The St. George is a full service Art Deco building in the heart of historic Brooklyn Heights. The tower rises above the landmark-protected brownstone neighborhood permanently providing unsurpassed 360 degree views from the roof deck. Private storage, a bike room and the Eastern Athletic health club are available in the building. Nearby, stroll through the Promenade and the amazing Brooklyn Bridge Park.
DEVELOPMENT AND FINANCE
In the late 1970s, the original Hotel St. George was sold off in sections, with the Tower and Grill Buildings sold to developers who renovated them into one apartment building. The development was carried out under the auspices of the Urban Development Corporation (now the Empire State Development Corporation). The proposal had to include space for a health club and to conform with other guidelines of the Urban Development Corporation. The health club, still present and thriving in our building, is a popular neighborhood fixture. It is a self-contained business that operates independently of our co-op corporation and pays us a monthly rent for the use of its space.
In 1984, the building was converted from rental apartments into a co-op. Almost all of the shares owned by the original investor are now owned by residents, although a small number of shares are owned by a local investment group. The number of sub-lets in our building is very small; almost all of the 277 apartments are occupied by resident shareholders.
Monthly maintenance fees pay our operating costs, including payments on the underlying mortgage, real estate taxes, staff payroll, electricity, fuel, administration, insurance, repairs, and so forth. In addition to maintenance fees, the rent payments that we receive from the health club and other commercial income also go toward paying our expenses. Our total operating budget is approximately $6 million per year. Real estate taxes, labor, and mortgage payments represent major portions of our costs.
Just as with payments on any type of residence (house, condo, co-op), the real estate tax and interest portion of the mortgage payments are tax-deductible and you can claim a portion of your maintenance fees as a deduction on your annual income tax return.
- Labor & Related
- Reserve Funding
When the St. George was originally converted to a co-op, the amount borrowed was $11.5 million and the mortgage had a balloon payment plan (a typical approach for this type of real estate). The mortgage was re-financed in 1998 and again in early 2008, each time as a balloon mortgage.
In addition to money that we use for the operating budget, we have a capital reserve fund. This money may come from shareholder maintenance payments, proceeds from refinancing our underlying mortgage, or from special assessments. This money is used for major capital improvements such as replacing an elevator, repairing the roof, and renovating the building façade. Being in a historic district, any renovations or changes to the exterior of our building have to comply with the guidelines of the NYC Landmarks Preservation Commission to preserve its appearance and status. Except in the case of emergencies, these major capital improvements can be foreseen several years in advance.
The full admissions process is outlined in the sales package. The sales application should be reviewed in detail prior to commencing the admissions process. Below is a high-level overview of the admissions process.
- Complete the sales package
- Gather required documentation
- Prepare the sales package for review by the Admissions Committee and the Board of Directors
- Meet with Managing Agent to review sales package for accuracy & completeness
- Submit 9 complete sales packages (including required documentation)
- If the sales package is accepted by the Admissions Committee, an interview will be scheduled
- Interview with Admissions Committee, who will provide feedback to the Board of Directors
- The Board of Directors will vote at the monthly meeting
- The Managing Agent will notify you of the decision made by the Board of Directors
If your application is accepted by the Board of Directors, a closing and move-in date will need to be scheduled.
Closing: Consult with your attorney and contact the AKAM main office (212-986-0001), with three tentative dates for a closing
Moving -in: Contact St. George Building Manager to schedule a move-in date
FREQUENTLY ASKED QUESTIONS
What documentation is required?
Typical documentation is listed below; please see the sales package for full details and any additional documentation that may be required.
- Reference letters
- Employment confirmation
- Income tax forms
- W2 forms
- Bank and brokerage statements
- Mortgage commitment (if there is bank financing)
- Recognition agreement (if there is bank financing)
- Various co-op forms/disclosures
What type of financing is allowed?
The St. George Tower & Grill Owners Corp. requires that sales in the building include a minimum 20% down payment.
The Board of Directors will only accept applications that contain financing at a standard fixed rate, from 10 to 30 year term.
Who must attend the admissions interview?
If an interview is recommended, all applicants and prospective residents are required to attend a personal interview with the Admissions Committee.
How often are the interviews held?
Admissions interviews are held once per month. The full schedule can be found below.
