It’s fairly common for coops in NYC to require applicants to have between one and two years of liquid assets post-closing. This means you need to have 12 to 24 times your monthly mortgage and co-op maintenance payment in cash (or liquid equivalent) after making your down payment and factoring in buyer closing costs.
Here’s an example: Let’s say your mortgage payment is $5,000 and your co-op maintenance payment is $1,000. If a co-op has a 2 year post-close liquidity requirement, you need to have $144,000 [24 x ($5,000+$1,000)] in liquid assets once you close.
If you’re buying all cash, you’d simply need to have 12 or 24 times the co-op’s monthly maintenance since there is no mortgage payment.
The definition of ‘liquid assets’ varies by coop, so this is something you should have your buyer’s broker investigate if you feel that you may be short on liquid assets post-closing.