Since owners of co-op apartments are technically tenants vs owners of real property, the board of the co-op corporation which actually owns the building has enormous power over the residents. Hi, I'm looking to purchase a condo in Williamsburg, Brooklyn. There are many terms in the real estate world but one that has been bandied about for a long time is “Sponsor sale”. 65% on sales from $3m. Department of Housing and Urban Development’s AMI, set to create affordable housing options in specific areas. The condo is a sponsor unit, so the builder hasn't sold it yet. Board Approval Contingency. Q What should a buyer be aware of when purchasing a sponsor unit in a prewar co-op?. If the sponsor owns 22-25 units and they are larger than the others, the sponsors share allocation might actually be greater than 50%. 4% of the sales price for properties below $3 million, and 0. As a result, sponsor unit transactions can close faster with less hassle, although there are extra closing costs to consider during offer negotiation. There is always a minimum down payment requirement which can range from 10%-50% down, depending on the Coop. The first step in buying a condo in NYC will be setting a budget for your purchase. Each apartment owner will be required to pay the assessment. The NYS Transfer Tax was raised in Starting 2019 to 0. Regardless of whether you buy from the sponsor or from someone selling a unit, what you get in a coop is the same. Browse photos, see new properties, get open house info, and research neighborhoods on Trulia. You can find this luxury amenity at new developments like Jolie at 77 Greenwich St. 2. If you're a townhouse buyer looking to gain some extra square footage, and don't need the income from rental units, you should begin the process of conversion by hiring an architect to draw up plans for turning the property into a single-family. 5 million. The 4,600-square-foot unit had an asking price of $13. In a nutshell, Himmelstein says, “Don’t. Exceptions include sponsor units that were held aside by the developer after the building. What does it mean and. A grown child buying an apartment for a parent presents some unique challenges. $330,000. A timeline for buying a new development condo: From preparing your financing to closing. Each unit represents a specific number of shares. One of the most desirable towers in Midtown East’s stately Tudor City complex, this 24-hour doorman building is equipped with on-site laundry and a 2,000-square-foot, recently updated gym with river views. You might be able to negotiate with your landlord for a longer lease with a lump sum, but you wouldn't OWN at the end of it. 175% on mortgages above $500,000, and that includes the tax for both NYC and NY State. A sponsor co-op apartment is one that is owned by a building's original owner or the corporation responsible for converting the building from a rental into a co-op. Nuances to Buying a Sponsor Unit Co op in NYC. In a condo building, a sponsor co-op is a unit the developer owns and is offered for sale for the first time. Both were sponsor units and have been on the market for months despite being fairly priced for the neighborhood. Buying a Sponsor Unit in NYC: Up to 2% When Buying in NYC: New York State Office of the Attorney General has promulgated regulations that govern the offer and sale of interests in cooperatives and condominiums. “Buying in a sponsor-owned co-op allows you to finance as much as the banks will allow you,” says Melissa Cohn, executive mortgage banker at William Raveis Mortgage. Both unit types come with their. 5 Sadore Lane, Unit 6E, Yonkers, NY 10710 is a co-op not currently listed. He has finished a postdoctoral schedule at Columbia University and has acknowledged adenine new job in New York City. out this great listen on Audible. See pricing and listing details of Queens real estate for sale. Here are five great sponsor units. The most significant difference between buying a co-op and a condo is the ownership structure, says James Woods, Esq. It means that the sponsor cannot designate or nominate the majority of the managers. This amounts to about 2 percent of the property price. 2. Basically the sponsor waives their right to evict on these grounds for themselves and their successors and assigns and in return stabilized tenants are incentivized to vote for the plan to convert. Below, see the insights we learned from the team based on their years of experience advising New Yorkers in. . A sponsor unit is an apartment in a building that’s still owned by the original builder/developer of the building. Sponsor units don’t require board approval, and there are co-ops in various types of unique circumstances where certain units may not be sponsor units but. Most offering plans will stipulate that the sponsor relinquishes control of the board after 90% of the units are sold, or within 5 years of the first closing. Listing by Redfin Real Estate. Using the figures above, the transfer. Sponsor units are shares that haven't been sold, and that. Sponsor Units NYC, New York, New York. Exceptions include sponsor units…For example, let’s say that you are in contract to buy a co-op sponsor unit. Select a minimum price (optional) and a maximum price. By CityRealty Staff Thursday, August 26, 2021. for a total of $34 million, including this three bedroom with views of Central Park. Here are articles about sponsor unit in the New York City area. $749,210. Compass Exclusives. Nice perks: free rolling racks and shelves, climate-controlled units, package acceptance, and a free storage shuttle for you and your stuff. In a typical resale transaction, such transfer tax is paid by the seller. 