PARKWOOD ESTATES (FLORAL PARK OWNERS, INC.) 

251-29 71st Avenue, Unit #112B, Bellerose, NY 11426 

Offering Price: $255,000 | 1 Bed / 1 Bath (~700 SF) 

BOARD RESALE PURCHASE CRITERIA & FINANCIAL REQUIREMENTS 

Managed by: Metro Management & Development, Inc. 

1. APPLICANT FINANCIAL & QUALIFICATION BENCHMARKS 

• Minimum Income: $65,000/year base salary required for 1-Bedroom units. 

• Credit Score: Minimum 750+ credit score required. NO EXCEPTIONS. 

• Minimum Down Payment: 20% ($51,000) mandatory (Maximum 80% / $204,000 financing). 

• Post-Closing Liquid Reserves: Must have $15,000 - $20,000 in liquid assets remaining after down payment and closing costs. 

• Gifting Policy: Down payment may be assisted via gift (formal institutional bank gift letter required). HOWEVER, the $15k-$20k post-closing reserve CANNOT be gifted and must show an established personal savings pattern. 

• History Requirements: Minimum 5 years residential history + 5 years employment history. 

• Debt / Bankruptcy: Must maintain low personal debt. Prior bankruptcies strictly barred. 

• Co-signers / Guarantors: Strictly prohibited. Applicants must qualify on their own. 

2. OCCUPANCY & OWNERSHIP RESTRICTIONS 

• Primary Residence Only: Purchaser must own and occupy; cannot own any other home. 

• Subletting Policy: Subletting is strictly NOT permitted. 

• Family Purchase Prohibitions: Parents cannot purchase for adult children, and children cannot purchase for parents (all occupants must be on shares/proprietary lease). 

• Trusts: Ownership in the form of a Trust is not allowed. 

3. ITEMIZED APPLICATION SUBMISSION FEES 

(Non-Refundable Certified Funds Only) *Must be submitted via Certified Bank Check or Money Order (NO Personal Checks): 

• Management Processing Fee: $400.00 (Payable to: Metro Management & Devel., Inc.) 

• Co-op Processing Fee: $350.00 (Payable to: Floral Park Owners, Inc.) 

• Criminal Background Check: $200.00 per applicant/occupant age 18+ (Payable to: Metro) 

• Credit Report Fee: $75.00 per applicant (Payable to: Metro Management & Devel., Inc.) 

• Purchaser New Stock Fee: $750.00 (Payable to: Floral Park Owners, Inc.) 

• Dog Registration Fee: $350.00 (Payable to: Floral Park Owners, Inc., if applicable) 

*Total Submission Fees: $1,775 (Single Applicant) / $2,050 (Dual Adult Applicants) 

4. CLOSING ADJUSTMENTS & ASSETS 

• Purchaser's Reserve Fund Contribution: $4,000.00 (Due at closing to Floral Park Owners) 

• Deeded Parking: Assigned space transfers with the unit. 

• Private Attic Storage: Pull-down stairs located inside the unit.