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...
Category - New Development
marketproofOffering plan ‘declared effective’: What buyers should know
If you are looking to buy in a new development condo, you should understand what legal and financial risks are present before and after an Offering Plan has been ‘Declared Effective’. Here’s how and...
REBNY UNIVERSAL NEW DEVELOPMENT BROKERAGE AGREEMENT
The REBNY Universal New Development Brokerage Agreement was released in October 2019. It lays out the contractual terms between developers and outside brokers. Erin Hudson, wrote in The Real Deal, “The document...
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
What is a condo inventory loan? It’s when a developer of a condominium building adjusts its financing to meet the market. In most cases it allows developers to repay maturing construction loans and hold units for sale...
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 offers to sell you a condo (or parking space or storage bin). An offering plan is written by attorneys that specialize in this...
Buying a new condo: What to ask on the first tour?
A shiny new condo building in NYC has a lot of appeal. It’s a chance to separate yourself from the chaotic, congested streets outside. A cosy cocoon in a pristine, air conditioned building with the type of amenities you...
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...
Certificate of Occupancy: Boring but oh so important
According to the NYC Buildings Department, a Certificate of Occupancy (CO), “states a building’s legal use and/or type of permitted occupancy. New buildings must have a CO, and existing buildings must have a current or...
Real Estate Transfer Taxes: A guide for New York City and New York State
Who pays transfer taxes? Transfer taxes can take a first time seller by surprise. Simply subtracting the sales price from the purchase price of a property will not amount to the size of the seller’s check at...
