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...
Category - New Development
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 units...
NYC Condominium Apportionment and Approval Process
This procedure outlines what NYC Department of Finance requires to apportion and approve a new condominium. Our goal is to make sure the public understands our review process and knows exactly what information and...
REBNY UNIVERSAL NEW DEVELOPMENT BROKERAGE AGREEMENT (Updated June 2020)
The REBNY Universal New Development Brokerage Agreement was updated in 2020. It lays out the contractual terms between developers and outside brokers. Erin Hudson, wrote in The Real Deal, “The document defines the...
Floor Area Ratio (FAR) Explained
The FAR is the relationship between the total amount of usable floor area that a building has or has been permitted to have and the total area of the lot on which the building stands. How is FAR calculated? FAR is...
Condo inventory loans: how condo developers refinance
A developer takes out a condo inventory loan when they need to adjust the financing of a condo building to meet the market. The loan allows developers to repay maturing construction loans and hold units for sale at a...
A Condo Offering Plan: All You Need to Know
A condo offering plan is a disclosure document that lays out the terms under which a sponsor can sell you a condo (or parking space or storage bin). Attorneys who specialize in this area write offering plans. A small...
Square footage in NYC: Separating fact from fiction
In New York City where real estate can be exorbitant, square footage is as precious as fine jewelry. Postage size rooms can add hundreds of thousands, sometimes millions of dollars on to the price of property. It’s...
