The NYC Co-op Board Package: A Complete Checklist

November 21, 2025

Buying your first Brooklyn co-op and feeling stuck on the board package? You are not alone. The process is detailed and the stakes are high, which can make even organized buyers second-guess what to include. This guide gives you a complete checklist, explains the financial ratios boards use, and shares simple templates and timelines so you can submit with confidence. Let’s dive in.

What a board package is

Your board package is the co-op’s tool to verify identity, financial stability, and fit for the building. The managing agent or co-op attorney usually reviews your packet for completeness before the board votes. Many boards meet on a schedule, often monthly or quarterly, so timing matters.

Boards focus on four areas: financial capacity, employment and housing stability, credit history, and references plus the interview. In Brooklyn, standards vary by building. Some pre-war co-ops in neighborhoods like Park Slope and Brooklyn Heights follow stricter practices, while certain boutique or newer conversions may be more flexible.

Complete board package checklist

Requirements vary by building. Always use the co-op’s own forms and confirm the exact list with the managing agent.

Standard forms and fees

Completed co-op application form, signed and dated
Fully executed purchase contract or sales agreement
Application fee check or payment, noting if refundable
Any required building addenda or rule acknowledgements

Identity and proof of funds

Government photo ID for all purchasers
Bank statements for the last 3 to 6 months for accounts funding the purchase and reserves
Statements for investment or retirement accounts used for down payment
Gift letter if applicable, notarized and stating no repayment is required, plus donor statements

Income documentation

W-2 employees: last 2 years of tax returns and W-2s, recent pay stubs for 2 to 3 months, employer verification letter
Self-employed or 1099: last 2 years of complete tax returns, year-to-date profit and loss and/or CPA letter, relevant 1099s or K-1s
For partners or co-buyers: tax returns for all parties whose income is used

Credit and background

Signed consent for credit and background checks as required by the co-op
Some buildings ask you to include a recent credit report; follow the building’s instructions

Net worth and liabilities

Asset list and recent statements for checking, savings, brokerage, and retirement accounts
Documentation of liabilities: mortgage statements, student loans, car loans, and minimum credit card payments

References and letters

Employer verification letter on company letterhead
Landlord reference letter(s) confirming on-time payments and tenancy details, or mortgage payment history if you own
Bank reference letter stating relationship length and good standing
Personal or professional reference letters, typically 2 to 3, non-family

Formatting tips

Provide one clean packet with labeled tabs. Confirm if the building wants electronic PDFs, hard copies, or both.
Include a brief cover letter and table of contents with contact info for your attorney, lender, and agent.
Use originals only when requested. Some affidavits require notarization.

Financial thresholds and how to check yours

Brooklyn co-ops commonly review your down payment, monthly housing ratio, total debt-to-income, and post-closing liquidity. Actual targets vary by building, so use these as guidelines.

Down payment ranges

Typical minimums: 20 to 25 percent of the purchase price
Stricter buildings: 25 to 50 percent
Sponsor units and newer conversions may differ. Always confirm the building’s rules.

Housing ratio and DTI

Housing ratio: Many boards prefer combined housing costs at about 28 to 33 percent of gross monthly income
Total debt-to-income: Many boards look for total obligations under roughly 36 to 45 percent
Self-employed buyers can face more conservative underwriting

Post-closing liquidity

Many boards want 6 to 24 months of reserves after closing
A practical target is 12 months of combined mortgage plus maintenance, with some pre-war co-ops asking for up to 24 months

Example calculation

Purchase price: 600,000
Down payment at 20 percent: 120,000
Mortgage amount: 480,000
Example mortgage rate: 4.5 percent, 30-year fixed, principal and interest about 2,430 per month
Monthly maintenance: 1,200
Combined housing cost: 3,630 per month
Income target for a 30 percent housing ratio: about 145,200 per year
Reserves: 12 months equals 43,560; 24 months equals 87,120
If other debts are 700 per month and gross monthly income is 12,500, total DTI is about 34.6 percent

Reference letters that land

Types you will likely need

Bank reference on bank letterhead noting relationship length and account status
Employer letter confirming title, salary, start date, and full-time or part-time status
Landlord letter confirming on-time rent and tenancy dates, or mortgage history if you own
Two to three personal or professional references from non-family contacts

What to include

Bank: branch, account types, relationship length, and “good standing” statement with officer contact
Employer: letterhead, title, salary, start date, status, and HR or manager contact
Landlord: lease period, payment history, and contact information
Personal or professional: how you know the applicant, years known, practical traits like responsibility and reliability, and contact details

Pitfalls to avoid

Letters that are undated, unsigned, or missing contact info
Family references
Vague, generic praise with no specifics
Bank letters showing a single recent deposit without context

Sample one-page cover letter

Dear Board Members,

Thank you for reviewing our application to purchase [Apartment Number] at [Building Name], [Building Address]. We are excited about the opportunity to join your community. We work in [Employer or Profession] and are planning to make this our long-term home in Brooklyn.