What happens to the sales application after review by the Board of Directors/Admissions Committee?
All submitted application packages (including the original), become the property of the St. George Tower and Grill Owners Corp. All information submitted to the committee is strictly confidential and will not be reproduced or kept by committee members. The original copy of the application is kept on file for the co-op’s records. All other copies are collected after the Admissions Committee meeting and subsequently destroyed.
When can I move in?
A move-out by the current owner must take place before the date of closing. Applications or contracts of sale in which the current owner is allowed to remain in the apartment or to store their belongings in the apartment after closing, even for only a few days, will not be accepted. Similarly, a move-in by the new owner can only take place after the date of closing.
Moves are strictly limited to one per day and are permitted only on Monday, Wednesday, Thursday, or Friday. Moves must start and finish between 9 AM and 5 PM, and can not happen on national holidays. This minimizes disturbances to other residents and allows the resident manager to coordinate use of the service elevator.
Who can live in my apartment at the St. George?
As described in the proprietary lease, only shareholder(s) or those listed in this application as proposed residents can live in an apartment at the St. George. Immediate family members can visit and, by prior arrangement with the shareholders, stay in the apartment temporarily, even if the shareholder(s) are away from home. However, friends, colleagues, and relatives other than immediate family members cannot stay in the apartment if the shareholder(s) are not present, even for a day or two, unless special arrangements are made and permission is granted by the board of directors. Similarly, shareholders may not sublet an apartment without permission from the board, and this can only be granted for short periods under restricted circumstances (see “Sublets” under “House Rules”). Finally, under no circumstances are shareholders permitted to have roommates, subtenants, or other long-term residents, other than immediate family members or partners, without the permission of the board.
What is required to start a renovation?
See Alterations Package in the document section.
The Sales Package is a fill-in Word document that will help you prepare your entire application. It provides complete details about the sales and admissions process and requirements
The Alterations Package may be helpful for those wondering about undertaking renovations after closing. Please consult with the Managing Agent if you have any specific questions not addressed here.
House Rules concern the relationship between the co-op and its shareholders and serves as a helpful how-to guide for common building services
Before moving in, please provide your contact information so we can set up accounts for you and keep you informed
For applicants or realtors planning to submit a sale or sublet application package: We require that you set up an appointment with the on-site building manager, so that the application can be reviewed for accuracy and completeness. Arrangements for an appointment must be made at least two business days prior to the cutoff date. More details can be found in the Sale Application package.
The calendar is set once per year following the annual Board election in April. It may be subsequently modified as necessary.
|Month||Sales/Sublet Package Due||Admissions Cmte. Meeting/Interview||Board Meeting||Decision Given|
|May 2017||April 24, 2017||May 16, 2017||May 17, 2017||May 18, 2017|
|June 2017||May 30, 2017*||June 20, 2017||June 21, 2017||June 22, 2017|
|July 2017||June 26, 2017||July 18, 2017||July 19, 2017||July 20, 2017|
|August 2017||July 31, 2017||August 15, 2017||August 16, 2017||August 17, 2017|
|September 2017||August 28, 2017||September 19, 2017||September 20, 2017||September 21, 2017|
|October 2017||September 25, 2017||October 17, 2017||October 18, 2017||October 19, 2017|
|November 2017||October 30, 2017||November 14, 2017||November 15, 2017||November 16, 2017|
|December 2017||November 27, 2017||December 19, 2017||December 20, 2017||December 21, 2017|
|January 2018||December 26, 2017*||January 16, 2018||January 17, 2018||January 18, 2018|
|February 2018||January 29, 2018||February 20, 2018||February 21, 2018||February 22, 2018|
|March 2018||February 26, 2018||March 20, 2018||March 21, 2018||March 22, 2018|
|April 2018||March 26, 2018||April 17, 2018||April 18, 2018||April 19, 2018|
* When a deadline falls on a holiday, the material is due on Tuesday.
In compliance with federal, state, and city law, the St. George Tower and Grill Owners Corp. does not discriminate in its admissions policy based on age, alien status, children (or childless state), country of national origin, creed, disability, gender (including gender identity), lawful occupation, marital status, military status, partnership status, race, religion, or sexual orientation.