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 applied to...
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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 also details the plan for how the building will be operated when control is transferred from the...
Why Now is the Time to Buy an NYC Condo
Yes, NYC has been put to the test: Covid-19, ‘anarchist city‘, record unemployment, retail apocalypse, office apocalypse, MTA bailout, “NYC is dead forever“, people moving out, and the list goes...
Why You Should Buy a Condo in a Shiny New Building that Hasn’t Sold Many Units
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...
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...