425 to 1. 9% of the purchase price on sales of $1 million or more. 825% for those that go for $500,000 to $2,999,999, and 2. New Construction. , 75 Wall Street, and Greenwich West at 110 Charlton Street. If you plan on financing, you should start looking at lenders and obtain a mortgage preapproval. Buy smart: Before you buy a new or pre-construction condo in NYC, get the answers to these essential questions. National Cooperative Bank offers competitive rates and easy pre-qualification. In many cases downpayment go down to 10%, but more and more sponsors go by the building's standards about it. WELL. Most New York City co-ops require buyers to put down 20-25% of the purchase price, about the same as what most lenders require these days. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their attorney fees. In sponsor sales, the sponsor attempts to pass those costs along to the purchaser. I’m a stabilized renter in a co-op. Also, see our Legal Assistance page and our Primary Residence FAQ. Added together, the buyer is at roughly $38,400 in closing costs, or 3. It’s Energy Star certified and has a dBA of 50. Jul 30, 2021Pros and Cons of Buying A Sponsor Unit. licensed real estate brokers licensed to do business in. Brits bulk buying New York’s unsold sponsor units. It's a lot, but you need it. For Luis Vargas, the answer was to buy a sponsor co-op for his mom—one of the big incentives to buying these types of apartments is that you can skip the board approval process. Those making a purchase in NYC should allocate money for both local and state transfer taxes. (Please keep in mind these numbers illustrate a point, and estimates shared here are subject to. See pricing and listing details of Forest Hills real estate for sale. A condominium, co-op, or apartment that the builder or investor has kept after selling the other units is referred to as a sponsor unit. Please reach out to me with any questions. Online searches for sponsor co-ops, which are. Condo in Gramercy Park at 215 East 19th Street #15B for $3,995,000This includes a standard application, request for financial information (bank statements, W-2s from previous and current years, pay stubs, etc. But the range can be vast, depending on the co-op—anywhere from 10% down (rare) to 50% or more at higher-end buildings. 1 bath. Each listing provides the specific income limits that the HDFC. Transfer taxes (sponsor co-op and new condo buyers only): If you buy a brand-new condo or a co-op directly from the sponsor, you may also wind up paying a NYC transfer tax of 1 percent of the purchase price on purchases is $500,000 or less and 1. Top podcasts; Episodios; Podcasts; Iniciar Contraseña; Registrarse;. What is a sponsor unit? What are the advantages to buying a sponsor apartment in New York City? What are the negatives to. In 2008, it sold for $442,000, and in 2018, for $560,000, before ending up with. 5 bath Condo with Balcony in the Luxury Building in the Heart of Rego Park. Right of Refusal Contingency. Unfortunately, since the 421a tax abatement program got a major makeover in 2016, new developments with this type of abatement will become. There may be case by case downsides but your lawyer will advise you. Moving to NYC after college? Here's how to do it . A guide to using a no-fee renovation loan from a NYC real estate firm. LISTING BY: DOUGLAS ELLIMAN REAL ESTATE. Buy. Save 6% when you sell or get a 2% commission rebate when you buy in NY & FL with Hauseit. It typically takes between two to three months to close on a sponsor co-op apartment in NYC. Aaron2, you're right. The median price for a two-bedroom apartment in Midtown East is $1,850,000, based on current listings on StreetEasy. 3. There's a condo that I'm interested in but it's been on the market for more than 2 years. If you live in a co-op building, then you will most likely need coop board approval unless you are the sponsor and you are renting out a sponsor unit. The Pros and Cons of Buying a Sponsor Unit in NYC Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. Equal Housing Lender. 