This article from TheStreet, featuring a quote from our own Barry Weidenbaum, contains a detailed explanation of the capital gains home exclusion. Anyone with concerns about capital gains taxes on the sale of property should check it out.
Below is a memo that outlines the typical closing costs associated with various New York City transactions. Closing Costs as of April 2019 (PDF)
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. 227 East 87th Street, NY, NY $450,000.00 Coop Purchase 360 East 72nd Street,NY, NY $1,775,000.00 Coop Purchase 372 12th Street, BK, NY $611,000.00 Condo Sale 20 East 35th […]
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. 71 East 3rd Street, NY, NY $752,500.00 Coop Sale 207 East 74th Street, NY, NY $929,000.00 Coop Purchase 240 East 46th Street, NY, NY $785,000.00 Condo Purchase 7 […]
As published in the New York Law Journal By Jack Harari, Esq. It was the mid-1970’s. The elementary school was running its annual two-on-two soccer tournament. Two of the smallest kids in the school formed an unlikely team. Not many took them seriously, thinking that they didn’t have the size or the power to beat […]
The board approval process is one of the key stages in the purchase/sale of a cooperative, occurring shortly after execution of the contract of sale. The sellers of a cooperative unit generally have some experience with the board approval process, having gone through the process themselves at some point. Buyers may not have a similar […]
Many small buildings, especially in challenging financial times, prefer to save on the expense of retaining an outside management company. Often in such instances, unit owners perform some of the building related tasks, ranging from maintenance of the building to accounting and record keeping services. Such self-managed buildings pose unique challenges to brokers and attorneys […]
A few of our recent closings include: 120 Greenwich Street, NY, NY $702,500.00 Condo Purchase 60 Remsen Street, Unit, BK, NY $1,415,000.00 Coop Purchase 60 Pineapple Street, Brooklyn, NY $2,500,000.00 Coop Sale 140 Seventh Avenue, NY, NY $1,388,888.00 Condo Sale 100 West 119th St, NY, NY $1,300,000.00 Condo Purchase 81 Ocean Parkway, Brooklyn, NY $455,100.00 […]
The New York State Department of Taxation and Finance has made several important revisions to Form TP-584. Form TP-584 is filed with each conveyance of real property and is used to comply with the filing requirements of the real estate transfer tax, the tax on mortgages, and any applicable exemption from estimated personal income tax […]
An important ethics opinion recently weighed in on the practice of some real estate professionals of “grossing up” the contract of sale and providing an equivalent credit at closing to offset the grossed up price. The opinion says that when the purchase price in a contract is “grossed up” and combined with an equivalent seller’s concession, […]