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Fisherman's Wharf Coops in West Babylon NY are located on Millard Avenue Directly across the street from the West Babylon High School.

***Currently for Sale:*** A fabulous Fisherman's Wharf 1 bedroom coop (Unit #172) with hardwood floors and spacious living with a private terrace from the dining room! Private front entrance and parking in front of the unit!

Open House at Unit #172 on Sunday 9/29/13 1 p.m. to 3 p.m.



Fisherman's Wharf Coops has 144 units. There are upper units and lower units. No duplexes. The units that surround the lake are only 1 bedroom units. Throughout the rest of Fisherman's Wharf the units are either 1 or 2 bedrooms.

Fisherman's Wharf is also in the Babylon School District 1.

Amenities: In-ground pool with a pool-side grill, 1 tennis court, 1 half-court basketball, Shuffle board and bocce ball. Clubhouse with an exercise room and a meeting room upstairs. Shareholders can rent that room for a nominal fee for parties. The clubhouse is also accessible via an electronic pass card. There are laundry facilities on the premises. There is also 2 parking spaces allotted per coop unit.

Fisherman's Wharf is managed by Total Community Management located in Bellmore, NY. With a co-op you get shares of stock and a proprietary lease. Each unit has a certain amount of shares. There is also a stock certificate that becomes the lien which is held by your bank who granted you your mortgage. If you pay cash for your unit, then you get the share certificate. Hold onto that because when you sell your unit, that has to be passed on to the new owner. If you lose it, then it will cost you around $200+ to replace it.

Fisherman's Wharf Maintenance Fees: Includes your share of property taxes, part of the underlying mortgage on the property, heat, water, waste removal, landscaping, snow removal, pool, tennis courts, clubhouse, parking, exterior repairs and some interior repairs like the electric and plumbing that are inside of the walls of your unit. The maintenance fees can be up to 65% deductible. Please consult with your tax professional regarding this.

You are allowed to sublet your unit upon board approval. You will be charged $1.25 per share sublet fee each year. Your tenant also has to meet the Board's financial requirements.

Fisherman's Wharf Income/Credit Requirements: If you are taking a mortgage, your Gross Income must be 5-1/2 times or more the maintenance fee. If paying all cash, then it's 4-1/2 times the maintenance fee. Your Debt To Income Ratio must be at least 3 to 1. Before being approved by the Board, you must furnish me with your credit report, mortgage pre-approval letter, last years tax return and 2 weeks of paystubs. A minimum of 15% down is required by the Fisherman's Wharf Co-op Board.

Getting approved by the Fisherman's Wharf Board is the last step before going to closing. From the time your offer is accepted from the homeowner right through the interview with the Board, it will take 60 to 90 days to close. There are Board application fees as well. If you get declined by the Board, they have to furnish a reason why in writing within 45 days. This is THE LAW that was put into place last year in Suffolk and Nassau Counties. Do not let anyone tell you otherwise.

I have found that the Fisherman's Wharf Board is nice to deal with. They also like to keep up with property improvements and that keeps the values stable. The Board works diligently to keep everyone informed. They even have a monthly newsletter!

Below is a video of the Capital Improvements that have been done to Fisherman's Wharf since 2009. It shows the Board truly cares about getting things done!



Currently for Sale: A fabulous Fisherman's Wharf 1 bedroom coop with hardwood floors and spacious living with a private terrace from the dining room!

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