Our financing is pre-approved by [Lender Name], and our packet includes two years of tax returns, employer verification, and bank statements that document our down payment and post-closing reserves. We meet the building’s financial guidelines based on our housing ratio, total debt-to-income, and liquidity.

For your convenience, we included a table of contents and contact information for our attorney, lender, and agent. We appreciate your time and look forward to the interview.

Sincerely,

[Buyer Name(s)] [Email and Phone] [Attorney Name and Contact] [Lender Name and Contact] [Agent Name and Contact]

Timeline and process in Brooklyn

Typical 6 to 8 week path

Week 0: Ask for the exact checklist and board meeting schedule before you sign or right after contract execution
Weeks 1 to 2: Assemble documents and reference letters, confirm submission format
Weeks 2 to 4: Submit packet, managing agent reviews for completeness
Weeks 4 to 6: Board review at the next meeting and interview scheduling
Weeks 6 to 8: Interview and decision; closing scheduled after approval and loan clearance

How to speed it up

Start employer, bank, and landlord letters early
Confirm whether electronic submissions are allowed
Include a clean table of contents and label documents clearly
Ask your lender for a strong pre-approval from a NYC-savvy bank
If you have a unique situation, include a short explanation letter with supporting documents

Board interview prep

Format

Expect a 10 to 20 minute conversation with the board or a committee. Bring a few copies of your one-page bio. Dress neat, be punctual, and answer directly.

Common questions

Why this building and this neighborhood
Employment status and future plans
Familiarity with co-op rules
Plans related to subletting or home business use
Basic confirmation of financial stability

Day-of tips

Keep answers concise and friendly
Do not volunteer new financial plans that differ from your packet
If asked for follow-up items, send them quickly through your agent or attorney

Brooklyn building expectations overview

Pre-war brownstones in areas like Park Slope, Brooklyn Heights, and Fort Greene often expect higher down payments and longer liquidity. They may also request more formal references and run detailed interviews.
Boutique or newer conversions in areas like Williamsburg, Greenpoint, or Clinton Hill can be flexible but still require complete documentation. Some accept electronic packets, which can help timeline.
Sponsor units may follow different approval steps compared to resales. Always confirm which rules apply to your specific unit.
Managing agents run the process day-to-day. Ask about meeting schedules, format, and any building-specific forms before you assemble the packet.

Avoid delays and rejections

Double-check every signature and date
Document the source of funds and any large transfers
Show adequate post-closing reserves
Secure strong landlord and employer references early
Time your submission to the board’s meeting calendar

Copy-and-save checklist

Co-op application form and building addenda
Signed purchase contract
Photo IDs for all buyers
Two years of tax returns and W-2s or 1099s; P&L and CPA letter if self-employed
Recent pay stubs for 2 to 3 months; employer letter
Bank statements for 3 to 6 months; investment or retirement statements if used
Gift letter and donor statements if applicable
Pre-approval letter from lender
Credit and background consent forms
Landlord reference or mortgage payment history
Bank reference plus 2 to 3 personal or professional letters
One-page bio and packet cover letter
Insurance binder if required
Entity documents if buying through an LLC or corporation
Application fee check or payment

Next steps

Every Brooklyn co-op has its own rules. The surest way to a smooth approval is a complete, clean packet that hits the building’s specific targets and schedule. If you want hands-on guidance from a local team that navigates Park Slope, Bay Ridge, and nearby co-ops every week, reach out to Peter Mancini for a calm, organized path to board approval.

FAQs

What is a NYC co-op board package and why it matters

It is a complete application that lets the building verify your identity, finances, references, and fit, and it is required for board approval before closing.

What financial ratios do Brooklyn co-ops check

Many review housing costs around 28 to 33 percent of gross income and total debt-to-income under roughly 36 to 45 percent, with building-by-building variation.

How much down payment do Brooklyn co-ops expect

Many expect 20 to 25 percent, while stricter pre-war buildings may require 25 to 50 percent; confirm the exact rule with the building.

How much liquidity do I need after closing

A practical target is at least 12 months of mortgage plus maintenance, though some buildings ask for 6 to 24 months depending on the building.

How many reference letters are typical for a board package

Plan for one bank letter, an employer letter, a landlord reference, and 2 to 3 personal or professional references from non-family contacts.

What if I am self-employed and applying to a Brooklyn co-op

Provide two years of full tax returns plus a year-to-date profit and loss or CPA letter, and expect closer scrutiny of income stability.

Can I buy a Brooklyn co-op through an LLC

Many co-ops restrict corporate purchases, and those that allow them often require entity documents and personal guarantees; check the building’s policy first.