NY Times Shares Tips for First-Time Buyers
The New York Times recently published the following article, which should prove helpful to anyone thinking of purchasing a property in New York City. Among other tidbits, the article includes tips on fees and financing, key differences between coops and condos, advice for those needing a real estate broker, and a few tough truths about the bidding process.
The overall lesson of the article is to be informed, flexible, and prepared for any possible bumps in the road throughout the life of the deal, from bidding to closing. We would heartily recommend consulting a real estate professional with any questions about the process.
NYTimes Explores the Art of Soundproofing
In New York City, where multi-unit residential constructions make up the majority of available housing options, the soundproofing of apartments has become a booming industry. This article examines the science and practice of deadening the noise from that clomping upstairs neighbor or bassoon quartet, and how acoustic expertise can help to resolve the noise disputes that can make life difficult for tenants, neighbors, and building management.
Plan to Rezone East New York Passes
The city council recently approved a plan aimed at the rezoning of East New York, according to this article from DNAinfo. The plan, which passed near-unanimously, was lauded by many for its comprehensiveness and its focus on public infrastructure and housing, while others are critical, believing that the plan does not do nearly enough to reign in gentrification in East NYC.
Proponents and critics can agree, however, that the passing of the rezoning plan will certainly alter both the area itself and the value of its real estate. How much so remains to be seen.
Weidenbaum & Harari Quoted in Forbes
We are excited to share a recent article from Forbes, which includes a quote from partner Jack Harari. The article, entitled “Should You Waive Your Mortgage Contingency?,” was written by Roger Ma, and explores the risks and rewards that waiving the contingency can offer. While it can make an offer more attractive in a competitive market, it can also leave the purchaser exposed if they are unable to obtain financing. It is important to discuss the mortgage contingency or lack thereof with your attorney early on in the contract review process.
NYC Real Estate Attorney’s Closing Report: April 2016
Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call.
| Property | Value | Transaction |
| 71 Nassau Street, NY, NY | $1,115,000 | Condo Purchase |
| 457 West 57th Street, NY, NY | $630,000 | Coop Sale |
| 250 West 27th Street, NY, NY | $1,260,000 | Coop Sale |
| 1701 Albemarle Road, BK, NY | $390,000.00 | Coop Refinance |
| 340 East 74th Street, NY, NY | $799,000 | Coop Sale |
| 300 West 145th Street, NY, NY | $575,000 | Coop Purchase |
| 919 Mayfield Road, Woodmere, NY | $730,000 | House Purchase |
| 175 Diamond Street, BK, NY | $685,000 | Condo Sale |
| 99-05 63rd Drive, Rego Park, NY | $275,000 | Coop Purchase |
| 312 West 23rd Street, NY, NY | $543,000 | Condo Purchase |
Barry Weidenbaum Quoted in NYTimes Real Estate Section
We were overjoyed to see our own Barry Weidenbaum quoted in the New York Times this last week. The article, titled “Coop Wars: Do You Dare Walk on the Grass,” explores one of the most (surprisingly) contentious topics facing coop boards across the city: are communal grassy areas made to be walked on, or just admired? At its heart the dispute is part of a generational shift, as younger families bring their own ideas into the coop setting. It also shows how important it can be for purchasers to have a clear understanding of a coop’s house rules–and whether they are subject to change.
Transfer Taxes: A Guide for the Perplexed
Real Estate Taxes in New York State are complex, and it can be difficult for a first-time buyer to know what they will owe. The chart attached here should clear up some of the confusion. It contains the tax amounts–residential and commercial–for Transfer Taxes and the Mortgage recording tax, including any local differences by county. Keeping abreast of Real Estate taxes is an important part of any transaction, and can prevent any unwelcome surprises at the closing table. This chart is current as of the date of the blog posting – figures and rates are subject to change.
NYC Real Estate Attorney’s Closing Report: March 2016
Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call.
| Property | Value | Transaction |
| 309 West 20th Street, NY, NY | $417,000 | Coop Refinance/Purchase |
| 136 Westminster Road, BK, NY | $850,000 | House CEMA |
| 351 State Street, BK, NY | $3,950,000 | Condo Purchase |
| 1150 Fifth Avenue, NY, NY | $2,885,000 | Coop Purchase |
| 60 Broadway, BK, NY | $915,000 | Condo Sale |
| 228 East 13th Street, NY, NY | $531,000 | Coop Purchase |
| 42-22 Ketcham Street, QN, NY | $720,000 | Coop Purchase |
| 173 Hicks Street, BK, NY | $1,520,000 | Coop Purchase |
| 325 Fifth Avenue, NY, NY | $2,950,000 | Condo Purchase |
| 307 72nd Street, BK, NY | $447,000 | Coop Purchase |
New FinCEN Targeting Orders in Effect
New targeting orders from the Financial Crimes Enforcement Network (FinCEN) took effect beginning March 1st. These measures, aimed at fighting money laundering schemes by identifying individuals behind purchasing entities such as corporations, will affect which data certain Title Insurance companies must report to the government. The changes will be required for most purchases of Manhattan Real Estate by certain types of legal entities, such as corporations and LLCs, when the purchase price exceeds $3 million.
For more detailed info, please visit the FinCEN website.
Of Dummy Money and Dogs: Navigating the Coop Approval Process
The New York Times Real Estate section recently published an an advice column with information that prospective coop buyers may find pertinent.
Two specific questions are ethical in nature: the first examines the use of “dummy money,” funds loaned or temporarily deposited into a bank account prior to closing in order to fulfill coop board financial requirements. The second examines potential loopholes in the enforcement of coop pet policies.
We suggest adhering to existing policies wherever possible in spirit as well as in letter: any attempt to exploit loopholes can have costly side-effects in the future, and leave the owner vulnerable to disciplinary action or even litigation.
For all such questions, we recommend that purchasers consult an attorney or real estate specialist.