In NYC real estate, BBL stands for borough, block, and lot. This 10-digit number identifies each individual piece of land in NYC. It is also universal, so it makes tracking buildings across databases easier. What is a...
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What are common charges?
The owner of each unit in a condo building pays common charges, which are monthly fees that cover the building’s amenities, services, and upkeep. Common charges may include building staff salaries, management...
What happens to a condo developer if the apartments do not sell and they default?
A condo developer defaults when they are unable to sell apartments and do not have the funds to pay off their loans. If this happens, it is likely that the building’s lender will either take over the building or...
NYC Condo Conforming Loan Limit for 2021
The NYC conforming loan limit that applies to condos for 2021 is $822,375. A conforming loan limit is the maximum price for which the US government will purchase your loan from your lender. Loans under this limit are...
Condo Questionnaire: All you need to know
A condo questionnaire is a form sent to a condo development by a lender when a potential borrower applies for a mortgage. The questionnaire allows the lender to determine if the condo meets its requirements for a loan...
NYC condo amenities: parking, storage, and bike rooms
Parking, storage, and bike rooms are three of the most sought-after amenities in NYC condos. Other examples include gyms, social spaces, and outdoor areas. Anyone who has tried to fit all their belongings into an NYC...
421-g Tax Incentive: Lower Manhattan’s Residential Conversion Program
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...
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 details the block and lot, address, unit number, size, square footage, common interest percentage...
Why Now is the Time to Buy an NYC Condo
The pandemic has forced people to question whether now is the right time to look for condos for sale in the densely populated NYC. Yes, NYC has been put to the test: Covid-19, ‘anarchist city‘, record...
Why You Should Buy a Condo in a New Building
Not since 2009 has the market offered such an attractive entry point for buying a brand-new New York City condo. According to Marketproof research, since peaking in 2018, condo prices have already retreated 20%. Some...