9% applies to purchases of residential property valued at $25 million or more. For example, purchasing a sponsor unit and picking up the transfer taxes will be tacked to the purchase price when calculating any potential mansion tax. Here's why these units can be advantageous for NYC buyers. There are two types of sponsor units you may encounter while browsing real estate in NYC: condo sponsor units and co-op sponsor units. If the former, I don’t think it's possible to buy just one unit. most of the time, you become like other unit owners. An offering plan is a document that details all kinds of important information on an apartment unit in NYC. . The first step in buying a condo in NYC will be setting a budget for your purchase. You must pay the Real Property Transfer Tax (RPTT) on sales, grants, assignments, transfers or surrenders of real property in New York City. $440,000 Last Sold Price. Sales of cooperative. On market Nov 27. But this apartment in Tudor City, 321 East 43rd St. Use the filtering options available (number of bedrooms and bathrooms, square footage, year built, etc. If you’re interested in purchasing an apartment in a condominium building and wondering how to do it, this comprehensive guide will walk you through the process. When you buy a sponsor unit, you’ll often hear that you’re buying “unsold shares. From offer to signed contract takes five to 10 days depending on the market. What does this mean for her?, Which document or documents will help the cooperative buyer learn how the board operates and learn the cooperative's future plans? and more. In a co-op, a sponsor unit is. Mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000 or more. For example, a couple agrees to buy adja-cent units 1A and 1B from the same sponsor, each unit priced at over $1,000,000. Mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000 or more. In addition to houses in 10453, there were also 4 condos, 1 townhouse, and 7 multi-family units for sale in 10453 last month. A buyer of a unit in a building or group of buildings that is under construction should first understand that the text of the offering plan governs the sponsor's obligation regarding the size and construction of the buildings, units and any ancillary spaces such as recreational facilities, parking spaces, or roof top cabanas, to name a few. The lower rate applies to sales of $500k and below. (Though sponsor units do have their downsides, as well. Business, Economics, and Finance. Attorney fees usually run between $2,500 and $5,000 as a flat, one-time fee, Babst says. Special purpose acquisition companies, or SPACs, have been around in various forms for decades, but during the past two years they’ve taken off in the United States. 2. Here's why these units can be advantageous for NYC buyers. Q. Buying a sponsor unit means that prospective purchasers can dodge the entire board application process, which can be arduous and stressful. 4% for homes sold under $500,000, 1. Needs complete renovation. 2. Nearly half of luxury units across seven buildings in the uber-exclusive Midtown Manhattan stretch — where apartments have sold for. If you plan on financing, you should start looking at lenders and obtain a mortgage preapproval. 2. 4%. Condo for Sale in Queens, NY: Gorgeous 1 bed 1. LISTING BY: SOTHEBY'S INTERNATIONAL REALTY. How buying real estate in NYC is unlike anywhere else. 110-38 64th Ave #36/35B, Forest Hills, NY 11375. “Buying in a sponsor-owned co-op allows you to finance as much as the banks will allow you,” says Melissa Cohn, executive mortgage banker at William Raveis Mortgage. NORWOOD, BRONX: We like the look of the kitchen in this fully renovated one-bedroom co-op—note, a sponsor unit—which boasts cherry wood cabinetry, granite countertops, and a dishwasher. However, case law suggests that a real estate buyer’s broker in NYC must show a “ direct and proximate link between the bare introduction of the purchaser and seller and the transaction . A sponsor unit is an apartment in a co-op or condo that the developer or investor has retained after selling the other units. If you're buying a NYC apartment, there are basically three main types of situations that generally warrant a professional home inspection, says Stone. See more ideas about nyc, home buying, closing costs. For many New York buyers, so-called "sponsor units" are some of the most desirable options in the city, in part because buying directly from a building's sponsor generally allows you to skip the typical interview process you'd have to go through to purchase, particularly in co-ops. It's located in 11415, Kew Gardens, Queens County, New York City, NY. For many New York buyers, so-called "sponsor units" are some of the most desirable options in the city, in part because buying directly from a building's sponsor generally allows you to skip the typical. The owner sells the house for $1. The residential unit is valued at $500,000 while the retail unit is. 1 Bath. 519 E 87th St APT D, New York, NY 10128. The building has a live-in super and a private