Scorecards

	A	B	D	E	F	G	H
1	Category	Sub-Category	Brookfield	Priority 0-5	Like 0-5	Score

2
3	Specific to Sponsor Plans
4	General	Price per sq ft	420	5	1	5
5		Length of Sponsor Involvement	Long Term	4	0	0	I want the sponsor to be involved 2-3 yrs; just long enough to help with a good transition
6		Effect on Rental Units	Equal, non-eviction	0	0	0
7		Effect on Open Spaces	Equal, no development	0	0	0
8		Commercial space	Equal, assume Brookfield will own	0	0	0
9
10	Selling	Restrictions - Flip Tax	TBD but there will be a flip tax	4	0	0	At most I prefer restrictions for just 2-3 years
11
12	Applicable to Co-op & Condos in general		Condo
13	Time	Time to go in effect	Will take longer. 9-months to a year at the least; possibly much longer.	5	0	0
14
15	Financing	Options available	Equal in NYC		0	0
16		Likelihood to obtain	Equal in NYC	0	0	0
17		Downpayment %	5%-10% fairly standard could be as high as 20% Low as 3.5% for FHA loans	4	5	20
18		Size of Downpayment	More when interest rates are for both co-op & condo are equal or fairly close	4	0	0
19		Amount of Interest to be paid	Right now rates are around 3.7% with 0 points	0	0	0
20		Closing Costs See Closing Cost Tab)	Much More	5	0	0
21		Term(s) of the Mortgage(s)	30 yr fixed	0	0	0
22
23	Monthly Payments	Mortgage(s)		5	0	0
24		Maintenance & Taxes	Operation Costs equal	0	0	0
25			Taxes equal	0	0	0
26		Enforcement of Payments	No leverage	5	0	0
27
28	Defaults	Overall Failure	Seems to be very rare. If there is an overall bankruptcy, looks as if condos reorganize & come out of it. No public record stats.	5	3	15
29		Of Sponsor-Likelihood	It can happen. It is not very likely.	5	3	15
30		Of Sponsor-Impact	If a sponsor defaults, individual unit owners are untouched. That is, they will still own their units. However, maintenance of the common areas will suffer. The grounds & play areas may suffer. Buildings may not be cleaned; garbage collection might suffer.	5	4	20
31		Of Participant - Likelihood	From 1993 there have been 5805 condo unit defaults.	3	4	12
32		Of Participant - Impact	Condominium association dues, common area charges, etc., are the responsibility of all tenants, and if they go unpaid by individual condominium owners, the condo association will have to raise assessments on those who are paying - or go bankrupt.	3	3	9
33						0
34	Tax Deductions	Amount	Same	0	0	0
35						0
36	Common Property	Land, lobby, hallways, stairs, roads, systems (heat, electrical, internal pipes), etc.	Condominium owners own their apartment as real estate and have an undivided interest in the common areas of the complex.	3.5	4	14
37						0
38	Capital Improvements	Borrowing	Difficult - so many separate units	5		0
39						0
40	Property Management		A managing agent is usually hired. Often the sponsor becomes the managing agent for a fee.	0	0	0
41				0		0
42	Governance	Usual structures	Board of Directors	0	0	0
43		General Nature of Rules	Bylaws must be spelled out in the offering plan	0	0	0
44		Enforcement	Less power to enforce.	5	0	0
45		Elections	Elected by the unit owners. The sponsor will own the majority of the units, will have the right to seat representatives in majority.	0	0	0	Checking. Don't know if there's a differentiator
46
47	Common Restrictions	New Buyers	Equal	0	0	0
48		Subletting	Equal	0	0	0
49		Unit Renovations	Equal	0	0	0
50
51	Selling	Prices	Generally more	0	0	0	My calculcations show the co-op makes more money
52		Profit	Less	5	0	0
53		Transfer Taxes	Higher	3	0	0
54		Ease of Selling	???
55				Overall score:		110
56						out of
57						450