In New York, a CEMA (Consolidation, Extension, and Modification Agreement) is an agreement where a buyer and seller agree to cooperate to save on state taxes. Here’s how a CEMA works: The buyer assumes...
Author - Marketproof
421-g Tax Incentive: Lower Manhattan’s Residential Conversion Program
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...
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 details the block and lot, address, unit number, size, square footage, common interest percentage...
Why Now is the Time to Buy an NYC Condo
The pandemic has forced people to question whether now is the right time to look for condos for sale in the densely populated NYC. Yes, NYC has been put to the test: Covid-19, ‘anarchist city‘, record...
Why You Should Buy a Condo in a New Building
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)...