courtyard, and is close to Montefiore Hospital, making it a good spot for medical residents. A sponsor is a person or business entity starting a condo or co-op through conversion or as new construction. Back to Top. $139,000 plus. Spacious 1 bedroom 1 bathroom apartment at Rock Hill Terrace in Bayside. $499,000. $369,000. They didn't give a reason but I was told by the seller it was my proposed renovations (ventless washer/dryer combo unit, jacuzzi, ventless fireplace). — sq ft. If you were buying an apartment for $1,000,000, that would add approximately $18,000 onto the purchase price. It s… 50 Sponsor Apartments: Pros and Cons - The Real Estate Broads of New York (podcast) |. Liquidity refers to the cash you have on hand, and co-ops typically do have liquidity requirements for people who want to buy a unit. Listing by E Realty International Corp. Appraisal Contingency. It’s in One Manhattan Square, a building that will have a 75-foot swimming pool, a basketball court, a bowling alley, a squash court, and a golf simulator. Yep they can be pricey. Getting an accepted offer is the first big step in buying apartment. -20% | -$700,000. Or in the case of a co-op, it is owned by the original owner or the corporation that originally converted rental units into co-ops. Buy Open Buy sub-menu. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. It works this way: When you inspect a multifamily property, you’ll make a list of what. Nourish generated revenue of $1. A CO or certificate of occupancy specifies how a building may be used, how it's zoned, and how many residences are permitted. The 'personal use' rule usually do not apply to units cooperatives that have a 'non-harassment' plan filed as part of the conversion. The OP needs to find out exactly which of units the sponsor owns. 425%. CONS: • Higher closing costs: New York City and State have transfer taxes of 1. Generally, a lender may not consider granting a loan to purchase a co-op in a building which is less than 80% owner-occupied or in which the sponsor still holds the majority of shares after a significant amount of time has passed since the conversion plan was approved. Homes for sale; Foreclosures; For sale by owner; Open houses; New construction; Coming soon; Recent home sales;. ) And they’re right. “Sponsor listings” mostly are found in condo buildings, since. Escucha 50 Sponsor Apartments: Pros and Cons por The Real Estate Broads of New York instantáneamente en tu tablet, teléfono o navegador - no necesita descargas. it depends on what is written into the offering plan. We discuss the impact of the conversion on property condition, the relative pricing of converted units to new construction condominiums, its impact on homeownership rates, New York State and New York City tax and fee incomes generated, and the related economic activities that result. once I buy it will it still be a sponsor apartment, and are there any cons to buying one. Plus One ADU Program will. The roughly 1,006,000 rent-stabilized homes make up about 28 percent of the overall housing stock and 44 percent of all rentals. in rare instances, the offering plan allows an investor to purchase bulk and retain sponsor privileges. For homes with sales prices over $500,000, the tax is 1. licensed real estate brokers licensed to do. The lowest rate of 1% applies to purchases at or above $1 million and less than $2 million. For example, sponsors allocate common areas to individual units, and some sponsors measure the outside of the walls if it gets disclosed. That can be up to 1. 800 ft². 425%. 25 Tudor City Place #617. In 2019, 59 were created. 81-05 35th Avenue UNIT 1J, Jackson Heights, NY 11372. 175% of the initial mortgage principal (includes a 1. $360,000. #4FE) Prices are based on the U. licensed real estate brokers licensed to do business in New York and Florida, respectively, under license numbers 10991232340 and CQ1064175. The sponsor is simply the developer or builder of a new construction or re-development project. Common Misconceptions. Updated March 8, 2022. Knowing what type you’re buying is important. Transfer taxes (sponsor co-op and new condo buyers only): If you buy a brand-new condo or a co-op directly from the sponsor, you may also wind up paying a NYC transfer tax of 1 percent of the purchase price on purchases is $500,000 or less and 1. If there is no "owner" and you are either dealing with a sponsor or with a lawyer if it is being sold by an estate, then you can start much lower. Buy Rent Sell. The earlier you have this, the better. 825% of the purchase price onto your closing costs if the property is priced over $500,000, or 1. given I did like the unit, I initially offered to renogitate on the price given the greater than 5% discrepancy in sqft, yet when I pointed out this discovery to them, they immediately got quite annoyed and said no to negotiation. 