In March of 2020, New York became the epicenter of the global COVID-19 pandemic, forcing the state to enact a series of pandemic restrictions. Many New Yorkers fled the city to suburban areas like Woodstock, Wappingers Falls, and Fairfield, Connecticut.[1] Residential spaces went vacant, and asking prices increasingly dropped to lure buyers. Homeowners, uncertain of […]
Efforts to quarantine the novel coronavirus pandemic have created several obstacles to real estate closings in New York City, especially as regards in-person notarizations. As more business transactions are conducted remotely and social distancing orders remain in place, many states have passed legislation to permit remote online notarizations. On December 22, 2021, Governor Kathy Hochul […]
By Jack Harari Sellers and Buyers alike often inquire as to the meaning of the “mortgage contingency clause,” one of the more significant clauses in New York real estate contracts. Simply put, a mortgage contingency clause ensures that if a buyer promptly applies for a loan from a qualified lender, but fails to obtain a firm […]
In response to recent heat waves that have buffeted New York City, the cool roof initiative is taking action. “NYC CoolRoofs” plans to transform city roofs into cool roofs with a new coat of white paint. These lightened roofs can help decrease the temperatures of the building, cutting down on air conditioning and energy use […]
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 175 Spencer Street, BK, NY $665,000.00 Condo Purchase 4 Bogardus Place, NY, NY $417,500.00 Coop Purchase 125 Eastern Parkway, BK, NY $1,025,000.00 Coop Purchase […]
Covid-19 and Hurricane Ida shook New York City this past year, and many feared that NYC real estate would not be able to bounce back. However, the market has already shown increases in single-family home and condominium prices, as well as rental prices across all five boroughs. This article walks through the drastic effects of […]
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 199 Bowery, NY, NY $1,040,000.00 Condo Purchase 138 Broadway, BK, NY $2,355,000.00 Condo Purchase 225 Central Park West, NY, NY $1,615,000.00 Coop Purchase 13 […]
New York City real estate is breaking records with its latest high-selling residences. A triplex on Broome Street in SoHo recently set a record for highest price for a single residence in the area with a sale price of $49 million. This was also the city’s most expensive closing for all of November. Along with […]
Following a dip in the early Spring, the number of real estate transactions occurring in NYC has rebounded. How do we explain the increase while COVID remains a prevalent concern? This article published by the New York Times points to a number of contributing factors, including low mortgage rates, increases in the number of first-time […]
One side effect of the hardships imposed upon brick-and-mortar businesses during the Covid-19 pandemic is the potential for lost income for coop buildings with an attached commercial space. If a business is experiencing difficulties, it can lead to tough decisions for the coop, including whether to increase maintenance to cover the gap, or potentially face […]