Condo covenants, conditions, and restrictions (CC&Rs) are rules that govern a condo community. All owners agree to abide by these rules when buying a condo unit. CC&Rs do not just set the rules for condo owner...
Author - Joe Zappa
What is a land lease in NYC?
A land lease is an agreement where the owners of a condo, co-op, or commercial building do not own the land their building sits on. Instead, they rent it from the landowner. There’s a number of reasons a developer...
NYC tax guide: What do RPTT and RETT mean
In the NYC tax system, RPTT means real property transfer tax, and RETT means real estate transfer tax. Most obviously, RPTT and RETT are important because they can considerably boost the cost of a transaction, for buyer...
Elad Group’s $87M Charlie West bulk condo deal by the numbers
The Elad Group is selling 70 condo units at its Charlie West tower for $87 million to Tishman Realty, The Real Deal reported. Elad has developed numerous residential projects in New York but is best known for its...
What does a property manager do?
A property manager oversees a rental property for the home’s owner. Condos and co-ops employ property managers to make sure the building runs smoothly, manage tenants, and address their concerns. Property managers...
What HFZ Lost to CIM in Foreclosure of 4 NYC Condos
HFZ lost control of four conversion condominiums, ceding the buildings to mezzanine lender CIM Group, according to a report by The Real Deal. Marketproof New Development data reveals precisely what HFZ lost to CIM Group...
How supertall NYC condos are selling
Supertall NYC condos are symbols of the greatest luxury, sculpting Manhattan’s skyline and attracting the upper crust from both hemispheres. But beneath the sheen of a more than $3B building may lie water damage...
What is a condo reserve study?
A condo reserve study is a document that identifies the life span and cost of repair or replacement for the components that make up a condo. These components include the roof, plumbing, electric, windows, and common...
What is a portfolio loan?
A portfolio loan is when a lender keeps a loan on their books instead of selling it to a third party. For real estate, this means a lender keeps the mortgage instead of pawning it off on a federal insurer such as Fannie...
What does Fannie Mae eligible mean?
A home buyer is Fannie Mae eligible when the government-backed company will buy their mortgage from a lender. A lender — a bank like Chase or Wells Fargo — will provide the mortgage to the home buyer. Fannie Mae will...