405 215 E 24th Street New York, NY 10010. With fewer residences, these co-ops or condos offer greater community involvement and decision-making power. RECOMMENDED IN RENT. Often such problems can be resolved, ifBuying and renovating a sponsor unit in New York City offers the benefits of a simplified purchase approval process and extensive customization opportunities, while considerations include the potential need for significant renovations, absence of certain modern features, financial implications, and the importance of working with knowledgeable. Regardless of whether you buy from the sponsor or from someone selling a unit, what you get in a coop is the same. The attraction of buying a furnished sponsor unit is that the furniture has been selected by a professional designer and has not been used by anyone else. Yes exactly. (For sales under $500,000, the mortgage recording tax rate is 1. Negotiating the deposit. in rare instances, the offering plan allows an investor to purchase bulk and retain sponsor privileges. 8% of the initial mortgage principal (includes a 1. Mansion Tax must be paid on all real estate purchases over $1000000. New York City co-op buyers who want to skip the board approval process have more sponsor co-op listings to choose from these days. How the home you purchase is classified can affect your taxes and the mortgage interest rate that you receive. If you plan on financing, you should start looking at lenders and obtain a mortgage preapproval. There are a number of different types of coop sublet policies in NYC. With mortgage rates at record lows, it’s a great time to buy an apartment in NYC. Search NYC Apartments . ’s coal business, ending a months-long saga that transfixed the mining industry and setting the. 5. The offering plan to buy a new development apartment in NYCHowever, with many sponsor units, even when the market favors buyers, the developer will insist on the buyer paying the transfer tax of 1 percent of the purchase price on purchases over $500,000, plus a point four percent (0. Post A Rental Listing. 11374, Queens County, New York City, NY. Buying a new development condo can take about 20 weeks from the initial search to closing. This typically involves the seller's NYC and NY state transfer taxes, and/or the seller's attorney fees. See morePros of buying a sponsor unit in NYC. In a Prewar Co-op. We recently reported here that there has been an uptick in sales of sponsor-owned apartments in New York City co-ops and condos, driven largely by the renter-friendly Tenant Protection Act of 2019. The argument for buying is even more persuasive in a market with low mortgage rates. This two-bedroom one-bath in a prewar co-op in Prospect Heights is a sponsor unit (so no co-op interview required!), and despite that significant selling point, doesn't seem to be significantly marked up. Rego Park Brand New Condo, Busy Area, Spacious open living areas, Modern open space style, Full floor-to-ceiling windows, Video intercom. New Homes. Right of Refusal Contingency. The appeal of these sponsor units is that there is no need to comply with co-op bylaws such as board approval or right of first refusal and other perks of buying directly from a sponsor can be. Currently on Streeteasy, income-restricted apartments in Manhattan. Condominium buyers acquire. Today we are talking about sponsor apartments. What is a Sponsor Sale; What is a Sponsor Sale. 425%. 2. We’ll teach you everything you need to. Before you buy a co-op or condo — PDF version. The earlier you have this, the better. "Once the owner is satisfied, they'll file the plans with the NYC Department of Buildings, and. NORWOOD, BRONX: We like the look of the kitchen in this fully renovated one-bedroom co-op—note, a sponsor unit—which boasts cherry wood cabinetry, granite countertops, and a dishwasher. If you prefer to use a map view, click See all neighborhoods and select neighborhoods directly from the map, or from the list. All told, the transfer taxes in NYC can be between 1. Step 1: Figure Out Your Budget and Financing. New York City has a distinct class of apartments known as sponsor units. If you plan on financing, you should start looking at lenders and obtain a mortgage preapproval. Any residential sale below $3 million will remain at the already established 0. NMLS #507535. If you’re looking to buy a sponsor co-op in New York City right now, you have more options to choose from, possibly a result of Covid deaths. You can find the latest tax rates on the New York State Department of Taxation and Finance website. Buy Menu Toggle. “The law prevents you from suing the sponsor or developer for fraud due to omissions or failures to disclose material information in the offering plan because only the state attorney general can sue for fraud in an offering plan,” says Bonnie Reid Berkow, a NYC real estate lawyer and founding partner at the firm Wagner, Berkow & Brandt. A New York sponsor unit Sponsor units are apartments in a co-op where the real estate developer or building owns the unsold shares allocated to the unit. 4% for sales under $3 million. Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. Other perks of buying directly from a sponsor can be lower cost or a. The exact time will depend on the property and whether you’re making an all-cash purchase or financing. I read online that this is undesirable because the majority owner can increase HOA fees significantly at any point or change up the rules that may negatively impact people who own their units. coop . $550,000. Sponsor Unit - Forest Hills New York Real Estate. 2. RE: Hefetz to Olivieri Apt. 9% for sale prices of $25 million or more. HDFC coop in Brooklyn. At the most basic level, “a sponsor unit is an apartment that has never been sold” before. for a total of $34 million, including this three bedroom with views of Central Park. 1bd. Pros of buying a sponsor unit in NYC No board approval process required: Sponsored co-op units can be a breeze to buy, mainly because the buyer is not. However, when a sponsor unit is purchased, the buyer is traditionally responsible for paying the transfer taxes. Frigidaire FFRE053WAE window-mounted AC, Amazon, $209. New York, NY Home for Sale. The attraction of buying a furnished sponsor unit is that the furniture has been selected by a professional designer and has not been used by anyone else. . Due to a change in state law, the Cooperative and Condominium Property Tax Abatement has changed for tax year 2022-23 (which begins July 1, 2022) and subsequent tax years. Buyers will almost always request that the sponsor remove the second kitchen during the course of construction. 2 million, and he paid $5,027,609 when the deal finally closed on Dec. 9% for properties purchased for $25,000,000 or greater. This seems like an issue you’ve been asking all over Reddit this past week. , #5K, in Prospect Lefferts Gardens, is on the market for $695,000, which is much lower than the neighborhood's median for two bedrooms, currently $899,000 according to RealtyHop. For transactions that are $500,000 and higher, that rate goes up to 1. 2. A grown child buying an apartment for a parent presents some unique challenges. 2 million in 2019. The mortgage recording tax is 2. Save 6% when you sell or get a 2% commission rebate when you buy in NY & FL with Hauseit. After you pay 400k in rent you’ll have had some nice memories. Other perks of buying directly from a sponsor can be lower cost or a. However, the real market for sponsor units is in cooperative buildings, most of which underwent conversion from rentals to co-ops over the past three decades. Many in the co-op and condo community welcome the trend because it means a decline in sublets and an accompanying rise in owner. 2 bds; 2 ba; 721 sqft - Condo for sale. Marketing for sale Sponsor (& Re-sale) Units in NYC. I was in contract for a $450K studio but then Board declined my application. Most sponsors ask for 10. vacated and sold each year, and the sponsor's done much better overall with the post-conversion sales than on the initial 50%. This flip tax is still under the average 1%-2% for most NYC co-ops over $500k. Spectacular 14th floor one bedroom condo with private balcony and Manhattan skyline views. 2 beds. You avoid the 2. Purchasing a sponsor unit in a co-op, in particular, is a much different experience than buying a. These apartments are sold by the building’s owners or the corporation that established the co-op, and you get to skip the dreaded co-op board interview, making the process much easier—and faster. So, that’s it: no board approval,. When buying a brand new condo or a co-op directly from the developer (also known as a sponsor), expect to pay a New York City transfer tax of 1% of the sales price on purchases greater than $500,000. RECOMMENDED IN SELL. The New York City Mansion Tax starts at 1% for purchases on/above $1 million and below $2 million. $40,000) is the down payment of a house almost anywhere outside N. Homebuyers in New York City may be presented with the opportunity to purchase a “sponsor unit,” a type of property unique to New York City real estate. It's one of the last. The difference between these three is important to know when. What are the Benefits of Buying a Sponsor Unit? What are the Benefits of Buying a Sponsor Unit?Occupants who didn't buy were allowed to continue renting in the building. The term “sponsor unit” in NYC usually refers to a co-op apartment that is being sold by the sponsor. 75% New York City tax) They're back: NYC buyers can expect more competition from foreign investors in 2023. Sort: Homes for You. RECOMMENDED IN SELL. 5 results. Many of my out of town buyers have often seen 'SPONSOR' unit Co-Ops, I thought it will be helpful to create a post so everyone can understand the difference between a traditional Co-Op and a Sponsored Co-Op apartment. I was in contract for a $450K studio but then Board declined my application.