The 421-g Tax Incentive was an NYC tax incentive program that offered both exemptions and abatements to building owners that converted commercial buildings to residential in downtown Manhattan. The program applied to...
Latest Posts
Real Estate Commission Rebates: How They Work
In the US, for better or worse, real estate commissions are negotiated between the listing agent and the seller. You, the buyer, have no say in the commission paid. As a result, some brokers that are will to work for...
Rent to Own an NYC Condo
With unsold condo inventory high in NYC, some sponsors in larger buildings with many units to sell, are offering ‘rent to own’ options to potential buyers. In NYC, rent to own are basically ‘try before you...
What is a Condo Declaration?
A Condo Declaration is a legal document that lays out what common and private spaces were built and who owns them. It also details the plan for how the building will be operated when control is transferred from the...
Building Stages: Pipeline, Sponsor, Resale
If you are reading this blog post you are probably a Marketproof New Development subscriber. If not, please visit the site to learn more. Marketproof New Development organizes new development condo (and co-op) buildings...
Offering Plan Basics: Sponsor Control Period
An important part of a condo offering plan, the document that lays out the terms under which a sponsor can sell you a condo, is the Sponsor Control Period. The Sponsor Control Period is the time, typically in the early...
Right to Rescind If Delay in First Closing in Newly-Constructed Condos
The following is the text from a memorandum issued by New York State titled ‘Delay in First Closing in Newly-Constructed Condominiums and Rescission’. (Memorandum PDF and link are below)...
Right To Rescind Condo Contract After Delays & Operating Budget Increase
Below is an excerpt from ’13 NYCRR Section 20.3: Format and content’ concerning condo purchase contract recision due to operating budget increases. —————— (h) Budget for...
New York Real Estate Syndication Act (Martin Act)
In New York, Article 23-A of the New York General Business Law (“GBL”), commonly referred to as the Martin Act, gives the Attorney General the authority to enforce its provisions, which regulate the offer and sale of...
Offering Plan ‘Accepted’: What happens next?
The condo process begins when a building sponsor’s attorney submits an offering plan to the New York State Attorney General’s office for approval. The AG’s Real Estate Finance Bureau is charged with “governing...
REBNY Mandatory RLS Listing Information
MANDATORY INFORMATION TO BE CONTAINED IN EXCLUSIVE LISTINGS TOBE TRANSMITTED OVER THE RLS Unless otherwise specified, exclusive Listing must be disseminated via the RLS and transmitted to all other Participants in the...
NYC Real Estate: What is Shadow Inventory?
‘Shadow inventory’ refers to condos that have been constructed and are legally available for sale by the building’s sponsor but that have not been listed publicly for sale. For example, a new condo building with 100...
