Are you looking to buy a condo in NYC? This is a dream for many, and COVID should not deter you from achieving this dream. Rather, for those not afraid of a bit of risk, 2021 can potentially offer an entry point for...
Author - Marketproof
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...
Top NYC COVID-era amenity: private outdoor space
In this COVID-19 era, a pocket of NYC real estate has heated up: new condos with private outdoor space. According to Marketproof New Development research, buyers are paying the premium to get larger units with...
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...
