‘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...
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marketproofNew York: What is a Preliminary Title Report?
A preliminary title report is a document that includes information gathered from a variety of government sources that when combined detail the ownership of a property and important issues related to this ownership. A...
NYC Condominium Apportionment and Approval Process
This procedure outlines what NYC Department of Finance requires to apportion and approve a new condominium. Our goal is to make sure the public understands our review process and knows exactly what information and...
Offering plan ‘declared effective’: What buyers should know
If you are looking to buy in a new development condo, you should understand what legal and financial risks are present before and after an Offering Plan has been ‘Declared Effective’. Here’s how and...
Do New Housing Units in Your Backyard Raise Your Rents?
Abstract “There is a growing debate about whether new housing units increase rents for immediately surrounding apartments. Some argue new market-rate development produces a supply effect, which should alleviate...
REBNY UNIVERSAL NEW DEVELOPMENT BROKERAGE AGREEMENT (Updated June 2020)
The REBNY Universal New Development Brokerage Agreement was updated in 2020. It lays out the contractual terms between developers and outside brokers. Erin Hudson, wrote in The Real Deal, “The document defines the...
Real estate broker fee: How to file a complaint
The changes to New York law enacted by the 2019 Tenant Protection Act have a lot of people wondering whether they can get broker fees charged to them returned. The first step you might take is to speak directly with...
The 7 real estate broker licenses types in NYS and how to apply
When you look up a real estate broker’s license, next to their name you will see a “License Type” displayed. In New York State there are 7 different real estate broker license types. Below we have...
Housing Stability and Tenant Protection Act of 2019: Senate Bill S6458
Summary Enacts the “Housing Stability and Tenant Protection act of 2019”; extends and makes certain provisions of law permanent relating to rent control and rent stabilization (Part A); repeals provisions of...
Tenant Protection Act: DOS Guidance thru Jan 31 2020
On January 31, 2020, guidance for real estate professionals concerning how to understand the Tenant Protection Act was issued. It included 14 questions and answers. The Jan 31 questions and answers are provided below...
New York City Property Tax System Background
New York City Property Tax System History 1975 Court of Appeals Case: Hellerstein v. Town of Islip – SeminalcaseforrealpropertytaxreforminNYS In 1981, NY’s Real Property Tax Law was amended to create what is effectively...
NYC Advisory Commission on Property Tax Reform: Preliminary Report Jan 2020
The NYC Advisory Commission on Property tax Reform reached consensus on 10 initial recommendations: The Commission recommends moving coops, condominiums and rental buildings with up to 10 units into a new residential...
