Deadlines Within Deadlines: Cooperative Board Packages and Commitment Letters in NYC Real Estate Closings
A buyer (for purposes of this article, let’s call her Sally Streetwise) works with her broker to find a property she loves in a beautiful cooperative. The brokers work with the buyer and the seller to reach agreement on the key deal points and then turn the delicate deal over to the lawyers to conduct […]
5 Things to Consider When Choosing a NYC Real Estate Attorney
When buying or selling a property, a knowledgeable lawyer that practices Real Estate law will help make sure you get exactly what you want out of the transaction. 1. Knowledge of New York City Residential Transactions The “Concrete Jungle” has a unique housing stock unlike anywhere else in the U.S. For example, the great majority […]
Helpful Resources for Purchasers
Though we navigate it every day, the Due Diligence process can often appear opaque or overwhelming to new buyers. The City, State, and Federal governments host a number of helpful resources, but these can be difficult to find for those who do not know where to look. To that end, we have compiled a list of online […]
NYC Housing Mysteries: What is an I-Card?
The I-Card is a paper record that the City of New York adopted in 1902 to document the required building improvements of tenements and multiple dwelling buildings, and for regulating their use. It was a product of the Progressive Era, a period around the turn of the last century when building codes, sanitary conditions, and safety issues in […]
A Beginner’s Guide to the 421 Tax Abatement
What is it And Who Qualifies? The 421-a tax abatement was created in 1971 to encourage the development of underutilized or unused land by significantly reducing property taxes on newly developed land for a set period of time. During the time period, thousands of New Yorkers were moving upstate or to the suburbs, and City […]
Some Useful Links For Buyers and Sellers
Are you having a hard time finding resources on Real Estate subjects? We recently compiled a list of useful links for those looking to learn more about real estate processes, laws, and taxes. It includes both municipal resources and other helpful sites, such as Streeteasy and Oasis, a source for detailed community maps. We hope […]
From the NY Times: What to Expect when You’re Closing
The closing is the climactic moment in a Real Estate transaction, when the deal is finalized and the money finally changes hands. However, the big moment can be daunting, especially in New York, where the large cast of characters can include not just the seller, purchaser, and their attorneys, but possibly several brokers, a lender, […]
What are HDFC Buildings?
HDFCs (Housing Development Fund Corporations) are essentially income-restricted cooperatives; they limit a potential purchaser’s ability to buy in based on whether their annual salary falls below the calculated income cap. The establishment of HDFCs were geared toward purchasers looking for a residential home to keep for a substantial period of time, with the possibility of […]
Understanding Contracts: the Statute of Frauds
Contracts are at the heart of buying and selling real estate. This is because, by law, no real property can legally change hands (with the exception of a lease lasting less than one year) except through a written contract. This law is called the “Statute of Frauds.” In order to be legally binding, a contract […]
A Beginner’s Guide to Condops
A condop is a co-op governed by condominium rules, right? Not quite. Colloquially, “condop” often refers to a co-op that claims to have a lenient board and subsequently operates more like a condominium, but this definition is not actually correct. In a hybrid condominium-co-op, also known as a “condop,” the building or property is divided […]