A Building Identification Number (BIN) is a unique identifier for each NYC building. The Department of City Planning assigns Building Identification Numbers, though the Department of Buildings may do so as well. The DOB...
Author - Joe Zappa
Search NYC condos for sale
Sites abound that claim to optimize your search for NYC condos for sale. Identifying the platform with the best resources and user experience can be challenging. We recommend Marketproof, the gold standard in this arena...
What is a recorded sale?
A recorded sale happens when the city recognizes a transfer of ownership and adds it to the public record. This comes after the closing date, when ownership actually passes from seller to buyer and the buyer gets their...
Condos v. co-ops: why condos are easier to buy and sell
Condos v. co-ops: These two types of homes may at first seem the same, but condos are easier to buy and sell. That’s one reason NYC developers have built 46,311 condo units in 2,097 buildings in the last 10 years...
The REBNY Financial Statement in 2021, Explained
Sellers and listing agents use the REBNY financial statement to assess the financial status of prospective buyers. The statement covers a buyer’s assets, liabilities, monthly income, and projected monthly expenses...
Where to find your BBL
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. The...
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...
Condo Buyer’s Worksheet: How to Craft an Offer Price
It is a buyer’s market for NYC real estate. If you have the right data and know-how to make sense of it, you can craft a competitive condo offer price and strike a good deal on a new condo. Marketproof New...
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...
Best website to find NYC condos
Identifying the best website to find NYC condos is essential in a buyer’s market teeming with options. Now is an especially opportune time to consider condos in new buildings. The process can be overwhelming. But...
