenance. This apartment must be used as the owner’s primary residence. Parents gifting down payment or cash for purchase and bank financing are allowed. Dishwashers and pets are allowed with board approval. INCOME LIMITS and FLIP TAX EXPLAINED Both years tax returns and current paystub must be below the income limit stated below; if you are self employed an accountant’s letter stating current years expected income will be acceptable. The income limit is only for incoming purchasers; there are no asset limits for buyers or future income limits once you’ve purchased. 165% AMI is based on the following family sizes: -Family of 1: $187,110 -Family of 2: $213,840 -Family of 3: $240,570 -Family of 4: $267,300 -Family of 5: $288,750 Flip tax is structured as: -0 to 5 Years of Ownership 90% of profit -5 to 7 Years of Ownership 50% of profit -7 to 10 Years of Ownership 30% of profit -10+ Years of Ownership 10% of profit (Sale Price minus Purchase Price) times Tax % based on ownership length